Tenant Representation
Avoid the “Why Did I Sign THAT?” Syndrome. Work with a Professional Tenant Representative.
Finding the Right Commerical Space
Learn How to Find Your Ideal Greater Boston Area Commercial Space and Seal the Deal.
Office Space Calculator
Need Help Determining the Right Amount of Office Space to Lease? Let Us Help You with Our Customized Office Space Calculator.
Leasing Commercial Space in the Greater Boston Area
Leasing or buying industrial or office space is a big step both financially and psychologically. As you navigate through this site, you’ll discover that there are many steps involved in locating and securing the right commercial property for your business. Commercial landlords are usually full-time property owners and managers; this gives them a great advantage over you unless you work with an experienced tenant/buyer representative. A tenant/buyer representative is your champion when it comes to guiding you through the leasing or buying process, avoiding potential roadblocks and saving you money through professional negotiation.
Six Ways to Level the Playing Field When
Choosing Your Commercial Space in the Greater Boston Area
You’re ready to search for commercial space in the Greater Boston Area. Where do you start? We recommend sitting down and analyzing your business needs in terms of space, set-up, employee considerations,
For a copy of your complimentary Leasing Guide, please fill out the form below and it will be emailed to you shortly.
Understand the Hidden Costs of
Leasing Commercial Space in the Greater Boston Area
When you find a commercial space that you are interested in leasing, the landlord will quote you a yearly per square foot rate. Don’t be fooled into thinking that the quoted rate necessarily represents your total financial commitment. Most leases contain costs in addition to what you pay for the base rent. These extra costs may include:
- Utilities and services such as janitorial, maintenance, electric, etc.
- Taxes
- A portion of the common area maintenance
- Escalation clauses to cover increases in taxes and operating expenses
You should also be aware of any clauses delineating your rights when it comes to renewing, extending or breaking your lease. A professional tenant representative can help you decipher the hidden costs and conditions in your lease quote and is experienced in negotiating favorable terms for you.
The Smart Tenant’s Guide to Commercial Leasing Vocabulary
Base Rent: the amount of a tenant’s rent that covers usable space (link to usable space), not including additional charges for building maintenance, utilities, management fees or taxes.
Common Areas: the areas within a building that are available for use by all tenants and their guests (i.e. lobbies, corridors, elevators, restrooms, etc.).
Common Area Maintenance (CAM): a percentage of the rent paid by tenants in addition to the base rent to maintain the common areas of the property. Examples include snow removal, outdoor lighting, parking lot sweeping, insurance and property taxes.
Escalation Clause: a clause which allows for rent increases to pay for expenses such as real estate taxes, operating costs, etc. Increases may be implemented at fixed time periods or tied to changes in certain economic factors determined by the landlord.
Full Service Lease: a lease in which the tenant’s monthly rent includes the cost of certain services including cleaning, trash collection, utilities, water and sewer charges, property taxes, etc.
HVAC: heating, ventilation and air conditioning.
Lease Agreement: a legal, written document between a landlord and a tenant stating the lease terms which have been negotiated and agreed upon between them. It constitutes the agreement between the parties and states their basic legal rights.
Letter of Intent: a preliminary agreement stating the proposed terms for a final contract which can be binding or non-binding. Tenants should always consult an experienced real estate attorney before signing a letter of intent.
Net Lease: a lease in which the tenant pays for specific office space as well as part or all of designated expenses associated with operating, maintenance and use of the property. These expenses may include taxes, utilities, janitorial services, property insurance, property management fees, sewer, water and trash collection.
Percentage Lease: a lease, generally for retail establishments, in which the tenant pays the landlord a percentage of the tenant’s gross sales as a part of the rent. There is usually a set base rent amount to which percentage rent is then added.
Rentable Square Feet: a combination of usable square feet and a portion of the common area (lobby, building rest rooms, elevators, stairwells) that is allocated to each tenant.
Right of First Refusal: a clause in the lease giving a tenant the first opportunity to lease a property at the same price and on the same terms and conditions which a third party has offered to the landlord.
Triple Net Lease: a lease in which the tenant pays his share of all operating expenses associated with the building.
Turn Key Space: an office which is fully equipped with walls, doors, floor and window coverings and electrical wiring.
Usable Square Feet: space contained within the tenant’s office parameters, including storage areas, private restrooms and utility rooms.