Many times, as a business attorney I get asked if I know much about leasing space. While like many business lawyers, I can review a lease, like most other business lawyers, I don’t really keep track of the current market prices for each neighborhood in the Denver metro area. However, as a good business attorney, I know who does. Here are some things to consider if you are deciding whether to use a tenant representative or not.
- Do you have time to research the best place for your business? Good tenant representatives will be able to advise you on areas of town where your business can succeed. Because they keep track of real estate for a living, they will know where restaurants are successful, where retail shops flourish, and where shops consistently die.
- Do you know the current rental prices? Good tenant representatives know the current market prices for square footage on spaces throughout the area. They will be able to tell you if a space is going for too high or too low. While you can always research this on your own, it may take more time than you have to do so.
- Can you negotiate with landlords? Some people are born negotiators; some are not. If you are not, then having someone negotiate for you can save you money and headache. Tenant representatives are use to negotiating for space and know what can and cannot be changed easily.
- Are you seeking a very specific type of space? If you are seeking office sharing arrangements, space in a specific type of environment (i.e. renting a booth at a salon), a tenant representative may not be best. However, if you are seeking retail space, restaurant space, or office space, a tenant representative may be able to help.
- Do you want to save time when your attorney reviews your lease? In some cases, having a tenant representative can save time when your attorney reviews your lease. Although a tenant representative cannot provide legal advice, a tenant representative, may be able to spot problems during the initial negotiations.
As always, if you have any questions about renting space, please contact me, your Denver business attorney at 720-258-6647.