Posts Tagged ‘Dallas office space’
Dallas Office Sublease
Our favorite types of leases to work with are Dallas office subleases. There are so many positive reasons that a sublease should be considered by an office tenant but as with all decisions there are potential negative results if everything isn’t considered by the sub-lessee.
When a tenant is considering an option to lease space from a particular building it is important that the tenant determine of there are any sublease spaces available in the building prior to contacting the building’s leasing agent. If a tenant has already contacted the building and at a later time discovers a sublease space that is ideal and thirty five percent cheaper than a direct deal they may have eliminated themselves from being approved my the landlord for the Dallas office sublease. Why would this happen? Because, in most leases the landlord restricts the sub-lessor from leasing to anybody that the landlord or their agents are talking to about space in the building or to any other existing tenants within the building.
A tenant can avoid this pitfall by working closely with a professional that has years of experience in negotiating Dallas office sublease space. It is important that before a building is contacted that all known sublease options are reviewed and a determination is made to their viability as a future location for the tenant.
Reasons For A Dallas Office Sublease
Why do you want a Dallas office sublease? Here are many of the reasons given by our clients, shorter term lease, significant rental rate reductions, furniture could be included in the deal, telecommunications and network systems could be included in the Dallas office sublease and the space is usually ready for immediate occupancy.
All of these are great reasons however the Dallas office sublease client need to never forget two important issues that could have serious negative consequences for their business. First is that a sublease is only as good as the credit of the sub-lesser. If the tenant that the sub-tenant is leasing from goes into default then the sub-tenant has no lease or space and most likely will be given a short notice to move out of the building. Secondly once the negotiation of the sublease is complete the building’s landlord must approve the sublease
Landlord’s Consent Dallas Office Sublease
Most landlords will not even review a sublease until the negotiation between the sub-lessor and the sub-lessee is complete and the sublease is executed. The landlord will then issue a landlord’s consent to sublease and this could be presented within a few days or it could take a few weeks. Once the landlord’s consent is issued the sub-lesser and sub-lessee sign it and the Dallas office sublease is approved after the landlord executes their consent document.
All things being considered we love subleases for our clients. Yes there are a few hurtles that need to be jumped over but the money that can be saved is well worth the risk for the right client. In our opinion the only firm that shouldn’t consider a Dallas office sublease is one that has a very short term timeline and needs a Dallas office lease in less than thirty days.
Dallas Office Brokers
When looking for Dallas Office brokers to represent your interests you need to be aware of the different types of services that brokers can offer to their clients. Brokerage services fall into three main categories, buyers’ agent, seller’s agent or intermediary. It is important that the consumer of brokerages services understands the difference.
Upon first contact with a licensed Texas broker or agent they should provide you with an Agency disclosure form, which is required to be delivered upon first contact with a consumer of the Dallas office brokers prospect. The Texas Real Estate Commission require this form to be presented so that it helps to inform the individual talking with the broker that they need to know what side the broker represents.
Dallas Office Brokers Representation
Many times I speak with a tenant that has been speaking with various Dallas office brokers and they refer to the broker as their broker when in fact the broker is representing the interests of the landlord. “Their Dallas office brokers” responsibility is to the building not to the tenant. They must treat the tenant with respect and be truthful but their ultimate responsibility is to the landlord.
So how does a tenant know if the Dallas office brokers they are working with are looking out for their best outcome? This may sound crazy but the broker they are working with will usually have a signed Tenant Representation Agreement with the tenant indicating that they are obligated to the tenant and what their responsibilities are to the tenant. Without a written contract with broker the tenant really doesn’t have a broker representing them and their broker would be like all the other Dallas office brokers looking out for the interests of the landlord.
Unfortunately some tenants don’t want to sign a contract with a tenant representation broker. We think this is because they don’t understand that if they did they would automatically bring onto their team a dedicated professional that understands that Dallas office market and has complete fiduciary responsibility to them.
Dallas Office Brokers Contract
Sometimes the tenant doesn’t want to sign a contract because of bad experiences they may have had in the past. We believe that it is imperative that when a tenant is looking for Dallas office brokers to represent them that they look for professionals that only specialize in Dallas office tenant representation. By doing so they remove all potential conflicts of interest and they know that their broker is totally focused on only representing tenant’s interests and not any landlord’s. Additionally this type of broker has been immersed in thousands of hours of experience dealing with tenant’s issues and completely understands the concerns and issues a tenant may face in a lease negotiation.
When looking for a broker look for one that has had many years of personal experience assisting Dallas office tenants find good leases for their firms. Some Dallas office brokers are with old firms but they have six months of experience. We think it is better to have a broker with twenty years experience that can draw upon their own experiences to help a tenant navigate the lease negotiation and space selection process.
Dallas Office Space
There are so many choices for the office tenant in Dallas today. With five submarkets to select from for Dallas office space the tenant has a significant number of buildings to choose from in their search. The selection for the actual location is usually not the first step in the process.
When making a list of requirements for Dallas office space the first choice is usually which submarket do you want to office within? Dallas has nine primary submarkets they are, Dallas CBD, Far North Dallas, LBJ Freeway, Oak Lawn/Uptown, Preston Center, Richardson Plano, Las Colinas, East Dallas and North Dallas Parkway. The first decision should be which market offers your firm the amenities that you need for your business.
Dallas Office Space Markets
Once you have decided upon the market then a determination needs to be made regarding the type of office building you would like to occupy. Most Dallas office space is classified into three categories, Class A, Class B and Class C. Class A properties are normally the most expensive, Class B are moderately prices and Class C are the cheapest.
The classification of the Dallas office space you select and the market you choose will have the largest impact on the overall price per square foot of your lease. Once you have a building selected then you need to begin the process of negotiating the terms and conditions of your lease. In most cases this is where the real work begins. It isn’t difficult to find a building with a vacant space and a landlord that wants a new tenant. It takes skill and market knowledge to negotiate a good lease for everybody.
Dallas Office Space Lease Negotiation
Some people think that all that is required to find a good Dallas office space is the ability to locate a building. However wouldn’t it be better to have the knowledge of an expert to assist you in your decision? Having somebody on your team that doesn’t look for Dallas office space once every three or five years but every business day of the year could save you thousands of dollars and help you avoid major mistakes.
That is what we do at Finch Commercial Realty, Inc. for our client’s every day. We are knowledgeable about Dallas office space and we can help you solve your office space search. We start the process when you describe what you need, locate several viable solutions and stay with you until you get the keys to your new office and are completely satisfied.
To us the satisfaction we get from our work is to see our clients moved into their new Dallas office space and they are completely satisfied. Our job isn’t finished until our client is happy. So if you are looking for this type of service you should contact us and give us the opportunity to show you how we can be of service to your growing business.
The Dallas office market is very large and there are many different options for you to choose. We hope you choose to give us a chance to share our twenty five years of experience to help you make a good decision for your business.