Space Answers
- I am so busy and with so many buildings, how do I find and compare buildings and space?
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Simple. Utilize the services of a tenant representative agent.
Your tenant representative agent should handle or oversee all aspects of the transaction. A few benefits are:
- Your agent will review your needs in comparison to market alternatives in order to narrow your focus to include only real estate opportunities that best meet your needs.
- Your agent will negotiate the business points of the lease transaction and serve as liaison between you and your prospective Landlord.
- Your agent will add convenience to the transition, coordinating the many consultants that surround your real estate transaction (i.e. attorneys, space planners, architects, designers, contractors, move coordinators, etc.)
Your agent will add convenience to the transition, coordinating the many consultants that surround your real estate transaction (i.e. attorneys, space planners, architects, designers, contractors, move coordinators, etc.)
- What should I look for in a tenant representative/advisor?
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Remember, your agent's goal should be to reduce your hassle and give you the comfort of a great deal. When the lease is signed, you want to be proud of your choice of agents.
When retaining a tenant representation agent, look for an individual who is knowledgeable, experienced, thorough and cognizant of your needs and desires that has the overall professionalism to ensure an efficient and comfortable experience leading to a sound business decision.
Also, be certain your representative has the time and desire to represent you. They must make you feel like you are their most important client.
Additionally, a common complaint with regard to real estate agents is people do not feel that agents keep them adequately informed. Therefore, look for an agent whose past clients speak highly of their communication style and ability.
- What are the market conditions and rental rates in my market?
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Rental Rates are rising fast in 2007. After many years of flat rental rates and exceptionally low returns to owners, the vacancies have declined dramatically recently.
This spike in absorption had resulted in a supply - demand condition that makes for an "owner's" market.
The future seems to indicate that rates will continue to rise for several years, resulting in rates never seen before in the Houston market.
These conditions make your office space decision more critical and costly and demands even more than ever that you obtain profession representation from a firm like Moody Rambin.
- What areas in the lease document are a trick and can cost me a lot of money over the term?
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There are many areas in a lease document that could potentially cost a tenant a great deal of money which is why it is so very important that you have professional representation to negotiate your lease and oversee the preparation of the lease document.
These costs could range from the loss of negotiating for free rent, tenant improvement allowances, free parking and good rental rates to more hidden and less understood deal points such as costs associated with expansion space and other tenants rights to the space you occupy, contraction of space and the rights of subleasing or possibly the interruption of your business due to a problem with the building.
Moody Rambin tenant representatives are well versed in all areas of lease negotiations and often partner with real estate lawyers to make sure there are no hidden clauses that might bring unnecessary financial burden to the tenant. Additionally, they can present the strategic deal points to the tenant during the course of the negotiations so that you can understand them and make informed decisions.
