Office Tenant Representation: What Is It and Why Do You Need it?
A Tenant Representative Is Your Real Estate Advocate
An office tenant representative is an expert in commercial real estate who works exclusively on behalf of a tenant. With their clients’ best interests in mind, they provide valuable market knowledge, negotiate optimal lease terms, and guide their clients throughout the leasing process to ensure they avoid making costly mistakes. Rather than representing both landlords and tenants, they act only on behalf of tenants, thus avoiding any conflicts of interest. This ensures that tenant representatives are able to give undivided attention to organizations as they begin the process of site selection, leasing, occupancy, and more, all while providing an impartial perspective on all space opportunities and landlords in the market.
Reasons to Hire a Tenant Representative
- Save Time and Resources
The magnitude of time, energy, and resources that need to be spent on searching for an office space and everything that goes along with it is vast. Business executives’ main priority is running their organizations, meeting business goals, and enhancing productivity. All of these tasks are put into jeopardy when their attention is pulled in the direction of moving the company. The complexities in commercial real estate mean that researching, finding, and securing a new space is incredibly time-consuming. An office tenant representative takes these tasks off your plate, uses their knowledge and resources to find you the best possible location, finds you the best deals, and manages the back-and-forth of lease negotiations so that you can focus entirely on your business.
- Find the Best Office Space
Commercial real estate tenant representatives find the space that fits their client’s needs best. They will help define a list of needs and space requirements, then use their extensive market knowledge to gather and show all available site options that meet those requirements. They will help narrow down the list, select a site, and then assist in securing the site by negotiating the lease terms to their clients benefit. They will also have access to off-market listings, more comprehensive listing databases, and have well-established relationships in the industry to get you in the door of sites you would not otherwise have access.
- Gain Leverage and Create Competition
A tenant representative works solely with their clients’ best interests in mind and creates value by analyzing the commercial real estate market and pursuing multiple viable options. They have vast market knowledge and drive a process that will give tenants leverage and create competition among prospective landlords. Allowing an experienced tenant representative to manage the process, create competition between landlords and negotiate lease terms, whether a new lease or a renewal, will help tenants secure the best possible deal.
- Secure the Best Possible Real Estate Deal
Once a site has been selected, the tenant representative will utilize their thorough knowledge of comparable transactions in the local commercial real estate market and their extensive experience evaluating different rent structures to address all costs and conditions and drive the most beneficial deal for their clients. A tenant representative will know the current market conditions and use all available data points to secure the best rates and the most favorable lease terms.
- Negotiate Better Lease Terms
Landlords are typically the ones drafting lease agreements, so they are often written for their own benefit. Tenant representatives are familiar with the articles that are included in a lease and can advise on language and terms that would be more favorable to the tenant. They will ensure that all agreed upon business terms are accurately incorporated into an agreement and they will work with their client’s attorneys to strategically negotiate the final terms on their clients’ behalf.
Cabot Group’s Tenant Representatives Are Here For You
Are you looking for the ideal location and space for your business? Look no further. Our number one priority is to secure the best possible commercial real estate opportunity available to you.
We dive deep into analyzing your individual business needs to develop a strategic plan and take action on your behalf. We then identify and secure the space which will be cost-effective and maximize the productivity for your organization.
How We Do It
We have access to thousands of real estate transactions and available space options in the market, allowing us to guide our clients to the best opportunities in the marketplace.
We assist in establishing a list of logistical and demographic requirements/needs for your organization, identifying locations that can meet operational goals and prioritizing those opportunities that will add the greatest value to your organization.
We advise on all business terms and lease details to help you understand what to expect or prepare for throughout your lease term. We evaluate dozens of comparable leases to identify and address the details that will help you avoid problems in the future.
We have the experience to negotiate the best purchasing or leasing terms available. We utilize extensive market data and leverage decades of transactional experience to deliver high value opportunities to our clients while protecting their interests.
Revitalize Your Space
It’s important that the space your employees and clients are surrounded by works for them, and not against them. We find new facilities for our clients by focusing on the exact needs of their business. We help them to determine the best way to build-out and finance the space improvements, while driving budget and schedule objectives. No matter what size your business is, let us help you find a space that will energize your team and cut costs.
Cabot Group has been around for over 50 years with experience in representing both owners and occupiers. We understand each side’s motivations and use that understanding to our tenant clients’ advantage in creating a successful outcome for their organization. We use recent research and marketplace trends to recognize what’s best for you and your team.
There is no better time than now to evaluate the office needs of your company. Reach out to us at Cabot Group and let’s get you settled in.