The following post is copyrighted by Austin Tenant Advisors - . So you are a new business or startup and ready to lease your first commercial real estate space, however with little track record and little to no revenue how will you be able to get the landlord comfortable with having you as a tenant? Most landlords are hesitant to lease commercial space to startups as they have a high probability of going out of business and if they do will leave the landlord with an empty space and lost income. To ensure they get their rent in the event your business does not work out they may ask you to sign a personal guarantee. For example when searching for retail space for rent in Austin Tx most landlords will require that you personally guarantee the lease for the entire term. What is a Personal Guarantee?A personal guarantee is a written promise from a guarantor (business owner or other person) guaranteeing commercial lease payments in the event the business does not pay. In the event of non-payment the landlord can go after the guarantor personally for payment. This is a very common request when the business is a startup with weak financials. Do You Have to Sign a Personal Guarantee to Lease Commercial Space?Well if you really want a space bad enough and the landlord won’t let you have it without one then you have no choice. If you are able to show a track record of paying rent elsewhere have have steady, strong company profit / loss statements and balance sheets then you might be able to get away with not having one. If you don’t have the financial track record and sign the personal guarantee then try asking for the guarantee to expire after a certain amount of time has passed (e.g. 12-24 months) as long as you pay rent payments on time. How to Get Out of a Personal Guarantee EarlyYour options for getting out of a commercial lease personal guarantee early are pretty limited, however if it’s important then try one of the following:
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The following post is copyrighted by Austin Tenant Advisors - . When searching for office space the first thing most people is search online which typically involves using google to search office space for rent. The first thing you will see is a laundry list of office space listing sites with hundreds of listings for office space for lease all across the city near you. These can be a good place to start however you will quickly find that most of these are simply set up for lead generation. The listings are typically outdated, not available anymore, or the information is complete and not helpful at all. Some can even be misleading. They can be a good place to start however at some point you may want to hire a commercial realtor to help you who knows the market well. Some of the common office space listing websites you will see are:
After you have done a little preliminary office space searching online you might consider hiring a commercial real estate agent. For one their service does not cost you anything as their fee is paid by the landlord, even though they are legally obligated to represent your best interests. Also, they keep a pulse on the market and know what is available, when it’s available, and at what price. They also know what can be negotiated which can be helpful in ensuring you get the best deal possible. The experienced commercial agents know all the players in the market (landlords, building owners, listing / landlord agents, contractors, architects, movers, furniture vendors, etc so they can help you facilitate the many aspects of renting office space. If you want to know where to find the best office spaces for lease on your own then your going to have to do a lot of legwork. This could take hours of time searching the internet, driving around calling on for lease signs, and talking to many different listing agents. OR…………hire a commercial tenant representative and let them do all of the heavy lifting of calling, searching, getting floor plans, etc. Again their service does not cost you a dime and it will save you a ton of time and money.
The post Where to Find Office Space For Rent appeared first on Austin Tenant Advisors. via Tumblr Where to Find Office Space For Rent The following post is copyrighted by Austin Tenant Advisors - . When searching for office space the first thing most people is search online which typically involves using google to search office space for rent. The first thing you will see is a laundry list of office space listing sites with hundreds of listings for office space for lease all across the city near you. These can be a good place to start however you will quickly find that most of these are simply set up for lead generation. The listings are typically outdated, not available anymore, or the information is complete and not helpful at all. Some can even be misleading. They can be a good place to start however at some point you may want to hire a commercial realtor to help you who knows the market well. Some of the common office space listing websites you will see are:
After you have done a little preliminary office space searching online you might consider hiring a commercial real estate agent. For one their service does not cost you anything as their fee is paid by the landlord, even though they are legally obligated to represent your best interests. Also, they keep a pulse on the market and know what is available, when it’s available, and at what price. They also know what can be negotiated which can be helpful in ensuring you get the best deal possible. The experienced commercial agents know all the players in the market (landlords, building owners, listing / landlord agents, contractors, architects, movers, furniture vendors, etc so they can help you facilitate the many aspects of renting office space. If you want to know where to find the best office spaces for lease on your own then your going to have to do a lot of legwork. This could take hours of time searching the internet, driving around calling on for lease signs, and talking to many different listing agents. OR…………hire a commercial tenant representative and let them do all of the heavy lifting of calling, searching, getting floor plans, etc. Again their service does not cost you a dime and it will save you a ton of time and money.
The post Where to Find Office Space For Rent appeared first on Austin Tenant Advisors. via Blogger Where to Find Office Space For Rent The following post is copyrighted by Austin Tenant Advisors - . When searching for office space for rent the spaces you look at will typically need some sort of upgrades. You might get lucky and find one that is move in ready and exactly the way you want it, however in most cases they will need new carpet, new paint, walls removed, new walls built, new plumbing, lighting, etc. The question that many tenants have is who will be responsible for paying for the upgrades? Well that depends on a number of factors such as:
In most cases if you are an existing strong credit tenant and are signing a 3-5 year lease then you should be able to negotiate to have the landlord pay for a portion of or all of the standard office upgrades. I say “standard” because landlords will invest money into standard building finishes. If you want granite counter tops, hard wood floors, or other expensive upgrades then you may have to come out of pocket for those. If you are a new business or startup that can only sign a 1-2 year lease then don’t expect the landlord to give you any money for office space upgrades. You will typically have to take the space “as is” unless you want to spend your own money for the office upgrades needed. If you are dealing with an institutional investment group they are more savvy and you will have a better chance of being able to negotiate office space upgrades as long as you qualify. If the office building owner is a small time single investor then they may not have the money to give or want to take the risk so you will more than likely have to foot the bill. You might be able to get them to give some free rent in lieu of money for upgrades The post When Renting Office Space Who is Responsible For Upgrades? appeared first on Austin Tenant Advisors. via Blogger When Renting Office Space Who is Responsible For Upgrades? The following post is copyrighted by Austin Tenant Advisors - . When searching for office space for rent the spaces you look at will typically need some sort of upgrades. You might get lucky and find one that is move in ready and exactly the way you want it, however in most cases they will need new carpet, new paint, walls removed, new walls built, new plumbing, lighting, etc. The question that many tenants have is who will be responsible for paying for the upgrades? Well that depends on a number of factors such as:
In most cases if you are an existing strong credit tenant and are signing a 3-5 year lease then you should be able to negotiate to have the landlord pay for a portion of or all of the standard office upgrades. I say “standard” because landlords will invest money into standard building finishes. If you want granite counter tops, hard wood floors, or other expensive upgrades then you may have to come out of pocket for those. If you are a new business or startup that can only sign a 1-2 year lease then don’t expect the landlord to give you any money for office space upgrades. You will typically have to take the space “as is” unless you want to spend your own money for the office upgrades needed. If you are dealing with an institutional investment group they are more savvy and you will have a better chance of being able to negotiate office space upgrades as long as you qualify. If the office building owner is a small time single investor then they may not have the money to give or want to take the risk so you will more than likely have to foot the bill. You might be able to get them to give some free rent in lieu of money for upgrades The post When Renting Office Space Who is Responsible For Upgrades? appeared first on Austin Tenant Advisors. via Tumblr When Renting Office Space Who is Responsible For Upgrades? The following post is copyrighted by Austin Tenant Advisors - . Tenants have been leasing commercial real estate for over 200 years however there are still many myths or misunderstandings about the industry and how the process works. For example many tenants think they have to pay for 100% of the tenant improvement costs when renting commercial real estate property in Austin, Tx. They don’t realize that they can negotiate to get most or all of that paid for by the landlord as long as they are a good credit tenant. Below are a few common misconceptions that tenants have about renting commercial real estate.
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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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