While there are signs of the office and industrial leasing markets plateauing, space for the small to mid-size tenant remains tight. Good leasing deals can still be made for tenants, but you a tight market calls for the right strategy. Here are four tips for leasing space in a tight market.
- Don't Resist Reality: It does not help your situation to wish the market were different than it is. Once you accept reality as it is, then efforts can be aligned around getting you the best possible solution that is a attainable in the market. There are still good deals out there, provided you are prepared and have the right help.
- Plan Ahead: As the Boy Scout motto goes, you need to "be prepared." That means starting the process of considering your space options earlier than you would have a couple years ago. That means, when possible, let us know 12-18 months before you want to occupy new space. Enough time buys you alternative which increases your negotiating leverage.
- Prepare Financial Information: Unless you are a publicly-traded company, you will want to have your company and personal financial information prepared so assembling it does not delay your ability to get a lease deal done. In a tight market like this, companies which can quickly establish your ability to pay the rent, have more negotiating leverage.
- Get Expert Help: Times like this call for expert knowledge and advice. This is not the time to negotiate directly with a professional landlord or his broker. You need an ally, like TenantWisdom, who knows the market and had in depth experience negotiating commercial leases.
Author's Bio: Mark Casey is founder of TenantWisdom, a Colorado tenant representation firm. Mark holds a BS degree in Public Administration from the University of Missouri and an Master of Business Administration (MBA) from the University of Virginia. Mark began his real estate career with Trammell Crow Company in the 1980's and spent twelve years with The Neenan Company, before founding Tennnt Wisdom, LLC. Mark can be reached at firstname.lastname@example.org or 303-665-6000.
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