Leasing commercial space is not a simple process as it takes multiple tasks to complete and there will be a lot of parties involved. Aside from years of practice, it also takes local market knowledge and good relationships with the office landlords for commercial brokers to find the best locations at the best rates for their clients.
If you are tasked to lead your office lease acquisition, here are a few of our tips for your search:
1. Start it Right Away
To find the perfect business for your business, you will be presented with different options that are available in the market. To get information or even verify information, it will already take a lot of back and forth between your party and the landlords. There will also be a lot of viewings that will demand a lot of your time. Naturally, there will also be deliberation and board meetings that you need to think of. Therefore, companies are recommended to start exploring the market up to a year in advance of their desired lease commencement date.
Also, aside from the actual lease acquisition, you also need to plan the fit-out and construction of your office space.
2. Hire a Tenant Representative
To guide you with expertise, hiring a tenant representative to help you with your lease acquisition will not only give you ease when it comes to successfully doing your project but as well as give you recommendations on how to go about your tasks that will not only help your company find the best space but as also the best deal.
In the Philippines, getting a tenant representative is actually free as their fees will be paid by the landlords. This may sound like a conflict of interest but it's standard practice in the country. So don't hesitate if the company did not allocate any budget for this.
Tenant Representation is equivalent to our Office Acquisition Services. See here how we define this and what is our methodology.
