We see tenants (occupiers) make the same mistakes over and over whether they are leasing office or industrial space.  So next time you are considering a new lease, lease renewal or relocation, learn from other people’s mistakes and don’t do the following...

Top Ten Mistakes

  1. Putting yourself at a disadvantage by beginning renewal or new lease negotiations too late
  2. Lacking clearly defined business or real estate objectives
  3. Focusing exclusively on financial costs
  4. Failing to appoint a project leader as the internal single point of contact
  5. Making inaccurate estimations of the company’s space requirements
  6. Acting too slowly once a decision is made, and consequently missing out on opportunities
  7. Agreeing to terms prior to obtaining a logistics consultant (industrial) or space planning perspective (office)
  8. Failing to allow for future expansion or contraction
  9. Lacking the knowledge of future opportunities; often, the best deals are secured well in advance of space becoming available
  10. Failing to leave enough time at the end of the lease to fulfill “make good” obligations, or failing to understand the exact terms of your tenant improvement allowance

A landlord or listing agent loves it when a tenant represents himself/herself to lease a space or renew a lease.   It’s like shooting fish in a barrel.  Find yourself a qualified real estate advisor and let him/her focus on the real estate while you focus on growing your company.