Many of our clients did not originally know the difference between an exclusive tenant representation firm, and a full service brokerage firm. Before selecting a broker to represent you in your office lease negotiations, you should know the answers to the following questions.
When hiring an exclusive tenant representative, you can be certain that your broker has no conflicts of interest. We never represent landlords, so we will always be on your side and represent only your best interests.
Prism is an exclusive tenant representation form with extensive knowledge in leasing, buying and selling all types of commercial property. We have over 30 years of experience representing clients throughout the Chicagoland area.
Our clients never pay us a fee for our services. In a typical lease transaction, the landlord pays its broker a leasing fee for negotiating against you. Prism will represent you and split that same fee that is already committed to the transaction.
Renewals are typically the most profitable transactions for a landlord. Original tenant improvement costs have been recuperated over the initial lease term. However, landlords are reluctant to reduce rental rates going forward. You do not want to be taken advantage of in the negotiations because the landlord thinks you are a sitting duck. Prism will introduce competition into the negotiations in order to make sure you obtain all current market concessions on your next lease.
No. In most cases, the landlord will employ the services of a broker. They anticipate the tenant will do the same. Be assured that while Prism utilizes current market knowledge and aggressive negotiating techniques, we will never damage your relationship with your landlord. We are committed to conducting our negotiations in a fair and professional manner.
Typically, the amount of lead time necessary is a function of the size of space you are looking for. As with any type of negotiation, it is always better to have time on your side. You do not want to lose leverage in the negotiations because you are running out of time. Following is a general guideline:
1,000 – 2,000 square feet: 4 to 6 months
2,000 – 5,000 square feet: 6 to 9 months
5,000 – 10,000 square feet: 9 to 12 months
Over 10,000 square feet: 12 to 24 months
Please visit our Glossary of Terms if you need help understanding some of these topics.
