Why is tenant representation important for a renewal or relocation? Representation can help you identify viable space alternatives that are a value vs. expensive. In addition, representation can save you time and aggravation.
How much money will representation cost me? Most every landlord has committed to pay their leasing agent (or asset manager) a fee. This fee is then shared with your representative. Representation will likely save, not cost you.
Can a renewal &/or the selection of a new space be pursued simultaneously? Yes! Understanding legitimate alternatives for purposes of comparing moving vs. renewing can prevent a tenant from being taken advantage of by all landlords.
Why does a tenant need representation for a renewal? Unless competition occurs between a current landlord and surrounding owners, tenants will find themselves at the mercy of their landlord (and landlords are often not merciful).
How soon before lease expiration should planning begin? Beginning the process 12-14 months before a lease is scheduled to expire is best (18 - 24 months for space requiring extensive planning, preparation or build-out).
What if I'm afraid of an adversarial relationship with my landlord? Though counter-intuitive, securing favorable terms will often help maintain a good relationship with a current (or future) landlord. A landlord will be in control of the renewal process when a tenant has no alternative space options (the tenant will have no choice other than to accept the landlord's renewal terms). Landlords prey on tenants who've not "shopped" the market and this is often when tenants become resentful and the process becomes adversarial.
Along with saving you money, we appreciate how good real estate decisions can improve employee moral, retention and recruitment. We offer to research government economic incentive information and/or provide an occupancy cost reduction analysis. For 29 years we've been helping clients search for real estate that best matches their needs. We then help them secure their real estate choice under the best terms possible.
Decades of experience as licensed commercial real estate brokers have made us experts at knowing how to negotiate the most favorable lease terms possible. We'll help you identify the spaces best matching your needs and desires.
Acquiring space doesn't need to be a time consuming process. Contact us and utilize our experience. We'll simplify the process, work with your schedule and likely save you time and money... and our assistance will likely cost you nothing.
We've assisted tenants in most every sub-market of Metro-Chicago.
CLICK HERE with questions or to contact us.
Do you prepare long in advance for future real estate decisions?
Below is a description of the process we typically follow on behalf of clients.
Careful review existing lease
Develop goals, objective, & strategy. (renew vs. relocate).
Establish preferred, location(s), size, layout, image and budget.
Define amenity & technical requirements.
Project manager, space planner, interior designer (if necessary).
Telecom &/or IT provider (if necessary).
Prepare Market Survey
Assemble list of building/space options (ongoing new on market).
Identify "hidden" opportunities (ongoing new on market).
Gather and review floor plans seeking best matches.
Assist in selection of tier one, tier two & tier three choices.
Tour Properties & Evaluate
Tour favored properties and narrow selection.
Preliminary space planning for favored space options.
Procure construction cost estimates.
Submit Proposals (LOI) / Negotiate Terms
Develop cost analysis/comparison.
Analyze space plans and loss factors for efficiency differences.
Respond to landlord proposals & counter proposals.
Establish final lease terms / conditions (agreed upon LOI).
Lease Agreement Execution
Lease negotiation with attorney assistance.
Review and agree upon work letter/floor plan/renovation.
Review working drawings.
Monitor construction progress.
Schedule / facilitate final walk through.
Post Occupancy Services
Prepare lease summary/abstract.
Identify and monitor critical dates.
On-going follow up.
KBF Real Estate Services, Inc.