I met with a firm that had recently relocated to their new offices. I did not represent this firm, and upon exiting the elevator, I immediately noticed their broker had missed gigantic and glaring big-ticket items. This story exemplifies how "Basic Real Estate 101" knowledge, know-how, and experience are essential for a successful office lease transaction.

This tenant relocated to a Class A office property owned by a well-respected landlord. I was astounded when I stepped out of the elevator to see the lobby, common corridor, ceiling, and restrooms torn up and undergoing extensive renovation. My rule is that if the common area is tired, dim, or not up to code, I negotiate a complete renovation of the shared space on the floor from the outset. The landlord will renovate the common area space at the landlord's expense, simultaneously with the tenant improvement work. This way, when my client occupies their new space, everything is in order, up to date, and complete.

There is no excuse for a tenant to endure a common area floor renovation after the commencement of their lease. Further, to add insult to injury, the renovation continued for months after my initial visit. One can only imagine other missed items in the 150+ page lease that the landlord's attorney drafted.

It is imperative to hire a broker with the ability, wherewithal, experience, and knowledge of commercial lease transactions and the numerous moving and integral parts. When interviewing and selecting a commercial real estate broker, ask for letters of recommendation and ensure the individual or team is well-versed in the lease document. I would also query a few examples that they see set them apart from the crowd.

As a veteran commercial real estate salesperson, who started my career managing high-rise office buildings, I take great pride in providing excellent service, unparalleled knowledge, and applying my extensive understanding and experience in the commercial lease process for my clients. My background is in property management of high-rise commercial office buildings, combined with 35 years of commercial real estate brokerage, 30 of those years strictly representing tenants.

Always remember that the commercial lease document is a detailed and tedious document that legally binds the parties. This document is drafted on behalf of the landlord by the landlord's attorney and is always in the landlord's favor. The purpose of the lease is to meticulously outline the details of the relationship, including the terms, timing, conditions, and responsibilities of both the landlord and tenant.

Guest Post By: Monique Lacey (Executive Vice President, Commercial Brokers International)

Please email or call me if you are in the commercial space market or have any comments or questions at monique@cbi-commercial.com or (310) 943-8544 office or (818) 859-2641 cell.