If you’ve been reading each post of ours, you know that we take pride in providing our clients with helpful, practical information about choosing the right commercial office real estate broker—so much, that you probably already read a former post on the subject, titled, Know the Threes: Three Questions to Ask Yourself When Picking a Commercial Office Broker.
In today’s post, we dive a bit deeper—4 questions deep, in fact. Here’s some more essential questions to ask your broker about the property you’re considering in order to ensure you’ve picked the best possible one for your needs!
What Are the Terms of the Lease?
Are you leasing the building? If you are, it’s crucial that you find out the terms of the lease, and here’s why: some leases don’t offer a renewable option, while others require that pay rent not just on the building, but the ground that the building rests on, as well.
What is the Surrounding Area Like?
When looking for the right building for your business, it’s just as important to become an expert on its surrounding neighborhoods. Would you want to build a luxurious spa when the city is doing major construction down the block, or if an existing highway is about to go through a major overhaul? Not knowing about that could seriously cut into the profitability of your business. Ask your broker if he’s heard of any rumors about area development.
Will I Run Into Any Zoning Restrictions?
It would be a major buzzkill to commit financially and emotionally to a commercial office property only to discover after the paperwork has been signed that you aren’t permitted to use your building for your intended purpose. When choosing a broker, make sure that he/she knows everything possible about what you’re looking for in a building—and why you’re looking for it. (You’d be surprised how many people don’t do this, and end up paying a hefty price for it, after the fact.)
Can I See the Rent Roll, Please?
There’s no such thing as ‘one building fits all.’ Wouldn’t that be nice? The fact is, the building you choose should be a direct reflection of your business needs, creativity and vision for the future. If you are buying the building, it’s important to know how many lessees you’re dealing with, or if you’re leasing, you need to know how often rent has been increased in the past. Your broker will be able to give you a rent roll, which will spell out who the lessees are, how much they pay and when they leases expire.
When it comes to finding the ‘best of the best’ commercial office broker, remember this: knowledge is power. The more knowledgeable you become now, the more powerful your business can become later.