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The length of your office space lease term is a negotiable item however it depends on a number of factors such as market conditions in your city, the cost of tenant improvements, or simply the landlord’s preference. Office Space Market ConditionsIf you live in a city where there is extremely low office space vacancy (e.g. Austin, Tx) you are in what’s called a landlord’s market. Deal points can still be negotiated however if the landlord has a lot of interest from other parties they have more leverage in the negotiations and will likely require a minimum of 3-5 year leases. In some cases even longer. Landlord’s PreferenceIn some cases, regardless of market conditions, the landlord just won’t budge on office leases shorter than 3 years. It doesn’t matter if they have had a space vacant for 6 months. You see if a multi-tenant building is mostly occupied (e.g. 85%) and the landlord is still profitable they don’t have any reason to offer a shorter lease. Unlike a single house that sits vacant for 6 months office landlords are still making money. Cost of Tenant ImprovementsWhen leasing office space you typically negotiate for the landlord to give you a tenant improvement allowance (TIA) as part of the deal. The more TIA they give you the longer the office lease term they are going to require.
via Tumblr How Long Does My Office Space Lease Term Have to Be?
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AuthorThe experienced commercial realtors at Austin Tenant Advisors specialize in representing the best interests of buyers and tenants in the Search, Selection, Negotiation, and Occupancy of Office, Retail, Industrial & Warehouse Space for lease, rent, or sale in and around Travis, Williamson, Hays, Bastrop, & Burnet Counties, which are the 5 largest counties in Central Texas. We serve the surrounding cities such as Pflugerville, Round Rock, Georgetown, Leander, Cedar Park, Lakeway, Bee Cave, Sunset Valley, Dripping Springs, Buda, Kyle, San Marcos, Burnet, Marble Falls, and more. Archives
November 2020
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