July Edition: The Difference Between Tenant Reps and Agents, Ways To Create Leverage In Negotiations & A Savings Case Study

Welcome to the latest edition of Tenant CS's Monthly Roundup, where we share company news, articles you may have missed and helpful tips for commercial tenants.

Let’s get started!

Tenant Reps And Leasing Agents - What's The Difference?

When it comes to commercial real estate, three professionals can assist tenants in leasing space:

1. Traditional leasing agents
2. Tenant representatives within traditional agencies?
3. Independent tenant representatives

While they may seem similar on the surface, there are some distinct differences which can significantly impact a tenant's experience and overall deal terms.?

Learn about what sets them apart.

Six ways to create leverage in lease negotiations

Landlords often have the upper hand because they have skilled commercial real estate agents working for them who negotiate on their behalf and fight for their best interests.

Here are six ways to help level the playing field in negotiations:

1. Allow yourself enough time - One of the best things a tenant can do to aid their lease negotiation is to get started early. Even in a tenant's market (like we're in now), it takes time to source a great relocation option or renegotiate your lease well.
2. Build competition - Even if you know you want to renew, canvass the market for relocation options. Then submit proposals to your current landlord and the landlords of other properties. Remember, don't make any decisions until you have negotiated the best deal on all options.
3. Document everything - Never trust what you're being told verbally (even from your existing landlord). Nothing is worth anything unless it's in writing.
4. Understand what's motivating your landlord - Gaining insight into your landlord's motivations can put you in a position of strength because it helps you understand their priorities, find common ground, avoids misunderstandings and aids relationship building.
5. Remember there's more to negotiate - Nearly every clause in a commercial lease is open to negotiation - that's over 40 clauses!
6. Work with a tenant rep - If your landlord is repped, why shouldn't you be?

Read the full article here.

Case Study: Office Relocation

• Client: Ash St.
• Size: 200-315 sqm
• Industry: Legal Advisory
• Location: Sydney
• Project Lead: Hannah Feltham

Previously engaged in a flex working arrangement, Ash St. approached Tenant CS to source a suitable space within the city core that would move them closer to clients, offer access to enhanced amenities, accommodate future growth and provide flexible tenure.

Key Results

1. One million dollars worth of savings over the lease
2. Successfully negotiated out of a make good
3. Landlord paid the tenant representation fee on top of a substantial above-market incentive.

The Tenant CS team went above and beyond for us, exceeding our expectations and securing phenomenal savings. They found us a spacious office with a high-end fit-out and negotiated out of any make-good requirements. With close to 1 million dollars in savings over our term, we couldn't be happier with the outcome.

Lyn Woods - CEO, Ash St.

Click here to read the full case study.

How design can mean the difference between the success and failure of a commercial precinct

Tenant CS's very own?Hannah Feltham?talks about the role of design in a successful commercial precinct and what features attract modern businesses.

Read the full article here.

Tenant CS has been certified as a Great Place To Work!

We're thrilled to share that we've just been Great Place to Work?-Certified????

At?Tenant CS, we've always maintained that our team is the most important part of our offering. And now we have the certification to prove it.

We're proud to have built a workplace where entrepreneurial thinking is nurtured, diversity in all its forms is valued, and every team member is encouraged to bring their whole self to work.

This recognition will only inspire us to continue building a workplace where people enjoy coming into the office and feel empowered to make a positive impact.

We’re always looking for talented, like-minded thinkers to join our growing team. So, if you're ready to jump over to the "good side" of commercial real estate, drop us a line and tell us a little about yourself.

Got an upcoming real estate project? We can help

Even in a tenant's market, many businesses are still negotiating poor leases because they:

• Aren't across the options available to them
• Don't possess the proper market knowledge or experience
• Only have to negotiate a commercial lease once every 3-to-5 years
• Have no one advocating on their behalf

At Tenant CS, we're here to ensure tenants get the best deal possible. On average, we improve tenant savings by 180% compared to tenants who attempt negotiations themselves.

Get in touch with our team to learn how to take advantage of the current market conditions:

• Book a call
• Send us a message
• Connect to our team on LinkedIn