Medical & Office Tenant Representation
Deeply Invested in Your Business Success
An office isn’t just set of rooms where employees gather to work. It is a representation of a business’s vision, brand and capabilities. An office’s location, size, layout, and amenities can either help or hinder its operational effectiveness. And finding the lowest cost alternative can be a complicated analysis of rent, utility and reimbursable costs, parking, tenant improvements, free rent, and other lease terms.
Our tenant representation services help you keep your focus on managing your business. We act as your partner and advisor, saving you time and aggravation, providing detailed market information, comparing and negotiating lease terms and workletters, and ultimately, delivering to you the most fitting, cost-effective space for your business.
We help office tenants:
- Lease new space
- Negotiate or assess potential renewals, expansions, and/or consolidations
- Assess or renegotiate existing leases
- Sublease space
A skilled, knowledgeable representative is essential in real estate transactions, since the right or wrong lease can have long-term effects that reverberate through a client’s operations and profitability. Admiral’s step-by-step approach is to identify space needs, designate potential properties, negotiate lease terms, and compare overall costs:
- Understand and Outline Your Space Needs. Admiral begins an assignment with a client discovery meeting to identify the client’s financial and operational objectives, and to translate those objectives into specific prerequisites, such as building location and class, accessibility, parking, minimum and maximum size requirements, ceiling heights, layout, column spacing, utilities, security, after-hours access, amenities, and budget (e.g. rent, utilities, construction, moving costs).
- Research Appropriate Properties. Once a detailed set of requirements has been identified, Admiral generates a survey of conforming available spaces in the market. After obtaining further detail on each potential space, Admiral presents them in a summarized, bullet-point comparison and reviews them with the client to qualify or disqualify spaces. To save the client time, Admiral then conducts a site tour with only those properties which have survived the vetting process.
- Negotiate Lease Terms & Workletters. The prior two steps give a tenant more negotiating power, both by having more than one space option available and by being represented by a broker. In negotiating lease terms and workletters, Admiral uses its broad real estate experience to thoroughly document every business point to procure the strongest economic terms possible for the tenant. Tenants can also save legal fees by not having expensive attorneys argue about business terms due to ambiguous language in an LOI.
- Compare Options and Costs. Admiral can provide clients with a quantitative net present value analysis to compare the costs and terms of different potential leases, taking into account issues like variable rent, space size, utility and reimbursement expenses, moving costs, tenant workletters and free rent.
KEY CLIENT BENEFITS
- Identify space requirement and find conforming properties
- Aggressively negotiate on behalf of tenant
- Assist during expansions, consolidations or downsizings
- Offer guidance and advisory services throughout process
- Provide deep local knowledge with extensive research
- Decrease overhead expenses
- Generate detailed offers, examine proposals, and prepare counter proposals
- Deliver unmatched service with the utmost of integrity