Tips for Getting the Best Office Deal By Creating Competition For Your Tenancy

Sometimes, the process of leasing office space can seem like it is is own little world, following its own rules. But it isn't. It's a business process, subject to the laws of economics, just like anything else. With this in mind, one of the keys to getting the best office deal is to make landlords compete for your business. Here are some tips to help make this happen.

It's Not Them.... It's You

It's not uncommon for tenants to look at the process of leasing space as being all about the landlord. After all, you're trying to find someone to let you use a piece of their multi-million dollar building, right?

Wrong. They're looking for someone to pay them hundreds of thousands (or millions!) of dollars to save them from a vacancy. You're doing them a favor! Right?

Perhaps that above point is a bit overstated. However, there's truth in both arguments. Leasing space is about everyone getting what they need. Adopting this mindset can help you have a better perspective and not necessarily jump at the first offer. There is a perfect space... and a perfect deal... out there for your company!

The Early Bird Gets the Deal

One of the keys to having a clear head throughout your tenancy negotiation is to get an early start. If you're staring at the calendar worried about a lease that's about to expire, you end up under a great deal of external pressure to find a space, any space, at any price. Starting early gives you the luxury of time to wait for the right offer to come along. While the timeframe varies from market to market and from need to need, take your tenant rep's advice, and be ready to start the process at least a year in advance.

Include Pre-Construction and Sublease Space

The traditional way of leasing space -- by finding a vacant (or soon-to-be-vacant) office and negotiating for it -- isn't the only way to get an office. Considering soon-to-be-built space (especially if you have time to wait) or sublease space (especially if you don't want a particularly long lease) will expand your options and give you more ways to make landlords compete. They can also help you find particularly advantageous options.

For example, if you need an extensive and unique build out, starting from shell condition like you might find in a new building, could make a tenant improvement allowance stretch further for you. Conversely, if you aren't very picky about the configuration of your space, pre-configured subleases let you get an office that someone else paid to fit out without any capital expenditures on your end..

Lease What Can Be... Not What Is

When you look at spaces, try to look into the future. While there might only be one or two perfect spaces in any market, you can probably find a large number of spaces that could be perfect with a little work. Whether it's reconfiguring your space plan a bit, doing some strategic demolition work, or planning to add some unique en suite amenities for a lack of services in the building, there are ways that you can make spaces that aren't perfect work very well for you. Doing this expands the potential universe of buildings that can fit your need, letting you have more landlords competing for your business..

Have a Tenant Rep

Finally, the best way to create real competition for your tenancy is to have someone quarterbacking the process for you. The simple presence of a tenant representative broker on your team tells landlords that you are serious about the process and that you are getting advice from a professional. Frequently, this factor alone changes how they work with you. Add in the fact that a tenant rep can help you find more spaces, strategically share details of your tour plans (to let landlords know they're competing) and help manage the RFP process, and you're much more likely to get healthy competition for your business with a tenant rep than without one. Reach out to us today to learn how we can help!!