5. Most Landlords hire listing agents and the tenant rep will share in that fee. If there is no tenant rep, the listing agent keeps the entire fee and you are on your own.
8. A tenant rep does more than just find office space. A good tenant rep will coordinate the entire office leasing process from helping you define your needs all the way to ensuring your space plan works for you.
11. Far too often tenants will not get started early enough and have to settle for less than they could have had otherwise.
12. This applies to tenants who are looking for conventional space and not executive suite, virtual office space, or co-working space.
15. Six months will allow enough time to find some good alternatives, negotiate the best deal and have any tenant improvements completed for an on time move-in.
20. Many of these costs are quoted in different fashions so it can all get quite complicated when comparing alternatives. It becomes difficult to compare proposals on an apple-to-apples basis.
24. This is the base year amount of operating expenses that your additional costs are based on.
25. If you don’t pay attention or don’t know you could find yourself liable to pay for increases over a base year that could be 5 year old and cost you several dollars per square foot right off the bat.
26. What if the building is only 25% occupied? Who will pay for the operating expenses on the vacant space?
30. Landlords will very often offer a per square foot allowance for tenant improvements.
33. It is the percentage of space on a floor that is not usable plus a pro-rata share of the building common area, expressed as a percent of Usable Area. It is also known as the Common Area Factor or the Loss Factor.
34. A Typical load factor range is 10% to 18%. Some inefficient buildings can have load factors as high as 25% or more.
37. Which is why making mistake number one is the biggest mistake and can be so costly.
38. Understanding all of the leasing costs and being able to communicate that information to you is an important part of what a tenant representative does.
39. It can save you thousands of dollars in avoiding mistakes. Tenant representatives provide many more services to their clients and there is no cost to you in engaging their services.
42. We have Local reps in over 550 markets who would be happy to assist you.