A leasing transaction can be a nerve-wrecking ordeal for the uninformed and first time tenant. However, arming yourself with a good tenant broker, good information and an understanding of the process can go a long way towards diffusing potential problems and add great confidence to your first step. And, if you do find yourself in the situation, knowing the RIGHT thing to do can increase the chance that you will emerge with your dream office space.
Your Possession date may take longer than expected…
Yes, your lease may clearly state that you will be taking possession on a particular date, but hidden in the fine print is an oft overlooked phrase which highlights reasons why a possession date can be delayed for upwards of weeks pending landlords build-out completion. Possession date will be given "Upon substantial completion of landlords work'. Details that many are prone to miss when engulfed with the thrall of a certain possession date and for this reason, we advsie that you prepare your self in the below manner.
The Best Approach:
1. Ask that landlord give you the "letter of completion" two weeks before the work is scheduled to be completed instead of simply a few days before.
2. Keep in touch: Make sure that every couple of days you or someone from your team visits the site to check on landlords work progress. Not in an intrusive way, but simply let folks know that you appreciate what they are doing to help you and be willing to cooperate to the extent which this is possible.
3. Don’t order your moving truck until you receive the ‘Letter of completion' from landlord. Why add stress to your life? It is unlikely that everyone in New York City will be moving on any given day. You will be able to locate a truck.
4. Be flexible. Relax. Let the professionals go through their paces. A good tenant broker will remain next to you until you've fully moved into your new space.
5. Have a contingency plan with regards to your current office situation. If you are renting, you may be able work with your landlord to do a ‘Month to Month’ lease after your lease end. Do this in order to avoide becoming a 'holdover tenant'.
For more information and advice please visit www.Fountainre.com to choose from a list of professional tenant brokers who are always available to provide you with their time and free advice.
-Written by David Gomez - CEO
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