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Commercial Tenants Need Information

I have often said to colleagues in the commercial real estate profession and to a number of business networking groups that my potential future customers are wide and varied so I have no single medium with which to communicate with them.  Additionally, the customer I am looking for is in the business of “running their business” and not always considering the location or cost of their current office space.  In many cases, even if they are thinking about it, they may be in a lease obligation that has another year or more and therefore it is not a pressing issue.

Businesses that lease office space simply view that cost as a predetermined expense for a set period of time.  While this is true, it is prudent for any business to give themselves as much time as possible to consider all the options available to them.  Especially in the current market – there are great deals for commercial office space.  As any other cycle in the economy, it will come to an end eventually.  Now may be the time for businesses to lock in as great a rate as they can for a longer period of time.

There are a lot of resources but each business must choose what works for them.  Below are a few resources:

  • Contact a local Commercial Brokerage – I.E. Colliers International – or someone you have worked with in the past
  • Contact management of a building you are familiar with – perhaps a location in your existing geographical area
  • Search web resources such as www.loopnet.com, www.costar.com , www.cityfeet.com, www.craigslist.com

Any business should be as specific as possible as to what they are searching for.  This will narrow the field of options.  Consider location, access to freeways, surrounding amenities and price.  Make sure to understand the pricing structure – Full Service, Modified Gross, Triple Net (NNN) – and how they are calculated.  The most common pricing structures will be discussed in separate post.

Finally, it is important to be realistic.  While the market is certainly a benefit to tenants right now, be mindful that owners & managers have many different costs associated with leasing you a space.  Many of those costs are fixed and unavoidable.  It is not reasonable to enter into a negotiation for a “premium” location or office build-out with the expectation of paying 50% of what it is worth.  Owners will negotiate in this market but each building and each location has its value below which it makes no sense to do the deal.

At Bell Plaza Professional Building in Sun City, AZ, we pride ourselves on going the extra mile to “get the deal done” for any prospect.  We get to our best price after conisdering all factors of the lease and we deliver what and when we say we will.  If you are a business professional seeking office space in the Northwest Valley, we are here to help.  If we can’t satisfy your needs here, I am sure we can help you find the resources you need to find your next office.

Greg Herzner

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