Why Tenant Representation?
A tenant rep is a licensed real estate professional who has developed expertise in commercial real estate leasing and represents tenants in tenant-landlord negotiations. You can think of it like a buyers' agent. When you want to buy a house, you contact an agent who shows you listings, makes offers on your behalf and works with you through the closing. Similarly, when you want to lease office space or retail space, your tenant rep represents your interest as a tenant.
Peter Fischbach has served as a tenant representative for over 40 years. He specializes in Tampa Bay's office space for lease and loves bringing the tenant rep advantage to small businesses and rising entrepreneurs in our community. He has managed the space requirements for clients for years, upgrading and adapting as conditions have changed.
How much does it cost?
In most cases, it costs the tenant nothing. Peter will be compensated from the commission that the landlord pays to his/her leasing broker. If the landlord is not using a broker, I will quote you a fee for the service.
What are the advantages for tenants Leasing commercial real estate?
Whether you looking for new space or contemplating renewing a lease, I can give you a broad overview of what kind of space is available in your market and price range and where. I can offer traffic analysis as well as basic demographic studies to help you decide if you are in the right spot to service your customers. It's still location, location, location.
You probably don't want yourself or your key people surfing Craig's List or local classifieds looking for available space. I do that work for you, based on thorough location analysis. With me you simply make appointments to see potential new space to lease.
Landlords negotiate their leases constantly. Tenants maybe once every five years. Landlords have the advantage. Except when an experienced Tenant Representative is involved. And legal issues are just the beginning. As Tenant Representives, we will help you with issues that save you money and mistakes:
- Signing incentives
- Buildout allowances
- Free and abated rent
- Favorable early termination options
- Favorable renewable options
Plus the items mentioned above like terminating and expansion options and subletting rights can have a huge effect on your business some time in the future.
Eventually you will be presented with a lease. Modern leases are a maze of special jargon, alphabet soup and gotchas. The landlord wrote the lease. You need someone who can interpret, explain and negotiate items that can be very important to you over the life of the lease. Here are a few very important issues:
- What the landlord is counting as rentable space to calculate rent
- What is and what is not included in rent
- How do the escalation clauses work?
- Lease renewal/option language
- Operating expense caps and exclusions
- Termination and expansion options
- Sub-letting rights
- Code compliance responsibilities
- Air conditioning service hours
- Noise options
- Common area maintenance
All of these and other points must be examined one at a time to assure the tenant that he/she is getting the best deal possible when renting office space.