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 Tips for Leasing Commercial Real Estate in Michigan
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Leasing commercial property can be confusing for both the tenant and the landlord. This guide will help you make the experience efficient and provide you with tips to make the lease work for you!
Determine Space Requirements / Analyze Needs
The first step is to determine the needs of a prospective tenant. At this stage, the tenant needs determine what components are necessary in their space. For example, how large do the offices need to be? Does the reception area need to have easy access to a bathroom? Once these criteria are determined, the tenant can begin to look at potential properties.
Survey Market
After the tenant has determined what they need in a building, it is time to develop a list of potential locations. With this list, tour each property, making note of what you particularly like or dislike about the property. If there are many locations on your tour, it may be helpful to make notes about each after your visit. This will help you clearly remember each property at the end of the day.
Proposal Process
A Request for Proposal (RFP) is initiated for the top three or four choices. This document should include the specific needs and considerations of the tenant. Because the Request for Proposal will serve as a basis for lease negotiations, it's crucial to include all significant items.
Landlords will respond to your RFP with a proposal as to how their building can meet the tenant's needs. With the proposals in hand, it is time to develop a Comparative Lease Analysis -- a detailed look at what each building is offering, and for what price. Comparing specific features side-by-side can help give you a good idea of how the properties stack up against each other.
Negotiations
It's time to enter negotiations with your first choice of locations. Both the tenant and the landlord should make a list of what items are crucial to them. In the process of negotiations, it is helpful to enlist the help of an attorney to work out the details of a contract. When the tenant and landlord have reached an acceptable agreement, it's time to sign the lease agreement. Congratulations!
Remember, these are just a few tips. A qualified real estate agent or attorney will be able to guide you through your specific lease situation with expertise.
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