BLOG: Office Leasing 101
Date Posted: November 7, 2018
OFFICE LEASING 101: WHAT YOU SHOULD KNOW
Office users and their commercial real estate needs vary. Some are prospective buyers while others are looking to lease. Some need an open floor plan while others value private offices. Parking? Power? It all comes into consideration when searching for that perfect space.
Are you looking to make a move in the office market? In this evolving market, it’s best to be prepared prior to meeting with landlords. Whether you’re buying or leasing, here are 3 things to keep in mind!
#1 Know Your Budget
Prior to beginning your search, estimate your budget. Knowing your budget will streamline your search and will ensure you don’t enter into a lease you can’t sustain. Learn how to calculate monthly rent.
#2 Know Your Requirements
Office users, like industrial and retail users, have unique requirements for their real estate. From office layout and accessibility to fiber optics and parking there are many factors to be considered. Before you begin your search, try jotting down the requirements your space must meet, along with some wish list items while also keeping your budget in mind. Map out your ideal office including estimated square footage when possible. Having specific requirements in mind will allow you to fine tune your search results while also allowing you to quickly eliminate properties that do not meet said requirements.
#3 Know the Market
You may be aware of your building requirements, but are you aware of the current market where you’re looking to buy or lease? Do you know the average asking rate on office leases? How about the average cost per square foot to purchase an office building? Have you formed relationships with area landlords and developers? Are you confident in negotiating quoted rents and lease renewals? Are you aware of current tenant feedback? For these reasons, and many more, it is recommended you work with a licensed, real estate professional when searching for your new space. From researching availabilities to off-market opportunities, site tours, rent negotiations, and more the team at Cushman & Wakefield Pyramid Brokerage Company has you covered. Don’t go it alone!
Are you looking to buy or lease office space? Keep these tips in mind as you begin your search. Looking for more? Head to www.pyramidbrokerage.com!
Contributors to this article include:
Taylor Griffith Amankwaah works in Marketing Support & Research for Cushman & Wakefield Pyramid Brokerage Company based in Buffalo, NY. Taylor is a Licensed Real Estate Professional and has 8+ years’ experience in social media management.‹ Back to News