Updated: Sep 5, 2019
What do you expect when you are looking for your next office lease expansion, relocation, renewal or new location? Do you know what the right office market is and how you can position your firm to take the best advantage in the present market conditions? You these questions answered when you employ a tenant representation service firm.
If you are renewing your lease, you need to realize that your space is more than just an office to your landlord. You are an intricate part of the overall value of the building. You must understand what the cost would be to the landlord if you were to vacate your space or choose to locate to another facility.
A good tenant representation will help you with the analysis of your present lease and make recommendations that can help you either renew your contract on your terms or possibly relocate to another building that is a better fit for your business.
Usually, the tenant representation service starts with an overall evaluation of your present situation. The assessment should help you determine:
If your business can reduce rent and occupancy expenses
What to expect with future rental and occupancy expenses
Reduction of your security deposit
Can operating expense pass-throughs be reduced
Effects of new property tax pass-through
Secure favorable rights and options to grow, contract, renew or sublease space
Evaluation of your current lease
Reduction or elimination of the guarantee of your lease
The tenant representative should take the data gathered from your initial meeting and develop a detailed strategy to help you and your firm achieve the desired outcome for your next office space. They should put your firm in a position that they can either renew or relocate to another location if you cannot achieve the terms and conditions that are most beneficial for your business.
Additional benefits you should receive from a Dallas tenant representation:
Increase the length of your present lease for more favorable terms
Reduce the remaining time of your lease
Increase the number of lease option periods
Increase or decrease the size of your lease premises based on the results of the initial interview.
Obtain a right of first refusal on space adjacent or contiguous to your present location
Research market comparison of leases in your current building and a neighboring buildings
Evaluation of lease terms and conditions with comparable buildings
Increasing the size of the tenant improvement allowance
Analysis of your operating expenses in comparison to similar buildings
Financial report of all offers to assist you in your decision making
Closely working with your legal counsel to help make the lease a market lease
Upon execution the contract, your tenant representation broker shouldn't disappearTheir job isn't complete until you have relocated into your new office and you are satisfied. A respected tenant representative has the skills necessary to smooth things out when there is a problem after the lease is signed.
Are you looking for help with your next Dallas office lease? Our Dallas Tenant representation system will help you find the perfect office for your business. Contact us to get an office real estate professional on your team today to solve your office search problems.