The Tenant's Guide To Leasing Commercial Real Estate

A company's operations are always affected by a relocation

, but many companies do not employ personnel with commercial real estate relocation experience. Nonetheless, companies will go through the commercial real estate relocation process about every 3-5 years. They will be facing landlords that are far more versed in the commercial real estate process than they are. Use our helpful guide for selecting and leasing commercial real estate to navigate the process and to save valuable time and money.

The most common mistake companies make during this time is attempting to avoid disruption to the business by not involving enough company stakeholders and department heads early on in the commercial real estate site selection process. This tends to backfire causing the company to have to scramble to build internal consensus for what to do next as deadlines approach. Failing to define operational space requirements early on can lead to suboptimal results, unnecessary disruption, and unmet expectations. To minimize disruption and to get started on the right foot, here's a sequential process and program that has worked time and time again for most companies facing a relocation or lease renewal.

1. Many companies make the mistake of only taking into account certain aspects of their operation when planning a commercial real estate relocation. It is best to carefully review your business plan and to make sure that your relocation plan is congruent with all aspects of your plan including future goals as commercial rental agreements often last at least 5 years. Leasing a space that is too small or too large is a common mistake business operators make, a mistake that can be quite costly. If you anticipate growth, take extra space but not so much that is strains the budget. Not taking enough space can also hurt your business as well by stifling growth, teamwork, and employee moral. You want to think about your needs carefully so that you can put your company in the best possible position to succeed. Managing a start-up can make things even more difficult, so make sure you give yourself enough time to plan accordingly.

2. Most vendors that service tenants involved in a commercial real estate relocation will provide useful services for free in hopes of winning your business. This is a great way to help you define your exact needs early on in the process, which is key to a successful company relocation. For instance, an office furniture company will be happy to provide you with mock seating plans which you can use to determine the right space size as well as planning for future growth within a space.

3. A competent commercial real estate broker should be part of your relocation plan. While there are many honest owners in the business, some aren't and should be avoided; a solid broker rep can help you avoid those owners with a suspect reputation or building. Furthermore, landlords have far more experience with the process than you do, so it is best to have somebody with extensive knowledge representing you. The best part is you won't have to pay you broker's fees as landlords are happy to pay a fee to any broker that helps fill a vacancy. Brokers track all of the available commercial real estate in a market and will show you buildings that you didn't know would work for you. They will help you save time, money and keep you on track. There are many reasons to use a broker and no reason to avoid using one.

The full Commercial Real Estate Leasing Guide is available by clicking here and contains the rest of these helpful pointers. Remember to follow our guide as well and your relocation experience will be infinitely better.

by: Nathaniel Potter

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