Leasing Process & Working With Us
Step 1: A Review of your "Needs" and "Wants" & Market Education
Some of our clients know exactly what they need and want for their new office while others only know how many people they need an office for. Whatever your situation, we will help you navigate how to think through it. Once we have an idea of what you are looking for, we will talk you through the office market and how it relates to your specific situation.
Step 2: Listings
After our initial conversation with you we will have an in-depth understanding of what you need and what you want. We have the tools and capabilities required to find you all of the listings that will work best for you. We search all markets and speak with our networks to gather the best options at which point we will present them with you.
This part of the process can happen as many times as needed.
Step 3: Touring
Once you select the listings you’d like to see in person we will take you around to see them. Sometimes we find exactly what our client is looking for on the first set of tours and other times we go through multiple rounds. Ultimately it is up to you.
Step 4: Making An Offer
When you want to make an offer on an office space it is drafted as an “LOI” (Letter Of Intent). An LOI is a 1-2 page document that outlines the basic, fundamental terms of the lease such as rent price, term length, landlords work, security deposit amount and more.
For example, the “asking rent”, or listed rent, for a particular office space may be $50/rsf (rentable square feet) but you may only want to offer $42/rsf so the LOI will include the offer of $42/rsf.
An LOI is non-binding and does not commit you to a lease or any further action.
We will work with you on every aspect of this to submit the LOI that best represents what you want and at the best price while also making it a competitive offer.
This is YOUR offer – we will not submit anything that you do not approve.
Step 5: LOI Negotiations
After we submit an LOI to the landlord, they will either accept the terms or come back with a counteroffer (typically a redlined edit of our original offer letter).
We will walk you through the counteroffer and the reasoning behind the new terms. You may accept the counteroffer or… We can send back another counteroffer that you would like to make. We will work with you through as many versions as necessary until both parties are satisfied.
Step 6: The Lease & Lease Negotiations
Once both parties are in agreement on the major terms of the lease (LOI) we will receive a draft of the lease from the landlord with all of the agreed upon terms included.
We will review the negotiated terms of the lease for accuracy.
Your attorney will review the legal language and concepts of the lease and suggest edits and counterpoints. Some tenants prefer to handle their own lease without an attorney and that is entirely up to you.
Like the LOI in Step 5, the lease can go back and forth between both parties a number of times before it is finalized.
Step 7: The Close
Congratulations! At this stage the lease is signed by you, the tenant, and we deliver it to the landlord along with the first month’s rent check and security deposit check. Once the checks are cleared by the landlord, the landlord will countersign the lease and send a copy back to you.