“About nine months ago, you could sit on a property for a while when you found one,” says William Himmelstein, CEO of Tenant Advisory Group. “While real estate is typically a slow process, there comes a time when you have to make a swift decision. Especially with the market today if you have found the right space, don’t waste any time securing it.”
Himmelstein has advice for business owners before real estate shopping, to speed up the process.
1. Choose A Location
- Deciding on a location for your business can undoubtedly be a tedious process. Take into account accessibility and transportation, surrounding entertainment and attractions, and most importantly, price.
- Prices are increasing in the Loop and surrounding areas, meaning people are getting priced out and moving further away. Information such as this could play a crucial part in deciphering where the best location is for your budget. If you have researched the market, you will have an understanding of what areas are in your price range. If you have not yet done research, then it would be no more than a waste of time to search for a property that may never suit your budget.
2. Narrow Down The Options
- Once you have between 3-5 good options for a space, examine each building’s past and current tenants as well as the landlord. If you know that the landlord has just lost a big tenant, negotiation can be much easier. The opposite is true of they just landed a large tenant. This will also give you insight into how aggressive the landlord is when it comes to the negotiation process.
3. Know What’s Included In Your Lease
- Don’t waste time negotiating over a lease that won’t work for your business. Do your homework and find out which type of lease suits your company best and look at spaces that have the type of lease you need. (See our blog post, “5 Things to Examine in Your Lease Agreement.”)
- If you plan for growth, ensure the building can accommodate your expansion in the future. Building amenities can be extremely important to your employees and clients. On site security can help your staff feel safe and protected.
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