Robin and I are helping an international non-profit negotiate a lease. Here are some of things I have learned during this process.
Deal Or No Deal
COVID-19 has wreaked havoc on certain sectors of the commercial real estate industry. Many companies are allowing their employees to work (permanently) work from home. You would think the office market would be pretty soft. Well, not really.
As we were searching for properties, some landlords were firm on their price. Also, Robin and I recently helped a client purchase a leasehold condo office unit in downtown. The reason the client purchased was their landlord was going to increase the rent.
There are deals out there. You just need to find the right property for you.
Hire A Professional
For whatever the reason, many clients go unrepresented when they lease a commercial property. Why? I have no idea. Most times, the landlord will pay the tenant broker a commission. When you hire a real estate agent, make you you discuss how he/she gets compensated.
By hiring a real estate agent, he/she can give you insight on the market and he/she can guide you through the lease negotiation. These are two important things you shouldn't overlook.
One Bite At The Apple
Most commercial leases are for years. You have one chance to negotiate the terms to your favor until the next lease negotiation.
Do you want free parking? Do you want free rent? Do you want the landlord to build out the unit? Ask!
-Roda