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This blog was created to provide information about the Austin Commercial Real Estate scene. If you want to learn information and tips about leasing and purchasing office, retail, and industrial space in Austin you have come to the right place
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When renting commercial real estate (office, retail, or warehouse space) landlords have certain criteria that they typically look for in a good commercial real estate tenant. Financial viability is the key issue for landlords. They want to be assured that their tenants won’t go out of business before the lease expires or jump from building to building just to get concessions.
Landlords also look at the type of tenant. Will this tenant help to create a mix that will, in turn, attract other good tenants? Banks, large law firms, and major accounting firms, for example, fall into this category.
At the same time, landlords are sensitive to the size of the tenancy proposed. They may not want one tenant to dominate the building. Advertising and public relations companies, for example (often the first to be faced with downsizing during economic downturns), are risky as predominant tenants in a building.
Although landlords would prefer to deal solely with tenants that have the best credit, they also recognize that sometimes they must accept risk. In these instances, they may want to minimize the risk by spreading a concession such as free rent over the life of the lease rather than giving it all in the first part of the lease.
Financial information is critical and they WILL ask to see your company financials. Psychology plays a role too. Landlords also want to know the reasons why prospective tenants are planning to move, and what motivates them.
Even in a soft market, property owners must be sold on prospective tenants, and even existing tenants.
As you look at commercial properties for rent and are comparing buildings and landlords, keep in mind that they are evaluating you as a potential tenant also. You want to make sure that you understand what landlords look for in a good commercial tenant so that you can prepare your company to meet the financial and other criteria that landlords have.
The post How Landlords Evaluate Prospective Commercial Real Estate Tenants appeared first on Austin Tenant Advisors.
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One of the most common questions I get asked is whether a business should sign a long term commercial real estate lease or a short term lease. For a small business or startup that is renting office, retail, or warehouse space getting this right is important as the success or failure of the business could be determined by the decision. Unfortunately there is no wrong or right answer as every company has different needs. Short and long term commercial leases both have certain advantages and disadvantages that you should analyze and discuss with your commercial real estate agent before you begin negotiations with a potential landlord.
As you can see there are many Pros and Cons to signing short term and long term commercial leases. It’s hard to do however it’s important that you think of your business needs 1, 2, 3, 4, and 5 years down the road. If you are not sure you want to remain in the same location or expect future growth, or are just uncertain about the future of the company then a short term lease might be the best option. If your business is more established, financially stable, and not expecting to expand rapidly then you are better suited for a longer term commercial real estate lease.
The post Is a Long or Short Term Commercial Lease Right For Your Business? appeared first on Austin Tenant Advisors.
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September 27th, 2017 is officially the first annual Austin Coworking Day thanks to Mayor Steve Adler and other community leaders. Out of the 40 locally owned and operated coworking facilities in the Austin Metro area 18 of them have agreed to open their doors for a FREE day of coworking. Also, to give people a taste of what coworking spaces have to offer there will be events, coaching, and special workshops. For your reference here is a complete list of coworking spaces in Austin.
Austin coworking spaces give members the ability to work, connect and collaborate with others rather than working in isolation at home. Each location in Austin has its own vibe and unique look so to find the one that best suits you you might consider visiting a few of them if you have the time.
If you are interested in learning more about coworking just go to the Eventbrite invitation here and claim your free ticket.
Below is a map of the participating coworking spaces in Austin
The post Austin Coworking Day is September 27th 2017 appeared first on Austin Tenant Advisors.
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When negotiating commercial real estate leases many business owners or companies focus on shorter term leases as they have the idea that it will give them more flexibility and reduce their costs & risk. While this may be true in some cases there are also a lot of businesses that would benefit more by signing a longer term lease. There really is not right or wrong answer as it just depends on how long your company has been in business, how financially stable it is, how many employees you have now and in the future, and what your business needs will be within the next few years.
First of all let’s be clear what I mean by a long and short term commercial lease as everyone has their own definition. Long term leases are typically 3-5 years or longer. Short term leases are typically 3 years or less. A new business or startup may think that a 2 year lease is a long time, however to commercial property owners and/or their agents 2 years would be considered short term.
These advantages were not meant to mean that every company should sign a long term lease. However it’s important to really understand where your business is now, and where it is headed. If you are a startup or just not that confident in the success of your business then you will have to work harder to find commercial spaces that are open to doing 1-2 year leases. At the end of the day it’s important that you do what is best for the business and if that means doing a short term lease then so be it. However if your business is stable and you are confident in the future growth then you can receive some great benefits of committing to longer leases.
The post What are the Advantages of Signing a Longer Commercial Lease? appeared first on Austin Tenant Advisors.
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Renting warehouse, office, or retail space will be one of your largest expenses when running a business so it’s important to negotiate the commercial lease as best as you can. Market conditions change often so business owners are better off having a commercial real estate agent help them find and negotiate commercial space for rent. Some business owners who are seasoned and have leased commercial space before they may have a better idea of what to ask for. However new business owners are much more disadvantaged in commercial lease negotiations because they don’t know what can be negotiated in a commercial lease.
To help you get started we have listed the most common items that can be negotiated when leasing commercial real estate. If you have any questions or would like help renting Austin commercial real estate feel free to give us a call.
These are just a few items that are negotiable in a commercial lease. The impact that each has on your business will differ greatly from another type of business. It all depends on the type of business and your current and future business needs. It’s important to understand the impact that each one of the negotiable items above will have on your business NOW and in the future. It doesn’t matter how great your business is now or how great and successful you think it will be in the future. You should always assume worst case scenarios when negotiating commercial leases.
If you have any questions about what can be negotiated in a commercial lease feel free to give us a call to discuss at 512-861-0525
The post What Can Be Negotiated in a Commercial Lease? appeared first on Austin Tenant Advisors.
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When reviewing warehouse spaces for rent sometimes a landlord will tell you that their industrial property location has Triple Freeport Tax Exemptions. If you are a seasoned company that warehouses and distributes goods then you may know what this is, however most businesses really don’t understand what it means or how it could benefit their company. If you want to rent warehouse space it’s important that you ask your agent or the chamber of commerce economic development contacts about any potential economic benefits especially if you are warehousing goods and/or plan on employing a lot of people.
If a warehouse rental property is marketing that they have Triple Freeport Tax Exemptions it means that all 3 taxing authorities (County, School District, and City) have agreed to give tax breaks on all eligible inventory that you have in your warehouse space. You do not have to pay inventory tax on any goods that move in and out of Texas within a 175 day period from the date of acquisition or brought into the state.
Here is an example:
Inventory Tax that you Owe? ZERO
Because they want to attract more commercial businesses to their city. More commercial businesses mean more warehouse space is leased and more jobs and tax bases are created. If cities want to attract more manufacturing and distribution companies they have to be able to offer Triple Freeport in order to remain competitive with other neighboring cities. If you would like to learn more about Texas freeport tax exemptions click here.
The post What is Triple Freeport Tax Exemption When Renting Warehouse Space in Texas? appeared first on Austin Tenant Advisors.
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