Things you should know when Leasing an Office Space

Saving you time and money during lease negotiations on office space is our specialty.

Leasing an office space can be the biggest expense for your business. Usually when you, the office space user, think about leasing an office space the biggest concerns are the rates and square footage. For us leasing an office space is so much more than that. We consider rental rates, square footage, vacancy rates, free rent, parking, who pays for tenants improvements, building's physical and financial condition, minimal personal guarantee (if any), termination and expansion provisions, and the list goes on. Before you talk to any landlord or their broker you need to have knowledge about most of these facts. You will be getting better terms when your landlord knows that you are prepared. We have experience and expertise in assisting businesses with their office space leasing negotiations. We think and breathe commercial real estate. Below are the steps that we take during each office space leasing transaction:

• Review your existing office space lease to determine any possible clauses (termination, first right of refusal) and provisions (guarantees) to save you money.
• Assist in defining your office space needs, goals and objectives.
• Develop a strategic plan and provide a complete market assessment.
• Assist in coordinating architect, engineer, project manager and contractor evaluations to determine final property selections.

We do all the work at no cost to you, the Tenant.

Site Selection:

At PRA we will gather all the research and present you with the options so that while we are focusing on real estate, you can focus on your business.

Negotiation:

We understand Commercial Real Estate market, office space issues and alternatives. We will work in such a way that you will have the maximum leverage in the business deal.

• Prepare market survey, identify "hidden" opportunities, review list of alternatives and assist in building selection.
• Conduct building tours of likely options and narrow selection to find alternatives.
• Prepare financial analysis, analyze space plan efficiencies, review construction costs and negotiate business terms.
• Choose top alternatives, negotiate final terms and conditions, and submit letter of intent.
• Review lease, review work letter and facilitate lease negotiations with attorneys.
• Assist in establishing an estimation of cost for your move.
• Prepare lease abstract, monitor critical dates and perform on-going follow-up.
• Follow up after a move or lease renewal has been completed to ensure your continued satisfaction.

Office Space Leasing Timeline

We understand that your time is valuable. In order to better assist you in the office space leasing process, we have included this common Office Space Leasing timeline as a reference for planning your move. This timeline is not exact and your experience may differ but these time constraints are typical for the Commercial Real Estate industry. Our team of Office Space Leasing experts would be glad to assist you in building a personalized timeline that meets your needs and criteria.