A lease, at its core, is a business relationship – an agreement between a tenant and a landlord. Although leasing commercial real estate may appear simplistic, perhaps even one-dimensional, it is crucial to take 7 essential steps. Otherwise, the process can turn into disarray.
1. Define your requirements: The first questions to tackle are as follow: “What am I looking for?” and “What would suit me best?” From prerequisites such as deciding location to determining the property’s prospective use, evaluating the space is critical.
2. Locate suitable property: After determining space requirements, a hands-on search begins. Locate suitable properties, survey the market, and narrow down the CRE contestants.
3. Tour properties: A property review and physical tour is the next step of commercial leasing. Since an expected lessee engages in numerous visits and tours, it would be beneficial to take notes on each property.
4. Make a proposal to lease: The proposal process consists of five elements: preparing a RFP (request for proposal), issuing the RFP to suitable properties, reviewing the landlords’ responses, evaluating offers, and perhaps preparing a Comparative Lease Analysis.
5. Space planning and architectural evaluation
6. Negotiate the lease contract: Negotiating may be tedious and frustrating. It is important to meticulously examine every aspect of the deal to avoid future problems. A checklist, legal involvement, and realization of tenant’s resources are discussed thoroughly in this category.
7. Close the transaction The mutual execution of a lease.
If you or your company is in need of office, retail, or industrial space in the Treasure Valley then your first call should be to The Sundance Company. Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs in Boise, Meridian, Nampa, and the greater Treasure Valley. The Sundance Company has more than 1.5 million square feet of office, retail. and industrial space available in prime Boise and Meridian locations.
Please check out The Sundance Company website to view property photos, search for office space or learn more about Sundance’s start-to-finish capabilities. If you prefer to talk to someone in person about your commercial real estate needs, then just give us a call at our Boise office, (208) 322-7300