Whether investing in or simply negotiating a commercial lease, having a little inside information can make the entire process easier and more manageable. One of the first things to do when negotiating a purchase or lease of a commercial office space is to have leverage. One way of creating leverage is to never discuss your feelings or opinions about the property being considered. Keep the other party guessing.
Commercial Office Space Negotiations In Atlanta
Most experts agree that it is better to have a mindset focused on terms rather than rates. Sometimes the best negotiations achieve excellent terms as compared to the best possible rate. The terms of the lease or a purchase deal can have a much more significant impact on short and long-term finances than rates or the cost of the property. Negotiating terms and thinking long-term can actually be more beneficial than focusing only on lease rates or the cost of the property.
Focus On Any Agreed-Upon Tenant Improvements
Keep in mind that it is not necessarily true that tenants never get anything for free. For example, the length of the lease term can affect a number of other variables such as potential rent abatement or tenant improvements. Avoid locking into terms as a way to get a small amount of free rent if you are leasing an Atlanta commercial office space. It is better to focus on any agreed-upon tenant improvements and other favorable terms that benefit you as a buyer or leasing party.
Review And Modify Your Lease
Arranging a legal review is equally as important and should never be overlooked. Paying an experienced real estate attorney to oversee, review and modify your lease should be a standard part of any negotiations. A lawyer acts as an independent third-party who is not involved with commissions and is paid a flat rate. This helps to take the emotion out of the professional assistance being offered by the lawyer, making them an excellent resource during negotiations because the attorney is paid irrespective of which space is ultimately chosen.
Some Form Of Cancellation Clause Built Into The Contract
Build into any negotiations a solid exit strategy. Attempt to bargain for some amount of protections that will afford an easy exit should things not turn out as expected down the road. It is a good idea to make an effort at negotiating some form of a cancellation clause that will be built directly into the contract. Being creative and open-minded in this regard can ultimately save investors in commercial office space or those leasing commercial office space a lot of time, trouble, money and effort. Contact Wiedmayer & Co. today to learn more about Atlanta commercial office space opportunities.