As a tenant representative, we obtain the best possible arrangements and terms for our clients in many respects during lease negotiations. This month we’ll focus on some of the lesser-known negotiable economic provisions in a commercial lease. Then in March we’ll explore various obscure non-economic lease provisions that can be negotiated to your advantage.
Your landlord is well-aware of these details and fine print ... and you should be too!
Certain economic considerations in a commercial lease are well-known and easy to identify. The rental rate, obviously, is a primary factor, along with provisions related to security deposits, tenant improvement allowances, and parking abatements.
But tenants shouldn’t stop there.
Summary
Over the past calendar year, economic conditions in Denver’s industrial and office markets were polar opposites.
Industrial space seemed to be snapped up nearly as quickly as it came online. It was quite the opposite in the office sector as 1.80 million net sq. ft. of space was vacated even while new properties came online.
Summary
Reviewing the current marketplace for commercial property in the Greater Denver region is a tale of two sectors. The data for each of the two primary segments, industrial and office, matches the narrative we’re all familiar with regarding the relative impact of the COVID pandemic on these two market segments and the status of the financial recovery in each.
For most companies, it’s challenging to find a suitable office location. The available spaces can be too small, too expensive, or too far away for your needs. And sadly, only a few tenants receive the representation they need to not only save time but to save money too. Office tenant representation can help you worry less about finding a suitable space and instead focus more on the daily operations of your business so things continue to run smoothly.
What kind of commercial real estate brokerage firm do you want to represent your interests? Like many organizations, the leadership can heavily dictate or influence the approach to client interaction and conducting business. Perhaps you're seeking a company whose public image and actions are polished, highly ‘corporate’ transactional values that often lack a personal, client-first feel. Or maybe you prefer a company that treats you like you’re their only client and places high value on building and maintaining long-term relationships with those they represent. There is no ‘right’ methodology because different styles can find alignment with different client personalities. As my grandfather often said, “There is a butt for every chair”. Looking beyond demeanor and approach, top commercial real estate companies in Denver will provide the following as part of their day-to-day service offering:
If you're new to the world of commercial real estate, the thought of moving your office or warehouse facility can be overwhelming and expensive. This isn't only a space you're going to occupy for years to come; it's also likely one of the top 3 expenses for your business behind payroll. Hiring a tenant rep broker is one of the best things you can do before you start your search for a new office or warehouse space. Without an experienced tenant representative working on your behalf, you put yourself (and your business) at risk of being taken advantage of.
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