Contributing Author: William F. “Felton” McLaughlin – CCIM, SIOR
When is it time to start the time-consuming search for new office space? Typically that decision is driven by one or more of the following: an upcoming lease expiration date, space that’s either too small or too large for your current needs, and/or the desire to own vs. lease. Whatever the reason, there are some important things to consider as you head down the sometimes arduous path to find new office space.
Time– The amount of time remaining on your existing lease term can either be an asset or a liability to you. Tenants that are not sweating out a lease expiration are less likely to be pressured by landlords looking for a quick commitment. So, it is imperative to start the process early before that expiration date starts to erode your negotiating leverage with prospective landlords.
Team– Have you picked the advisors you will need? A short list should include the following:
Leasing vs. Buying
As you can see, there are a multitude of business terms and decisions to be made when seeking new commercial space for your business – many of which can lead to very costly mistakes if not handled or negotiated correctly.
Can you do it all yourself? Maybe, but a better question would be, should you?
The world’s largest companies have decided not to do it themselves and to rely on experts in the field for advice. When selecting the expert with whom you will work, remember that Realtors® adhere to high ethical standards. Further distinctions in the commercial real estate world include Certified Commercial Investment Members (CCIM) and the Society of Industrial and Office Realtors (SIOR). Both are highly selective organizations whose members number less than 5% of all licensed commercial real estate practitioners in the United States.
If you need tenant representation or want to discuss other commercial real estate needs, give us a call at NAI Platform.
William F. “Felton” McLaughlin, CCIM, SIOR
14 Corporate Woods Blvd.
Albany, NY 12211
Direct: 518-465-1400 Ext: 208
Fax: 518 465 1441