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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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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late
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Renting commercial real estate is an important part of most businesses as it’s going to be one of your most expensive monthly expenses. Because of that negotiating a favorable lease is going to put your business in a better position to succeed. Commercial real estate lease agreements are prepared by landlords which means the contract favors the landlord. As a tenant it’s important that you read the entire commercial lease contract, understand what everything means and how it impacts your business, and then negotiate to make it more favorable to you. Below are a few tips to get you started however keep in mind there are many more things that can be negotiated in a commercial lease.
While you may have your commercial real estate broker and attorney review the commercial lease it’s important that you read it also. The most important thing you can do is read it, and make sure you understand all the clauses and how they could potentially impact your business. If you understand it then you will have the knowledge to effectively negotiate the commercial lease.
The post Tips for Negotiating a Commercial Real Estate Lease appeared first on Austin Tenant Advisors.
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Whether you are leasing commercial real estate for the first time, considering expanding in your existing building or relocating to another, or opening a 2nd or 3rd commercial space there are a lot of things to consider. As a business owner or company representative you may be experienced in all kinds of business tasks and negotiations, however unless you do this day in and day out renting commercial real estate is a bit different. The smallest oversight or mistake can be costly. Below are a few commercial leasing tips to ensure you avoid costly mistakes, mitigate your risks, and negotiate the best possible deal.
The post Commercial Real Estate Leasing Tips appeared first on Austin Tenant Advisors.
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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late. They like to wait until the last minute when they need it within 15 to 30 days which is a huge mistake that can cost you money and potential disruption in your business. While this may be ok if you are leasing less than 5,000 sf, however if you need to rent 10,000 or more sf of warehouse space then it’s best that you start the process of finding warehouse space for rent at least 6-12 months before you need the space or before your existing lease expires
I understand it’s hard to predict how much warehouse space you will need 1, 2, and 3 years down the road however at some point you are going to have to do some planning and lease the industrial space before you need it. One quarter there may be plenty of space to choose from however the next quarter you may find that there is nothing available within your ideal size and layout. If that happens your only option is to consider brand new space which means you will have to wait at least 90 to 120 days to get it built out and have a certificate of occupancy so you can move in.
There are ways to structure industrial space rental leases where you can take more space now and not have to pay for it later. If you would like information on how to do this feel free to give us a call at (512) 861-0525
The post Why You Need to Start Your Warehouse Space Search Early appeared first on Austin Tenant Advisors.
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When searching for warehouse space to rent you will find industrial space that has been previously built out and occupied before (aka 2nd generation space) and if available you will also find brand new warehouse space that is in shell condition (aka 1st generation space). When I say the warehouse is in shell condition it means that it has never been built out before or occupied by any tenant and looks like what you see in the photo here. There are no bathrooms, lights, office space, or anything.
Most companies that rent warehouse space typically need some office space built out so they can have a place for their employees to operate the business. You mostly see them needing somewhere between 1,000 to 5,000 sf of office however in some cases tenants will need more office space.
Total costs can depend on the size of the space, your specific special needs, the market you are in, and the level of improvements that you ask for, however in general the average cost per sf to build out basic warehouse space with a little bit of office is pretty much the same.
Let’s say you need to rent 47,000 sf of warehouse space in Austin, TX and you need about 3,000 sf of office space built out. The industrial property that you like has just been completed so it’s in cold dark shell condition which means there are no lights, no bathrooms, no power, etc. It looks just like what you see in the photo above.
To build out 3,000 sf of office space similar to what you see in the photo of the floor plan would cost you roughly $7 to $9 per SF. However keep in mind that every ones needs are different. Below is a typical construction bid that you would see on a warehouse space built-out like this.
General Requirements
Concrete & Steel
Woodwork & Millwork
Thermal & Moisture Protect
Doors & Windows
Finishes
Specialties
Mechanical
Plumbing & Fire Sprinkler
Electrical
General contractor fees – $15,684
Contingency – $5,229
Architectural Test fit fees – $950
Architectural fess thru DD / Construction docs – $13,100
Architectural fees , permitting, bidding, & CA – $10,700
Other project consultants – $7,810
Landlord construction management fee – $12,329
The warehouse build-out above includes two concrete loading ramps as well as dock levelers so that adds about $40,000. Other than that the construction is pretty basic and typical of most warehouse space finish outs (bathrooms, lighting, etc). Most warehouse space build-outs will fall within $7 to $9 sf unless your business has special power requirements or other needs that could cause the price to go up. Overall it seems to cost less than the cost to finish out office space.
If you have any questions about finish out costs for industrial space or need to rent warehouse space in Austin, Tx feel free to give us a call at 512-861-0525.
The post How Much Does it Cost to Build Out Brand New Warehouse Space? appeared first on Austin Tenant Advisors.
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When you are looking for commercial real estate space for rent such as warehouse, retail, or office space you will typically have the option to rent direct from a landlord or sublease commercial space from an existing company if there are any available that meet your needs. Both have their advantages and disadvantages as well as risks that I will discuss below.
Leasing direct from the landlord is pretty straight forward.
Leasing commercial sublease space involves many more steps.
Commercial real estate subleases have a few advantages & disadvantages, and they also have inherent risk.
In the end it’s impossible to totally insulate yourself from risk, however you can minimize it by gathering as much information as you need to make an informed decision. If you fall in love with a particular commercial real estate sublease space just know that there are risks and no guarantees that you will get the space. The landlord could tell you they have no intentions of taking back a space and then at the last minute the Big tenant in the building decides they need to expand. Commercial real estate subleases can save you money and in some cases allow you to enjoy the flexibility of shorter term leases, however just know there are some risks that are out of your control. It’s business so don’t get your feelings hurt. If you start the process of finding space at lease 6-12 months from the time you need space then you will have plenty of time to find another space in the event your favorite sublease space does not work out.
The post Risks With Subleasing Commercial Real Estate Space appeared first on Austin Tenant Advisors.
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I’ve helped a lot of companies find and rent industrial space in Austin Tx and one of the biggest mistakes I see is that they don’t start their search early enough. No matter how much I stress the importance of starting the process at least 6-12 months before their existing lease expires or before they need that expansion space too many people wait until the last minute to start the process of finding space.
I know every ones situation is different. It can be hard for a growing company to predict how much industrial or warehouse space will be needed 12, 24, or 36 months from now. You might be renting 20,000 sf of warehouse right now however at any moment you could sign on that ONE big client that will increase your space needs to 70,000 sf.
Whether you are an a startup company leasing industrial space for the first time or a seasoned existing company t’s really important that you discuss your industrial space rental needs often. Maybe consider incorporating the discussions into your quarterly company reviews. How is the space working for you now? Are your warehouse space rental rates in Austin too high? Do you plan on hiring new employees? Are any of your customers going to increase the need to rent more warehouse space? Are you expecting to sign a big client soon that will require you to have more warehouse space?
Depending on your market there might be a shortage of warehouse space available. Markets change quickly. A year ago I had a client that needed to lease 20,000 sf of warehouse space in Southeast Austin. At that time there were only 2 options in the entire market and they had multiple offers. We had to fight for that space and had to pay a bit of a premium to rent. Had my client thought about engaging me 6 to 12 months prior to needing space I could have given them a market overview and told them that vacancy rates were very low, and recommended that they lease space sooner than later to ensure they have the space necessary for expansion. That would have saved them from having to pay a premium. 6 months later there was about 1,000,000 sf of brand new industrial space on the market, HOWEVER it was all in shell condition. What that means is if you needed expansion space in 30 days your only options would be 2nd generation space because building out brand new space takes about 3-4 months. In Austin, Tx it takes about 30 days just to get a permit to build. Then another 3-4 months to do the construction needed.
If you think you will need more space in 12-18 months and you know it’s a tight market (not much available space) then it’s a good idea to lock something in now. Otherwise you might find yourself in a jam.
In addition to reviewing your current state of industrial space each quarter consider engaging a commercial real estate agent that specializes in industrial and warehouse space at least 6-12 months BEFORE you need space. Have them come in and give you a market over view and share other warehouse rental tips. Is there a shortage of warehouse space? Is it a landlords market or a tenants market? How many SF of industrial space is available right now in your desired area? How many spaces are available with your desired square footage? If the market is tightening up then you might want to rent more space sooner than later, otherwise when you actually do need it won’t be available.
Having a knowledgeable Austin commercial realtor on your team will ensure that you are kept updated at all times about market conditions.
The post Why It’s Important to Start Your Industrial Space Rental Search Early appeared first on Austin Tenant Advisors.
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