If you are thinking about renewing your office space lease for another term, start this process early. There are several steps you can take to help you negotiate a favorable lease for your business. Here are a few final tips on carrying out this process, as included in the article, Eight Tips for Negotiating an Office Lease Renewal:
#5 Work With a Commercial Real Estate Broker
If your business can afford it, it might be worth consulting a commercial real estate expert and even having them negotiate with the landlord for you. They can also assist your research by providing insights into the current market conditions. If you only deal with leasing every so often, it is hard to keep up with current information and be the sharpest negotiator, so consider utilizing the assistance of an expert. You might want to hire a tenant only commercial real estate representative, so that you know that your interests as a tenant are their primary concern.
#6 Organize the Financial Information
Consolidate the information you have and set up a system of easy comparison by assembling a spreadsheet that includes the costs associated with all of your potential spaces. You do not need to keep this a secret from your landlord; it is important to get a complete picture of all of the information to make a data-driven decision for your business.
Starting early, doing some research, consulting experts, and staying organized can help your business renew a lease or move with the knowledge that your final decision was the best possible option.
If you want to talk to a commercial real estate broker in Kansas City (http://www.ddicommercial.com/our-agents/) about our available Kansas City office space for rent (http://www.ddicommercial.com/), give us a call at 913-685-4100!
Thinking about renewing your office space lease? Do a little research before entering negotiations so that you are equipped with as much information as possible about the market and lease renewals. Check out these few tips for entering lease renewal negotiations, as suggested in the article, Eight Tips for Negotiating an Office Lease Renewal:
#3 Find Examples
Try to find samples of actual lease renewal and extension agreements. These resources are available, and it is a simple way to get an idea of what kind of terms and provisions you will want to include in your new lease agreement. If you are being represented by a broker, make sure that they are doing this for you.
#4 Research the Market
Not only should you be aware of current market rental rates, but you should also familiarize yourself with potential perks for tenants. Some of these include rent breaks, improvements, and clauses that are favorable to your business. Being aware of these options will give you more knowledge to take into renewal negotiations.
Take some time to plan out your negotiations for a lease renewal to ensure that you get the best possible deal!
If you are interested in commercial space for lease in Kansas City, give a DDI Commercial real estate broker in Kansas City a call at 913-685-4100!
If the end of your lease term is approaching and you are thinking about renewing your lease, you will want to have a game plan for negotiations. Here are some things to consider when going into negotiations, as suggested in the article, Eight Tips for Negotiating an Office Lease Renewal:
# 1 Begin Negotiations Early
It is important to begin this process early to give yourself time to research, negotiate, and move if necessary. Plan to give yourself 9-12 months, which will allow time for looking into other spaces and entering negotiations with a few potential landlords. If you start this early, you will still allow yourself a comfortable 2-4 months to move if need be.
#2 Develop Good Relationships with Your Landlord
This goes along with starting early: be conscious throughout your tenancy of your relationship with your landlord. It is a basic good business practice, but it is worth reiterating. Addressing any issues that come up respectfully and cordially will ultimately contribute to your landlord’s impression of you as a tenant as he or she is considering your renewal proposition.
Be aware throughout your lease term of the possibility of renewal so that you can lay the groundwork for negotiations early!
If you are considering leasing an Overland Park office space, give a commercial real estate broker in Overland Park a call at 913-685-4100 to find out about our available spaces!
Even if you feel like you understand the main terms you will be negotiating in a commercial lease, it is important to make sure you are also aware of the minor clauses you will encounter, as they can add up to a more successful and convenient tenancy. Here are a few final lease clauses to be aware of:
9. Improvements and Alterations. If you need to make some changes to a space to fit your business’s needs, you need to address this issue in the lease. You and your landlord will have to discuss who pays for it, when it needs to be finished by, who does the work, and who gets final say on design.
10. Utilities, Maintenance, and Code Compliance. A lease will most likely contain a clause spelling out the landlord’s expectations for how you care for your rented space. Often this goes along with a utilities clause if you are a tenant in a multi-tenant building, which settles how the utilities for the building will be billed and paid for. Finally, there will probably be mention in the lease of the landlord’s expectation that you keep the space “up to code” (the meaning of this is often vague). This clause is sometimes titled “Compliance with Laws” or just “Compliance.”
11. Parking, Signs, Etc. There will probably be several clauses in the lease that address practical concerns such as signage, parking, security, etc. The goal of these negotiations is to find ways to be able to run your business wisely and still comply with your landlords requirements. These clauses might not seem as weighty as ones that address rent and other major concerns, but they are still an essential part of a successful and convenient tenancy.
Do some research and be prepared for your negotiations!
If you are interested in Overland Park office space, give us a call at 913-685-4100 to find out about our available affordable office space in Overland Park!
Support Harvesters, an organization that provides meals to the hungry in the Kansas City community, by attending Harvesters’ 17th annual Forks & Corks event! This year the event will take place on Thursday, April 25th, in the Grand Ballroom at Bartle Hall.
More than 40 of Kansas City’s best restaurants and beverage purveyors will be part of the event…check out this year’s list of participants:
• Aladdin Cafe
• Ambassador Hotel
• Beer Kitchen
• Best Regards Bakery
• Bristol Seafood Grill
• The Capital Grille
• Chaz on the Plaza
• The Drop
• Em Chamas
• Fogo De Chao
• Hollywood Casino
• The Jacobson
• Lidia’s Kansas City
• McCormick & Schmick’s Seafood Restaurant
• Melting Pot
• OP1906 Bar and Grille
• Parisi Artisan Coffee
• RA Sushi Bar & Restaurant
• The Rieger Hotel Grill & Exchange
• The Roasterie
• Sama Zama
• Seasons 52
• Tannin Wine Bar and Kitchen
Regular – $90
At the door – $100
Try to purchase your tickets ahead of time through the website, because the event will sell out! Don’t miss this chance to enjoy a relaxing evening with friends, great food, drinks, and a silent auction. Last year’s proceeds went towards providing more than one million meals to those in need, so don’t miss out on this year’s opportunity to make a difference in the community!
Looking for an office space lease in Overland Park? Give a commercial real estate broker in Overland Park a call at 913-685-4100 to find out about our available spaces!
Think you are ready to sign your lease? STOP and make sure you take a few important steps before finalizing the deal!
Step 1: Read and Understand Your Lease
Be sure you take the time to read every word of your commercial lease. If there is a term in the lease that you do not understand, ask for a lawyer or a knowledgeable and disinterested party to clarify it for you. Do not rely on a landlord or listing agent to explain the lease to you, because they could be misleading you intentionally, or might not fully understand the content of the lease themselves.
Step 2: Perform a Walk-Through
Do a “walk-through” of the property before you officially lease it. You will want to note anything that is wrong that the landlord should upgrade or repair, taking photographs of any existing damage so that you will not be accused of causing it and have to pay at the end of your lease.
Step 3: Make Sure Repairs are Done Before Move-In
If any work does need to be done on the property, make sure the landlord gets it done before you sign the lease. If work has to be done after you move in, make sure the lease details the completion times for this work. Otherwise, you have only promises from the landlord and could potentially find yourself unable to use the space for weeks at a time because of construction.
Step 4: Make a Checklist
Make a checklist of the information you absolutely want to see in a lease and make certain that it is included. Check back for another post with suggestions for what should be on this checklist!
Following these basic steps could save your company money and hassle in the long run!
If you are wondering about office lease rates in Kansas City, give a DDI commercial real estate broker in Kansas City a call at 913-685-4100!
If you have decided that working with a commercial realtor to find office space for lease in Overland Park is in your company’s best interests, the next step is to find a realtor that will best represent your goals. Here are a few characteristics of a good realtor that you might want to consider as you decide who to work with:
- Full-Time. There are both full-time and part-time professionals out there, but the downside of choosing a part-time realtor who only works a few days a week or on weekends is missing out on several opportunities.
- Experienced. Find out about the background of realtors you are considering. How many transactions do they typically handle per year? A more experienced realtor will help make your transactions run smoother.
- Trustworthy and Likeable. Since you will be forming a business relationship with this person, you want someone who is easy for you to talk to, understands your business’s needs, and is confident and trustworthy.
- Internet Savvy. Like most businesses, commercial real estate rental has become more and more dependent on the internet. The internet allows you to find properties faster, so be sure to pick a realtor who knows their way around the Web.
- Agrees to an “Out Clause.” You do not want to get stuck in a long contract with an agent that you are not getting along with. Maybe they impressed you in their interview or came with good credentials, but it is possible for relationships to go bad, so including an “out clause” in the contract could come in handy.
If you need an agent to help you in your search for Overland Park office space for lease, be sure that they are someone who you are going to be comfortable working with and who is going to best protect the interests of your business.
Need help finding executive suites in Overland Park? Give one of our commercial realtors a call at 913-685-4100!