If you are responsible for your company’s real estate needs and you’re about to embark on signing a lease for 3-5 years, I want to remind you how important it is to pay attention to the little things that you negotiate upfront.
On an average working day, you’re not going to be thinking about your real estate needs as these issues just don’t come up very frequently.
Catch the landmines
Yet, there are so many contingent liabilities that can come back to bite you if you aren’t paying attention to the perceived “small stuff” when negotiating a lease.
For example, I was out recently with a client and we wanted to make sure that the wires and the cables that were in the space didn’t get cut.
The previous tenant was required to remove the cabling as part of restoring the space at the end of the term, but we were able to convince the landlord to relieve them of this obligation. This saved my client a huge amount of money.
Protect yourself
My advice on how to protect yourself from these landmines is to have;
- A great agent
- A great lawyer
Fostering a trusted, long term relationship is key. Getting shown a great space is one thing, ensuring that you save money in all facets (not just rent!) and protect yourself against future liabilities is another that is often overlooked.
Fostering a trusted, long term relationship is key
Let’s discuss
Have you run into any problems after signing a lease? Let me know by connecting with me on LinkedIn or getting in touch via david.cairns@cbre.com
