Acquiring Commercial Space: DIY or Tenant Rep v2

In 20yrs as commercial realtor, I’ve seen many cyclical trends. Until circa 2005, properties were often listed by Listing Agents [specialists] and Tenants were often represented by Tenant Reps [specialists]. These specialty service providers made transaction activities efficient for their clients.

The combination of media coverage about the space market and listings of space in the Internet has made space relatively easy to find and secure (down to 300rsf). Rent prices in densely populated urban cities are not always posted in digital listings due to the dynamics of weekly updates to prices.

Over the past 10yrs, some Tenants/Buyers have endeavored to search/secure their space DIY with the Agents/Reps listing their building of choice.

In Suburbia, a DIY approach may be prudent for Tenant and Landlord (or Seller) for transactions up to 3500rsf. Limit leases to 5yrs to limit your rent commitment and foster flexibility of space use as market forces affect your operating needs. For deals larger than 3500rsf, an exclusive Tenant Rep gives your business a) the leverage to evaluate quantitative and qualitative aspects of a deal, b) compares analysis results of space options to operating needs and budget and c) facilitates competition for your deal through an experienced Tenant Rep. This post outlines why hiring a Tenant Rep is the most effective way to secure the space/property fitting your search criteria at the sharpest price above 3500rsf.

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