Monday, July 03, 2006

Questions For A New Landlord

Looking for a new office? Once you’ve narrowed the areas for consideration, it’s time to decide if you want to work with a broker to help you finalize the search and negotiate a lease. If you decide to go with a broker, make sure you choose one who knows the commercial real estate market that you’re interested in, and who knows the market in terms of location, rental/lease rates and what a landlord can and cannot do. If you choose to work directly with the property management company yourself, here are some questions you should ask your potential landlord. The questions are provided by Bruce Sokolik, a principal of McEagle Properties, LLC.
* What are the dimensions of the rental space?
* What is the rent?
* What services does the landlord provide?
* What kind of operating expenses or common area expenses are expected?
* What are your rights to expand, first rights of refusal?
* What are the lease extension options?
* What are the signage requirements?
* What are the landlord’s approval rights regarding interior finishes? What about an interior finish allowance?
As a final consideration, you should remember that your property management company can assist you with a host of other business needs in addition to providing you with space. Property management companies often have relationships with lenders, equipment, furniture and other supply vendors and space planning professionals.