Congrats, if you made it this far you are on the right path to finding the perfect space. As you may have heard, when searching and finding the right space you can expect to frustrated and baffled at times. Commercial Real Estate is a massive industry with lots of jargon that involves everything from buying land, to developing buildings, to leasing them, to selling them. In addition, its an old-school business, which has yet to adopt technology and which benefits from protecting information and uneducated consumers. For starters, the word commercial real estate is used interchangeably in all four aspects described above, but our goal is limited to helping consumers lease (some people use term "rent") space for their business.
Although our scope is limited, it is still a lofty goal in this antiqued business! At the most basic level there is the tenant (you!) and the landlord. Oftentimes the landlord will be represented by a leasing broker. Even when the landlord chooses to do their leasing without their own broker, TheSquareFoot recommends you engage a tenant broker when leasing space. This broker will do most of the heavy lifting for you as you go through the various steps of the process from the initial space search to negotiating the actual lease.
Unfortunately (or fortunately given our country’s debt issues) there is no government agency funding tenant advocacy, so they aren’t doing all of this for free. Don’t worry though, you will not have to pay them anything out of pocket. In Commercial Real Estate leasing transactions, all commissions are paid by the landlord, including the representation you choose! Landlords (and their leasing agents) negotiate leases all the time, so you should have someone on your side of the table as well. After all, would you walk into the courtroom without a lawyer? You can expect the landlord / listing broker to tell you that you do not need representation. If you hear these words, all the more reason to find professional representation who has your interests at heart.
The typical process can take several months from start to finish and even longer if there are extensive renovations of the space. Because of this we suggest you starting your space search process six months in advance of when you plan on moving. If you are already less than six months from your desired move in date, don’t worry you’ll still be fine, but you should stop reading this and talk to us about us how we can help.