How To Rent Office Space in Tampa Bay (or anywhere else)

10
Jul

How To Rent Office Space in Tampa Bay (or anywhere else)

Part 1 - Planning and Preparation

Renting office space is going to take some time. Six to nine months depending on the size of your office and the complexities of your particular needs.

For you to gain all the value from moving your office to a new location or renewing the lease on your present location, you will need first and foremost, planning.

You’ve got to take the time to figure out what you need and what you want and what you are willing to pay.

People who don’t know what they want are liable to take anything. And that is what is likely to happen if you don’t plan.

Yes. Entering into a five-year lease arrangement takes some planning. But it will pay off every month when you write that rent check.

 

How Much Office Space Are You Going to Need?

 

Know how much square footage you are going to need and in what configuration.

  • Do you need cubacles?
  • Or do you require enclosed offices?
  • Or maybe your business functions best in an open space? How many desks?
  • Do you need a conference room?
  • Executive office?
  • Equipment room?
  • Do you think you will be growing during the next five years?
  • Or do you think your space needs will shrink?

Having itemized your requirements, you can estimate how many square feet you will require.

 

For example, say you need eight desks in a large room. You might allow 48 sq. ft. per desk. Then you would allocate 384 sq. ft.

 

Your finished work might look like this:

Picture of an office rent calculation spreadsheet

 

Notice that you are going to need to account for hallways (referred to as circulation) and a portion of the office building’s common areas. You may not think that you are renting common areas, but your landlord probably will so best account for it now.

 

Rentable square feet are those that you will pay rent for. Usable square feet is space you will actually be using. More on that in Part Three of this series.

 

Please feel free to download this spreadsheet to use for your planning.

 

You may find hiring a space planner will be well worth the money.

 

Or engage a tenant rep experienced in office leasing and construction.

 

Having carefully mapped out what you will require,  you are ready to go shopping.

 

Now you have a context in which you can compare all opportunites.

 

You can do a rough calculation of per square foot rent offerings. You will know what modifications to offered space that you will require.

 

Where Do You Want to Locate?

 

This will be a matter of convenience.

 

Do you need to be convenient to your clients? To your employees? To the boss?

 

Make the choice. Once you choose, your search comes much simpler and easier.

 

We Like It Where We Are

 

Wait! We don’t want to move.

 

Fine. But you still need to plan.

 

How has your business changed?

 

Have your space needs grown and project to continue to grow?

 

Or has technology reduced your space needs and you can get by with less than you are renting now.

 

Is there something about your office that you hate and want fixed?

 

You still need to know how much space you need before yout go to your present landlord.

 

Is There a Deal Here?

Landlords are in the business of finding and keeping good tenants. Filling an empty space can be very expensive for her. Chances are she will be enthusiastic to explore a renewal.

 

For you, moving is disruptive, a lot of work and a general pain.

 

Sounds like you and your landlord have the basis for a deal.

 

Nevertheless, if you want a good deal with your present landlord, you need to proceed almost the same as if you were sitting down with a brand new landlord.

 

This means that you should go to the negotiating table with an alternative in your pocket.

 

The landlord should know that if things can’t be worked out here, you the tenant have other possibilities.

 

Here is a general checklist for tenants contemplating a lease renewal.

 

You should have these items thought through whether you are shopping with your present landlord or with a brand new one.

 

  • Space requirements (see above)
  • Parking requirements
  • Signage
  • New paint
  • New carpet
  • Internet needs
  • Air conditioning hours
  • My monthly occupancy budget

 

We are Tenant Representatives

We are tenant representatives and specialize in working with tenants to aquire and renew office space. We make it our business to know the rental market and what is available and what kind of deals can be made.

Our service requires no cash outlay from tenants. We invoice the landlord’s leasing broker for our services, not our tenant-client.

If you think we can help you, please call and discuss it. It won’t cost you a penny.

 

Coming Next - How To Find Your Space

 

 

 

Client Testimonials

My company is new and growing fast. We need more space. I thought it would be easy. Look at LoopNet, check out a few locations and sign up.

I wish.

LoopNet is full of jargon and misdirection. You find listings that are no longer available. ("Oh, we just leased that. But I have another space just like it that I can show you.") Bait and switch BS.

After following leads around in circles, I was super frustrated with the process and getting closer to a space crises at the same time. I clicked Peter's site in Google. I really wish I'd done that in the beginning.

Honestly, I have been in business for my entire adult, but I'd never heard of a tenant rep, someone who specializes in helping commercial tenants like me find and lease space. It is an incredibly valuable service. Just knowing about it is worth a semester in business school.

Peter showed some great properties. He listened, came to understand my company and showed space that was relevant and possible. Each new space inspired me to look more. I got new ideas.

Finally when we decided on a great location in downtown St. Pete. I liked everything about it. But finding the right space was just the beginning.

My company is in the medical field and has many special requirements: unique electrical hookups, plumbing for oxigen tanks, and a one-of-a-kind floor plan.

I admit I was daunted by the lease and all the requirements of my company. But Peter stepped up and negotiated a great deal with my new landlord which included a generous build-out allowance.

There are not enough adjectives to describe how much Peter has done for my company. If you are looking to lease commercial space, do yourself a favor and call Peter. You will be real happy that you did.

Unbelievably, I paid nothing for his service. My new landlord took care of that.

Fred Palmer, CEO

Stemedix

From first meeting Peter, and throughout the office suite search process to the negotiations and execution of my office lease, Peter provided excellent communication and professional service. He took the time to really understand my office space needs and was very resourceful in providing timely, valuable information and sage advice. He helped make the whole process a pleasant and friendly one.

I appreciate everything Peter did for me and I highly recommend him to anyone searching for commercial real estate consultations and services.

Jerry Albrecht
Attorney at Law

We have known and done business with Peter for some 15 years and he has acted for our group of companies in several office, commercial and industrial leases.

He is a seasoned professional, great to work with, always on on top of whats going on in the market and acting not only as a broker but ongoing advisor.

He is a great negotiator and I always feel like we got the best deal possible when we close.

Finally he is a nice guy and like ourselves I'm sure has developed hundreds of other great relationships and friendships in the business.

Carl Dilley
President
Island Capital Management, LLC.

I have known Peter Fischbach for approximateloy 20 years both as a friend and professionally.

I have found his knowledge of Real Estate, marketing and business sense extraordinary.

He has a great knowledge of Architecture and recycling of old buildings for new uses.

I would recommend him for any professional Real Estate consultaions and related services.

Peter Goldhammer, Architect
Florida #0006567

I have known and worked with Peter for many years, and would not hesitate to recommend him for any real estate service.

Peter is very knowledgeable in all aspects of commercial real estate, but is particularly adept at negotiating leases and contracts.

Linwood Gilbert, MAI

President at Urban Realty Solutions

If you are looking to lease a commercial or business space Peter Fischbach is your man. We've worked with him for years and could not be more pleased. 

He is friendly, extremely well-versed in all of the services he offers, and has an unparalleled understanding of real estate in general and the idiosyncrasies of the local Tampa Bay market. 

The landlord might not be happy with the rent, amenities, and contract terms he will negotiate for you, but you and your company will.

Jake Braun
Marco Polo
Lead Developer
CIO