Nobody thinks of business growth as problematic. But more business generally means you'll need to hire more people. Soon enough, you just may find yourself outgrowing your current office space. Ideally, you'd probably like to pack some boxes and move you and your team into a brand new space with more square footage. However, that's [...]
Small-to-medium sized businesses (SMBs) make far too many mistakes when renting or leasing a commercial space. In this post, we'll outline several key mistakes SMBs make. Rental and lease payments are one of the top expenses incurred by most SMBs. Making a mistake early-on in this process can be devasting to a businesses bottom line. [...]
If you're leasing any space, a commercial build out might be necessary to tailor it to your specific needs. A tenant going through this experience for the first time will naturally be overwhelmed. Unfortunately, this also makes them vulnerable to mistakes. Mistakes that can be costly and detrimental to the health of their business. Here [...]
When searching for your ideal workspace, it's practically impossible to find exactly what you want in ready-to-move-in condition. Most spaces will require some type of office buildout. Sometimes it may be nothing more than some new carpet and paint. Other times it may involve knocking down some walls, building new walls, or other major renovations. [...]
A tenant improvement is a fixed improvement to customize a tenant's space to their specific tastes and needs. A "green" tenant improvement project can offer improved energy efficiency, increased employee productivity, optimal comfort, and fewer health risks. It also lessens the broader environmental impact of conventional construction and building operations. These processes typically eat up [...]
A company's work space is a valuable commodity. It's an integral part of how a company does business. It needs to be functional for efficient operations. It needs to fit the culture your company is looking to cultivate. The brand you're building. Moving into a space that requires customization is a natural part of any [...]
People understandably focus on basic numbers during tenant improvement negotiations. They're looking at the rental amount per square foot, the size of the space, and the amount of the TI allowance. However, other smaller often-overlooked details can actually have greater financial implications. Many times these seemingly small details can outstrip whatever dollar or two you [...]
Besides your rent, tenant improvement costs are typically the second most expensive part of any lease. Tenant improvement allowances can sometimes equal 6 to 12 months of rent or even more. What you can do with one dollar in one building or location might not be possible in another. If you want to make out [...]
There are many things to take into consideration when negotiating a commercial lease or renewal. The leasehold allowance - also known as the tenant incentive, tenant inducement, or TI money - is one of the most important. This is the amount of money a landlord gives a tenant for leasehold improvements or customizations to the [...]
A landlord's tenant improvement allowance is intended to incentivize a prospective tenant. But how much TI allowance a tenant is offered varies based on several factors. Here are a few things assessed prior to a landlord's TI allowance offer. Tenant's Credit Strength Any experienced landlord will carefully consider a tenant's credit strength. Landlords will often [...]
