When looking into leasing office space, there’s always the temptation to go about it yourself. Tenants often figure that they can go head to head with owners, agents, property managers and developers – and of course, you can. But is it advisable? Not at all. On the contrary, when you begin to hunt for office space for your company, you’ve got to hire the professionals. They’ll ensure that you get the job done, and that you get it done right. A team of intelligent counsel will be your best weapon. Here’s who you’ll need.
Tenant Representative Broker The best of teams start with a top of the line tenant representative broker. Seek out a firm that specializes in tenant representation and only tenant representation. You’re not looking for someone with excellent property management skills – you’re looking with someone with a poker face, someone who is capable to negotiate on your behalf and do so without fear. A Tenant representative receives a commission, but the landlord, not the tenant, pays it. Your tenant representative works for you at no cost to you.
Architect You’ll also need an architect. Why? Because the fact that you’ve leased an office space doesn’t mean it will magically transform itself to fit your requirements. That’s where a build out comes in. An architect who specializes in working with office tenants will help you plan your space and construct your interiors. Often, landlords will have architects that they work with, especially in union buildings. Your architect should have access to a contractor that is familiar with interior construction. Architects will provide drawings and renderings to help you visualize your potential space; they’ll also help you organize the procurement of office furniture. Your architect will oversee construction management and vendor coordination – in a sense, they’ll be your educated eyes and ears during the entire build out process.
Attorney Commercial leases aren’t pretty. They’re long, confusing, monsters of text chock full of legal jargon. Your tenant representative broker will negotiate for you, but it’s also imperative to have a great attorney on your team.
Lieutenant It’s also a good idea to have a key lieutenant on your team – someone who can speak for you in your absence and who is familiar with the inner workings of the office and your future plans. Consider appointing one person as team leader other than yourself.
We’ve outlined below the responsibilities of the tenant representative broker and the architect to help designate who you should expect to do what.
| Tenant Representative Broker | Architect |
|---|---|
| Review existing lease | Criteria and needs assessment |
| Present available space options | Provide space plan the reflects needs assessment and tabulates the appropriate amount of rentable square footage required |
| Select three final properties | Prepare test fits to verify that the final three spaces chosen are appropriate from a space planning perspective |
| Begin simultaneous negotiations | Provide feedback with respect to which of the three final spaces chosen is most efficient |
| Present financial analysis | Coordinate with construction contractor to provide price quotes to use in the financial analysis |
| Finalize basic business points for the chosen property | Nail down price quotes if needed |
| Receive lease document | Prepare architectural plans if needed |
| Review and negotiate lease document with the real estate attorney | Begin to assemble and coordinate with vendors such as construction contractors, voice data folks and furniture people if needed |