Welcome to our commercial real estate blog! As a leading commercial real estate brokerage, we specialize in helping businesses find the perfect commercial space to suit their unique needs. In this post, we’ll take you through the leasing process and highlight some of the key steps we take to help our clients secure the right property.
Step 1: Determine your needs
The first step in finding the right commercial space is to determine your business’s unique needs. Do you need a retail space with high foot traffic? An office space with a certain number of private offices and conference rooms? A warehouse with loading docks? Once we understand your business’s specific needs, we can help you identify properties that meet those requirements.
We recently helped a startup find a new office space in a trendy Tampa neighborhood. They needed a modern, open-concept office with plenty of natural light and space for their growing team. We were able to find them the perfect space that met all their requirements and even negotiated a favorable lease agreement on their behalf.
Step 2: Tour Properties
Once we’ve identified properties that meet your business’s needs, we’ll schedule property tours to give you a chance to see each space in person. This is your opportunity to get a feel for the property and envision how it would work for your business.
For instance, we recently helped a retail business find a new location. During the property tour, they realized that the space had limited parking, which would be a major issue for their customers. We were able to find them another space that had ample parking and met all their other requirements.
Step 3: Submit a Letter of Intent
After you’ve identified a property that meets your needs, the next step is to submit a Letter of Intent (LOI). This is a non-binding document that outlines the basic terms of the lease agreement. The LOI typically includes details such as the rental rate, lease term, and any tenant improvements that need to be made to the property.
Step 4: Application and Background/Credit Check
Once the LOI is accepted, we’ll help you submit a formal lease application and undergo a background and credit check. This helps ensure that you meet the property owner’s requirements and can afford the rent. We’ll work with you to compile all the necessary documentation and submit it on your behalf.
Step 5: Negotiate and Sign the Lease Agreement
The final step in the leasing process is to negotiate and sign the lease agreement. This is where having a knowledgeable commercial real estate brokerage on your side can really make a difference. We’ll work with the property owner to negotiate favorable lease terms and ensure that your interests are protected throughout the process.
For example, we recently helped a restaurant secure a lease in a prime location. During the negotiation process, we were able to negotiate a favorable rental rate and lease term that gave the tenant the flexibility they needed to make renovations to the space before opening.
Now that you know more about the commercial leasing process, we encourage you to contact us to get started on your search for the perfect commercial space. Our team of experienced professionals is here to guide you every step of the way and help you secure the right property for your business.