Welcome to the official blog of Block Real Estate Services, LLC (BRES). BRES seeks to offer insight and news concerning commercial real estate, financial investments, construction and development of the 212 communities we serve locally and nationally.
Thursday, August 14, 2014
Business Tips to Look for When Leasing Your Property
There are many tips out there designed to help you during
the office leasing process, but what should you consider before starting the
process of contacting a broker and looking at properties? There are three areas that will help you
identify your real needs in a new building and speed the overall process along:
Consider how quickly you need the property and identify
deadlines for moving. Are you currently
leasing space with a looming expiration?
If so, consider that the time needed between contacting a broker and
moving into a new office is 4 months for an average sized tenant. Once you contact a broker, it will typically
take 2 weeks for you to tour and retour the potential properties your broker
presents to you. Once the 2 or 3 best
options are identified, you should allow about 10 to 14 days for the landlords’
architects to draw conceptual space plans and for the landlords to make their
proposals. Once the proposals are made it
will take an additional week to negotiate the final terms of the lease. After the best property is chosen it will
take 7 to 10 days to finalize the lease language. Depending on the level of build out being
performed, it is safe to assume 30 to 60 days for construction to be completed.
Is it critical that your customers can easily find your
office or is it more critical that your employees like the building they work
in and have an easy commute? If the former is more critical, you will want your
broker to focus on buildings with good visibility to major thoroughfares and
that have options for building and monument signage. Occupying a building that is a city landmark
also aids in directing customers to your office. If you are more concerned about your workers,
an office park that provides amenities and a tranquil setting might promote
overall employee satisfaction. If you
are a new company that has yet to hire employees, it is wise to consider where
your employee base is going to be drawn from.
Do you foresee your talent coming from the suburbs or Downtown? The closer you are to your employees, the
easier it will be to recruit and retain them.
Consider your current office space. Could it be set up more efficiently? Are you losing valuable space to an overly
large reception area or a 10 person conference room that never gets used? Is it critical to have private offices or
would it be more conducive to have collaborative work areas? Open floor plans will make your space more
efficient and allow you to fit more employees per square foot. They also drive down tenant improvement costs
allowing landlords to make better deals on the price of the space.