2A — April 14 - 27, 2017 — M id A tlantic
Real Estate Journal
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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ..........................................................Barbara Holyoke Associate Publisher ...................................................................Kim Brunet Associate Publisher ............................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager .................................................................... Joanne Gavaza Sales Intern ........................................................................ Kevin Minassian Contributing Columnists .............James Malcolm, RAM Real Estate Asset Management; and John Oberer, GZA GeoEnvironmental, Inc. Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 8 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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James Malcolm
10 Questions to Ask your Commercial Agent
When Leasing an Office Space
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
Y ou can never be too care- ful when signing a lease for commercial office space and failure to do your due diligence can lead to prob- lems. For instance, the wrong space can hurt your business if it’s difficult for your clients to access your building or if you don’t have the amenities you require. To minimize the chances of these (and other) disasters occurring, consider asking your commercial prop- erty managing agent the fol- lowing questions: 1. What happens if the space isn’t ready by the expected move-in date? Unless the space you want to occupy is already vacant and fits yours needs exactly, there are all types of last minute is- sues that can come up. Your lease should clearly detail what happens if the space isn’t ready by the purported move in date. Be wary of any clauses
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that allow the landlord give you an alternative space if the new space isn’t ready on time. This solution only magnifies the costs and other issues as- sociated with moving. 2. Does the lease come with an option to renew? After your lease expires, the landlord is under no legal obligation to offer the same space to you - unless there’s a renewal clause in your lease. This guarantees that you will have first dibs on the space when the lease expires. 3. Will the landlord take on the cost of changes (like new carpet, special electri- cal needs, etc)? You will probably want to modify and update your new
continued on page 28A Is your building in a central location that’s close to train stations and airports to accom- modate heavy business travel or out of town clients? Depen- dent on your business type, this may help determine the amount of traffic that you will receive. The agent should have information about community demographics, car counts, etc. available. office space to meet your spe- cific requirements. In most cases, you will be responsible for these costs. But there are some landlords will amortize the costs over the term of the lease. 4. How much traffic does the area get?
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The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.
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Linda Christman, CEO/Publisher Mid Atlantic Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 | F: 781-740-2929
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