HOW TO NEGOTIATE AN OFFICE LEASE
Lawrence Dickstein
Helping companies contain their real estate costs by motivating landlords to compete for your business.
Back in 2007, I wrote the Complete Survival Guide to Negotiating an Office Lease, (Secrets Your Landlord Doesn’t Want You To Know).? Since then, the world has changed.? What hasn’t is that many of the strategies and the techniques we outlined then seem just as relevant today, almost two decades later.
My perspective on lease negotiations is a bit unique stemming from my prior career as the Director of Real Estate Planning & Acquisitions for Merrill Lynch & Co.?In those days, I would fly around the country visiting city after city, where Merrill had branch offices.? The majority of financial districts in American cities, outside the big ten, are just a few blocks in diameter.? Here I was expected in just days to become an expert who could identify properties with available office space, survey alternatives and undertake negotiations to either renew the lease or relocate the branch office.?
After negotiating hundreds of leases over the years, I found that when I was able to ask the right questions, I was able to quickly get to the bottom line.? It may seem obvious, but I have found that in order to find the right space for a client, it really helps to understand what the client is looking for and what they are trying to accomplish.? The following are some of the questions that need to be asked BEFORE you begin to look for space:
1. ? Programming:???? How much space do I need??
2. ? Use:? ?????????????????? What are you going to use the space for?
3. ? Location: ??????????? Where do you want to be?? Where do you need to be?? ?Where does the staff want to be?
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4. ? Timing:?????? ????????? When do you need to be in the space?
5. ? Budgets:??? ????????? What does it cost to rent or own?? Can you afford it?
6. ? Team:????????????????? Identify your team members. ?Team members such as the Decision Maker, Architect or Space Designer, Attorney, Financial Advisor, Contractor Etc.
Having the right team is critical to the ultimate success of the project.? To quarterback to process, it is essential to find the right person with the expertise to guide the team through each phase of the project to stay on time and on budget.?
As tenant advisors we, at Dickstein Real Estate Services, have an extensive track record of helping our clients to navigate the pitfalls of lease and purchase negotiations.? Did we mention that it cost nothing to hire us, as our fees are already structured in the deal!? Are you thinking of renewing the lease, or relocating the office?? If so, why not give us a call to find out why, at Dickstein Real Estate Services, OUR DIFFERENCE IS YOUR ADVANTAGE?.
Regards,
Lawrence Dickstein
President