In order to compare a deal to the market, one must have access to quality data. Maintaining a database of relevant transaction comps is critical. Comps need to include details on all variables which drive landlord returns; this includes average net rental rates over the term of the lease, as well as landlord concessions such as tenant improvement allowances, free rent, and commissions.
Tag: tenant representation
Every tenant is in a different situation, so there are no hard and fast rules. However, your representation team (both your broker and your real estate lawyer) needs to be strategic in language negotiated to clearly define the landlord right, various mechanics of exercising the right, and the limitations of the right to protect your business.
Landlords need relocation rights to maximize revenues for the building or project. This scenario occurs frequently in a newly completed building or one that is under construction and pre-leasing space. Having the ability to move a smaller tenant to another area on the same floor or to another floor in order to accommodate a larger tenant is ideal for landlords in securing tenants that may need a full floor or prefer a certain area of the building.
“One of our oldest clients went on and on about how responsive we were in the beginning of our first transaction with them. That hustle made a big impression on the client, and in turn, that client’s acknowledgment made a big impression on us about what customer service should look like. In the beginning, hustle was the best thing we had to offer, and now that we are seasoned pros, it still matters just as much as it did on day one.”
Companies move like an organism on a daily basis: grow, shrink, move, share, and so on. But how do you facilitate this in an office building that usually requires a long-term lease obligation? Think about changes within your organization, market conditions and the way in which your employees will perform their work in the future.
Our Spain partner, The Tenant Solution (TTS) describes and analyzes, from a general point of view, the determining factors that explain why Spain is becoming an optimal option for large multinational corporations when establishing their headquarters and developing their businesses in European territory.