Set up meetings with two or three of the tenant rep brokers if you have not chosen one after the first round of phone calls. The objective is to visit more regarding their office assignments, obtain their thoughts on locating appropriate office space for your business, and determine whether you will feel comfortable working with them.
Obtain Actionable Advice
While you make the final decision when selecting office space, you will want to feel confident the office space tenant rep broker will provide actionable advice.
Paid by Landlord and Advices You??
The compensation arrangement with the tenant rep broker is often not intuitive. In most cases, the tenant rep broker will be paid by the landlord. He has a fiduciary relationship to the landlord. His relationship with the perspective tenant is to provide honest information. Your office space tenant rep broker will go out of his way to accommodate you and help with the search process. However, remember that his client is the landlord. If you discuss your negotiation strategy or the maximum amount you're willing to pay, the broker has an obligation to provide this information to his client, the landlord.
Selecting office space begins by selecting a tenant rep broker. You may initially wonder, "why don't I skip the to broker, and saved the fee?" The reality is see will be about the same whether or not she's use a tenant rep broker. The landlords broker gets 4% if he negotiates a leased directally and 2% is an outside broker is involved. If a tenant rep broker is involved, he would typically be paid 2% of the gross total payments over the term of the lease. Additionally, there are nuances in the process for which guidance and counsel is it invaluable. These include issues such as what is and is not negotiable, and the reputations of the landlords and management companies. Even if you negotiate what is perceived to be an incredible deal, is it really a "good deal" if the landlord provides terrible maintenance and service?
What you have selected a broker, clearly communicate your goals and objectives. (You may not want to disclose your maximum budget.) Discuss the locations you are considering, the number of employees, amenities which are important, the class or quality of space you are considering and any other relevant expectations. A crisp and effective communication with the broker will reduce time necessary to find appropriate office space.
Location
Office space location issues can include proximity to existing and potential employees, clients, vendors, and various third parties. For companies with less than 100 employees, the primary criteria for selecting a location is typically proximity to the chief executive officer's residence. As a company grows, office relocations also consider where both existing and prospective employees live. If a company moves 20 or 30 miles from its current location within a metropolitan area, some employees may decide to the additional commute is not worthwhile. If the company moves to another metropolitan area, it will likely lose many of the lower to middle level employees and a portion of the senior management. Employee Home Locations The home location for prospective employees must also be considered. If a company has 10 employees, it probably works fine to have an office on the fringe of the metropolitan area. However, a company with hundreds or thousands of employees must consider drawing its staff from a larger geographic base than is reachable from the fringe of the metropolitan area. For example, if your company is on the southern fringe of a large metropolitan area, prospective employees on the northern fringe would be reluctant to make the commute. Many tenant rep brokers have a tool to evaluate the centric location of all employees. The home address of all employees is entered into a database. The computer algorithm calculates the centric location.
Appearance and Location Appropriate for Clients
For some companies, office space must be selected based on a location convenient to clients and an appearance that is appropriate for clients. For many businesses, clients rarely visit the office. If they do need to visit the office, they do not expect it to be convenient and luxurious. In this situation, most companies elect to choose office space which is low to moderate in price. Conversely, clients of some firms expect the location to be convenient and the office space to be impressive. Large law firms and trust companies fit this category.
Author Resource:
Information regarding Houston apartments, San Antonio apartments, Dallas Apartments, Fort Worth Apartments and Austin apartments is updated monthly and available at Oconnordata. The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Fortworth Office Space Houston office space leasing, Dallas retail space leasing, Dallas industrial leasing, Houston industrial space leasing, Fortworth Retail Data Houston apartments, Dallas apartments, Fort Worth apartments, Austin apartments, and San Antonio apartments.
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