TENANT REPRESENTATION
When you, a businessperson, are looking for office, retail, or industrial space or are evaluating your current space needs and engage Upland Real Estate’s professionals as a tenant representative, everything changes. You now have immediate access to crucial market information such as: current rental rates, concessions, operating expenses, and property taxes as well as having an advocate working exclusively in your best interest. This information makes you equal to (or better than) the landlord at the negotiating table. Most importantly, you can continue to run your business while the tenant representative does the “legwork” of finding your space.
Part of this “legwork” includes knowing the market conditions, the buildings and the landlords who are “in the business everyday”. A tenant representative knows, for instance, that a soft market means more than just free rent. Cancellation clauses, expansion options, upgrades in space and rights to sublease are all considerations which a tenant can take advantage of in response to current market conditions. This and other market knowledge becomes extremely valuable to you as a tenant during lease negotiations.
TENANT BENEFITS
In every lease transaction, our goal is to create an environment that will enable you to gain the best economic deal to everyone’s satisfaction.
We will:
- Exclusively represent your interest while establishing a win/win
relationship with the building owner. - Provide in-depth market research gathered from years of experience in other transactions, from other real estate professionals, and from our custom
research. - Save you time by helping to eliminate unlikely alternatives early in the
evaluation process. - Help to obtain more concessions, lease flexibility and minimize expenses
by utilizing knowledge of the properties and the current market conditions. - Create more negotiating power for you by allowing different properties to
compete for your lease. - Help establish a relationship between you and your future landlord while
acting as a negotiator and intermediary.
SCOPE OF SERVICES
If necessary, we will prepare a detailed letter, highlighting your requirements. This letter will be sent to a qualified list of owners and other brokers. We will assist you in evaluating property alternatives.
We will assist you in developing a “short list” of available properties. If necessary, we will work with the property representative(s) and/or their architects or designers to prepare space plans, which encompass your specific requirements. We will also, if applicable, examine the construction bids to be certain you are receiving what was communicated on the plans. Upland will send a request for proposal (RFP) to a reasonable and workable number of potential space alternatives. We will do a complete financial analysis of all of the proposals, including calculations of net effective rent, gross effective rent, net present value, and internal rate of return, and will make specific recommendations regarding the proposals, and may suggest a counter proposal or a Letter Of Intent (LOI) on a specific property.
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tour/inspection of the property alternatives. You may elect to have a “windshield tour” without being accompanied by Broker.