A Few Commercial Lease Negotiation Tips

A commercial real estate expert in the Boston area, Michael Snedeker guides clients in project acquisition as executive vice president of Elite Building Corp. in Waltham, Massachusetts. Michael Snedeker identifies potential investment opportunities, secures financing, and negotiates with developers on a variety of commercial projects.

In order for business owners to receive the best terms on their commercial lease, they should feel comfortable negotiating the original terms, as well as extensions and renewals. When negotiating a lease, business owners should consider the following:

1. Concessions. Often, a property owner can make moving allowances or offer rental abatement in a bid to attract high-quality tenants.

2. Termination options. A tenant should look for flexibility in case they need to change their lease before its term is up.

3. Operating expense cap. While tenants are typically responsible for operating expenses, they can protect themselves against large annual increases by agreeing to a ceiling on the tenant portion of annual operating expense increases. 

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Creative Strategies for Successfully Leasing Office Space

Since 2018, Michael Snedeker has served as executive vice president of Elite Building Corp, a Waltham-based firm with significant development projects in Greater Boston. One of Michael Snedeker’s areas of expertise is in commercial real estate and development.

Today’s commercial real estate market has evolved to the point that landlords have to be creative to attract and keep their spaces rented. As opposed to paying exorbitant prices, renters can lease through a serviced office, go with coworking space, or work remotely.

To compete, landlords should first target a market they wish to serve. Once targeting a particular market of professionals, landlords need to learn the amenities that might attract this particular group. For example, if looking to attract millennial professionals, a landlord might focus on leasing in urban centers, where many of them prefer to work and live.

Amenities play a huge role in attracting renters. If catering to large companies, landlords or leasing agents might consider outfitting the space with a full kitchen, so that employees can cook their meals. The space can also include workout facilities as well as a lounge area.

Tips for Selling Commercial Real Estate Quickly

Michael Snedeker’s extensive experience in real estate includes securing financing for developers and identifying potential projects for development. As executive vice president at Waltham based-Elite Building Corp., Michael Snedeker, and his team are adept at selling commercial real estate in an out of Greater Boston.

One of the best ways to make properties visible outside of print advertising is to upload videos to real estate sites. With a video posted, a potential buyer can access the property to see if it is something that they are interested in. These videos can also be uploaded to any professional or social media site or blogs.

Make sure to stay abreast of any administrative processes because this can reduce sale time. For example, make sure to have a reliable real estate attorney on hand that can be contacted quickly for processing the title because it takes anywhere between seven and ten days to arrive. Also, make sure to update any environmental surveys if they are older than six months because buyers are going to want up-to-date information to make sure the building does not have any issues.

Other administrative matters to take care of include documents related to the condition of major appliances and structures of the property. Up-to-date documentation related to the condition of windows, HVAC, roof, plumbing, and electricity can move the process of selling a commercial property along.

Finally, compile a file for rent roll and profit and loss statements for the last two years. If the property is being leased, the rent roll will show the remaining time on the lease, and the profit and loss statements illustrate the annual operation of the building.

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