So you are about to embark on the search for office space. Are you going to get help? Many people decide to search for office space on their own because they believe it costs them a fee to hire a tenant representative that specializes in commercial office leasing. What they don’t realize is that a commission is being paid out whether or not they have help.
Lease commissions are typically pre-negotiated between listing agents and owners of buildings. When a lease is signed the building owner pays the listing agent 100% of the commission. If you deal directly with the listing agent of the property and a lease is signed, 100% of the commission is paid. If you engage the help of a tenant representative, who specializes in office space, and they help you search for and lease office space, and a lease is signed, 100% of the commission is paid. As you can see getting help with your search for office space does not have a negative impact on the deal you get.
When a listing agent quotes a lease rate, they do not ask, “Shall I quote you the office lease rate with you using a tenant representative or without?” Leasing commissions have always been a part of commercial lease transactions. Even when reviewing commercial property loans, lenders factor commissions in the loan process. Bearing all that in mind searching for and leasing office space on your own does not empower you, ensure you will find the best location, or ensure you get the lowest possible lease rates and best terms possible.
Think of using a commercial office tenant representative as having your own real estate department complete with best practices regime, market research, and office leasing expertise. And all of this is available to you at no cost.
Why would you search for office space on your own? A Commercial office tenant representative does not cost you anything, and because they specialize in office lease transactions, they can help save you a great deal of time, find you the best space, and ensure you get the best deal possible.