Finding office space is an extremely important business decision, and you want to make sure you have all the pertinent information you need to pick the right space for your business.
When looking for space, your tenant representative should provide you with a complete market evaluation of options that best fit your detailed criteria. As part of narrowing down your choices, touring the different options is the critical step, as there’s nothing quite like stepping foot into a space to get a feel for it and identify whether or not it will suit your needs.
These tips on touring office space will help you make the best decision you can and ensure you help your tenant representatives as they prepare for upcoming negotiations.
- Be Prepared. Maximize the touring process by coming prepared. The most important part of finding the right office space is knowing what you want. Know your criteria for your ideal space, including what are must-haves and nice-to-haves. Based on your criteria, make a list of questions you would like to ask your listing agent. Review these questions with your tenant representative prior to taking your tour. These questions may include queries about the building amenities, floor layout, building maintenance schedules, policies of operation, food service, security, after hours HVAC and cleaning.
- Limit Tours to 3 or 4 Properties at a Time. Quality is better than quantity. After four building/space inspections, the exercise begins to feel tedious and there is a tendency to lose attention to detail. If you should tour more than 4 properties, break it into different parts of your day so you can avoid burnout.
- Let the Listing Agent Make Their Pitch, Then Ask Questions. Allow the landlord’s listing agent to present their building, show you various space options within the building and highlight all the features and amenities of the project. Learn as much as you can and take notes, or list questions to ask after the presentation. That way you ensure that the listing agent covers all grounds and is not sidetracked, and you get your questions answered at the more appropriate time.
- Look Around and Pay Attention to the Details. Some things to notice are:
- The public restrooms and common areas: This will make a statement about the property management services with respect to cleanliness.
- The fixtures in the lobby and restrooms: This will give you an idea of when upgrades were last completed in the building.
- The parking garage: Check the garage for ease of ingress and egress, as well as clearance height and parking stall width.
- Review the building directory: Check the tenant mix and see if there is a tenant that is undesirable in the building.
- If you know a tenant in the building, you can ask them for unbiased opinion of the property management or ownership of the building.
- Notice the traffic, and how long the wait time is for the elevators.
- Do Not Reveal Any Key Information. The listing agent will be fishing for information that the landlord may use to its advantage during the negotiation. Even if the property is the front runner, keep a poker face and don’t give your enthusiasm away. Your tenant representative’s best bargaining chip is the fact that you are considering other options. Let the listing agent compete for your business. If asked, simply instruct the listing agent to direct all questions to your tenant representative.
Are you looking for a tenant representative you can trust who will represent you in commercial lease negotiations? Bedrock Realty has been helping companies negotiate new office leases, subleases and lease renewals for 14 years. For more information or assistance negotiating your next commercial lease, learn more About Us or Contact Us.