Winning the Office Leasing Game: Essential Strategies for Negotiating Your Office Lease Like an Expert
By Karen Warner
()
About this ebook
It's a well-known fact that landlords have the upper-hand in office lease negotiations. But did you know that the majority of tenants leave money on the table by not taking advantage of a few simple strategies. Winning the Office Leasing Game: How to Search for Office Space and Negotiate Your Office Lease Like an Expert will show you the secrets to finding the perfect office space and ensure you don't leave a dime on the negotiating table.
This guide offers essential office leasing tips and strategies, including:
* Avoiding Lease Gotchas - our thorough lease review checklist will make sure your lease absolutely does NOT include common clauses that unfairly benefit the landlord - at your expense!
* Timely advice on how to negotiate the best rental rates and renewal options that work for you.
* Things to know in advance: sublease options, building classifications, the subtle differences between gross leases, full service, net leases that can cost you dearly.
* The ability to determine your company's exact office space needs - including how to calculate your ideal square footage and gain the most efficient layout - don't pay a penny extra for space you don't need!
* How to find your ideal office - including little-known tools the professionals use for finding unlisted office space.
* How to create and strategically distribute Requests for Proposal (RFPs)-start a bidding war between landlords that will get them aggressively competing for your business (this strategy alone can save your company many thousands of dollars in leasing costs)!
* Award-winning, pro-level tools that just plain work. - The Leasing Needs Assessment, Proposal Evaluation Matrix, plus many others, will make analyzing and managing your lease negotiation easier and simpler than ever before. These alone are worth their weight in gold!
Entering into a commercial lease can be one of the most critical decisions a business will make. While most businesses negotiate a lease once every three to five years, landlords an their representatives are involve in these types of transactions on a daily basis.
Winning the Office Leasing Game will arm you with the information you need to protect the best interests of your company.
Winning the Office Leasing Game will guide you through the process of:
* Determining the office space needs of your business
* Space planning and office design
* Preparing a request for proposal and evaluating proposals
* Negotiating the best possible lease terms
* Construction and tenant improvements
* Protecting your interests after the lease is signed
Karen Warner
Twenty years ago, Karen Warner was a commercial real estate broker specializing in representing tenants. When a client asked her if there was a book on how to plan an office move, she searched in earnest for information on office relocation. Unable to find a single publication on the topic, she began interviewing seasoned commercial move veterans, moving vendors and commercial real estate consultants to determine the process, logistics and tasks associated with a successful office move. The end-result was the Office Relocation Planner, her first book, which was published in 1997. Today, Karen is a top-selling commercial real estate author, with three titles in print. Karen is a feature writer for numerous business magazines and newspapers throughout the country, as well as a respected commercial real estate expert and public speaker.
Read more from Karen Warner
Office Relocation Planner: Plan, Manage and Execute Your Next Office Move - Today! Rating: 0 out of 5 stars0 ratingsA Pro’s Guide to Buying Office Furniture Rating: 0 out of 5 stars0 ratings
Related to Winning the Office Leasing Game
Related ebooks
How To Find & Keep Great Tenants: Premium Edition Rating: 0 out of 5 stars0 ratingsBuy and Optimize: A Guide to Acquiring and Owning Commercial Property Rating: 0 out of 5 stars0 ratingsGuide to Broker Price Opinion Success: Real Estate Agents: Learn How to Earn Thousands of Dollars a Month with Bpos Rating: 0 out of 5 stars0 ratingsThe Real Estate Property Management Guide: Premium Edition Rating: 5 out of 5 stars5/5RENTAL PROPERTY INVESTING: How To Create Wealth Trough Real Estate Investment and Build A Passive Income Business Rating: 0 out of 5 stars0 ratingsIt's Not All About The Rent: A Tenant's Guide to Cracking The Commercial Real Estate Lease Code Rating: 0 out of 5 stars0 ratings10 Costly Mistakes Tenants Make When Negotiating a Commercial Lease or Renewal Rating: 0 out of 5 stars0 ratingsThe How To Add Value Handbook For Commercial Real Estate Rating: 4 out of 5 stars4/5The Due Diligence Process Plan Handbook for Commercial Real Estate Investments Rating: 0 out of 5 stars0 ratingsHow To Find & Keep Great Tenants! Rating: 0 out of 5 stars0 ratingsThe Real Estate Property Management Guide Rating: 5 out of 5 stars5/5How to Fix and Flip Easy to Read Book Rating: 3 out of 5 stars3/5Investment Real Estate Analysis: A Case Study Rating: 0 out of 5 stars0 ratingsWealth Opportunities in Commercial Real Estate: Management, Financing, and Marketing of Investment Properties Rating: 0 out of 5 stars0 ratingsAn Independent Landlord's Guide: How to Start, Run, and Profit from Rooming Houses Rating: 0 out of 5 stars0 ratingsThe Property Manager Mindset: Reduce Stress, Save Time, Earn More Money Rating: 0 out of 5 stars0 ratingsReal Estate Due Diligence: The Investor's Guide to Avoiding Costly Mistakes Rating: 0 out of 5 stars0 ratingsNegotiating Commercial Leases & Renewals For Dummies Rating: 0 out of 5 stars0 ratingsHow to Win at Real Estate to Break the Freedom Barrier Rating: 0 out of 5 stars0 ratingsMarketing Your RV Park / Campground Online: Modern Marketing for Outdoor Hospitality, #1 Rating: 0 out of 5 stars0 ratingsThe Foreclosure Buyers Bible Rating: 0 out of 5 stars0 ratingsPRICE DOESN'T MATTER, PAYMENT DOES! Rating: 0 out of 5 stars0 ratingsSuccessful For Sale By Owner Rating: 0 out of 5 stars0 ratingsCreate Killer Vacation Rental Property Photos Rating: 0 out of 5 stars0 ratingsCommercial Real Estate Investment Guide Rating: 4 out of 5 stars4/5
Business For You
Becoming Bulletproof: Protect Yourself, Read People, Influence Situations, and Live Fearlessly Rating: 4 out of 5 stars4/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Ultralearning: Master Hard Skills, Outsmart the Competition, and Accelerate Your Career Rating: 4 out of 5 stars4/5Your Next Five Moves: Master the Art of Business Strategy Rating: 5 out of 5 stars5/5Emotional Intelligence: Exploring the Most Powerful Intelligence Ever Discovered Rating: 5 out of 5 stars5/5Lying Rating: 4 out of 5 stars4/5The Everything Guide To Being A Paralegal: Winning Secrets to a Successful Career! Rating: 5 out of 5 stars5/5The Richest Man in Babylon: The most inspiring book on wealth ever written Rating: 5 out of 5 stars5/5Summary of J.L. Collins's The Simple Path to Wealth Rating: 5 out of 5 stars5/5Confessions of an Economic Hit Man, 3rd Edition Rating: 5 out of 5 stars5/5Limited Liability Companies For Dummies Rating: 5 out of 5 stars5/5Crucial Conversations: Tools for Talking When Stakes are High, Third Edition Rating: 4 out of 5 stars4/5Good to Great: Why Some Companies Make the Leap...And Others Don't Rating: 4 out of 5 stars4/5Crucial Conversations Tools for Talking When Stakes Are High, Second Edition Rating: 4 out of 5 stars4/5Set for Life: An All-Out Approach to Early Financial Freedom Rating: 4 out of 5 stars4/5Robert's Rules Of Order Rating: 5 out of 5 stars5/5Collaborating with the Enemy: How to Work with People You Don’t Agree with or Like or Trust Rating: 4 out of 5 stars4/5How to Write a Grant: Become a Grant Writing Unicorn Rating: 5 out of 5 stars5/5Suddenly Frugal: How to Live Happier and Healthier for Less Rating: 3 out of 5 stars3/5Law of Connection: Lesson 10 from The 21 Irrefutable Laws of Leadership Rating: 4 out of 5 stars4/5Tools Of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers Rating: 4 out of 5 stars4/5The Book of Beautiful Questions: The Powerful Questions That Will Help You Decide, Create, Connect, and Lead Rating: 4 out of 5 stars4/5How to Get Ideas Rating: 5 out of 5 stars5/5The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers Rating: 4 out of 5 stars4/5Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations Rating: 4 out of 5 stars4/5Company Rules: Or Everything I Know About Business I Learned from the CIA Rating: 4 out of 5 stars4/5Capitalism and Freedom Rating: 4 out of 5 stars4/5
Reviews for Winning the Office Leasing Game
0 ratings0 reviews
Book preview
Winning the Office Leasing Game - Karen Warner
Winning the Office Leasing Game
Essential Strategies for Negotiating Your Office Lease Like an Expert
2nd Edition, 2015 All Rights Reserved
ISBN: 978-1928742265
Table of Contents
Introduction
Chapter 1: Understanding the Office Leasing Process
Chapter 2: Office Leasing Concepts
The True Cost of Leasing Office Space
Office Space Load Factor
Measuring Office Space
Chapter 3: Establishing Your Office Space Requirements
Office Leasing Factors to Consider
Calculating Office Space Size
Office Space Programming
Chapter 4: Analyzing Available Spaces
Developing a List of Available Properties
Chapter 5: Space Planning
Preliminary Space Planning
Cost of Space Planning
Tenant Improvement Allowance
Working With a Space Planner
Chapter 6: Developing your Request for Proposal (RFP)
Preparing an RFP
Example RFP
Distributing the RFP’s
Chapter 7: Evaluating the Proposals
Proposal Evaluation Form
Proposal Summary Form
Chapter 8: Letter of Intent
Negotiating the Letter of Intent
Example Letter of Intent
Chapter 9: Negotiating the Best Possible Lease Terms
Lease Review
Lease Document Checklist
Executing the Lease
Chapter 10: After the Lease is Signed
Tenant Improvements
After the Move
Summarizing Your Lease
Lease Trigger Dates
Appendix A: Example Lease
Appendix B: Glossary
About the Author
Introduction
Leasing office space is a milestone for any business, whether it’s your first lease or your tenth. It’s a major transaction that comes with many decisions, intense negotiations and significant legal and financial obligations.
Entering into a lease includes a move into new office space, an exciting concept for your employees and clients. But the prospect of entering into a lease can be daunting, especially when you consider that landlords and their representatives negotiate leases on a daily basis…it’s their job. And, guess what, they are really, really good at it. That’s just one of the many reasons that landlords tend to have the upper hand in office lease negotiations.
And those company’s entering into a lease are at a disadvantage. For instance, did you know that the majority of tenants leave money on the table by not taking advantage of a few simple strategies?
Winning the Office Leasing Game: Essential Strategies for Negotiating Like an Expert will ensure you don't leave a dime on the negotiating table. It’s the guide to doing it right – the product of years of experience and research throughout my career as a commercial real estate broker and tenant representative. Over the past 20 years, I’ve represented hundreds of tenants and successfully negotiated more than 3,000,000 square feet of office lease transactions. The result is a comprehensive tool walking you through every step of the office leasing process.
Whether you are a business owner looking for office space or about to sign a lease; or a real estate professional determined to get the best deal for your client, Winning the Office Leasing Game will give you all the tools you’ll need to complete a successful leasing transaction.
Put your side of the negotiating table on equal ground with the landlord's using our expert advice and start winning the office leasing game today.
Chapter 1: Understanding the Office Leasing Process
Leasing office space is among the highest expenses a business incurs, second only to the cost of salaries and wages. It can also be a time-consuming and stressful process. Being organized and prepared will give your company an advantage, enabling you to move into your preferred location at competitive terms.
The steps involved in the office leasing process are outlined below. The following chapters provide details to help you negotiate the best possible terms for your office lease.
Needs Analysis - Define your basic requirements for office space.
Calculate the amount of square footage your business will need.
Determine the type of building that best suits your business and brand.
Choose your preferred location.
Consider employee needs, services, and amenities.
Market Research - Study market conditions and locate available property vacancies.
Conduct a thorough market survey of available properties meeting your requirements or obtain a list of available properties from your commercial real estate agent.
Reduce the list of properties by excluding any that are unsuitable.
Tour Properties - Complete site visits for each of the properties that meet your facility requirements.
Schedule a property tour for each of the remaining facilities.
Tour properties, recording specific features and notes for each site.
If necessary, revisit specific properties to gather additional information.
Establish a Short List - Narrow your list of properties to the top few that are the most desirable.
Compare property characteristics, including size, cost, location and image.
Identify the two or three properties that best meet your criteria.
Preliminary Space Planning - Define any modifications that will be required to make each space ideal for your business.
Engage an architect to create a preliminary space plan for each of your top two or three building alternatives.
Determine the general type and scope of the changes your business requires for each property.
Establish the estimated cost and duration of construction and remodeling.
Requests for Proposal (RFPs) - Encourage competition between landlords with a detailed RFP.
Prepare and distribute Requests for Proposal (RFPs) to the landlords of your top two or three building choices.
Receive RFP responses from landlords.
Select a Building or Space - Determine which space is your first choice.
Prepare an objective analysis to evaluate the RFP responses received.
Based on the RFP analysis and the preliminary space plans, determine which space would be the best alternative for your business.
Letter of Intent - Prepare a Letter of Intent outlining your preferred lease terms.
Submit a Letter of Intent to the landlord of your selected property.
Negotiate Letter of Intent terms with landlord.
Review Lease and Negotiate Terms - Finalize lease document.
Request a draft lease