Want To Sublease Your Space? – Hire Full Service Commercial Real Estate Firm

Are you considering subleasing your space? 

There are several scenarios where subleasing makes sense.

• You are running a loss-making business and you decide to downsize your office space. Subleasing a part of your office space can help to share your rent burden. And in turn help in your business operation.

• Your current business is expanding and you need to shift to a more spacious office. So if your existing lease has not yet expired, you can sublease your space and avoid paying double rent.

• You feel that you have an extra space in your office which is currently unused. Thus, you can sublease that extra space till future requirements.

• Owing to the current situation of Covid-19 you might organize working in shift. Thus, you can sublease the leftover space. 

Once you decide on subleasing, the next you need to hire a full service commercial real estate firm.

GW Partners, a  commercial real estate in Austin has successfully subleased many spaces for our happy and satisfied clients. Below we have outlined several valid reasons which will make you confident that hiring a full-service commercial real estate firm will make your process of subleasing smooth and effortless.

Marketing: 

Proper marketing makes it easier and quicker to find a good tenant. A commercial real estate firm has skills and essential marketing tools to sublease your space. They use various marketing collaterals to promote your lease.

• Using a flyer that has images of space, details regarding size, rate, availability date, owner's contact details, and location.

• Listing property on broker's websites and other commercial real estate sites such as Costar and LoopNet. 

• Sending emails to local brokers for promoting property to their database.

• Publishing the property in the firm's monthly inventory report.

• Using information provided by leasing brokers to identify tenants looking for a similar property as yours and converting them into potential tenants.

• Virtual property viewing to potential tenants keeping in mind the current scenario.    

Proper Pricing: 

A commercial real estate firm provides you information regarding the current market rate and other competing subleases. A real estate agent has full knowledge about commercial properties. They will help you in pricing your property based on the following factors.

• Size, condition, and layout of the space.

• A number of spaces available for sublease in the market and the tenant's demand.

• Current market rate.

• Current building rate and amount of rent you pay. 

• The urgency of subleasing the commercial property.

The Project leasing team helps by providing many comparable rates which in turn helps you in arriving at an optimal rate and terms for your sublease. A proper price (neither too high nor too low) will help in a quick deal of your sublease.

Communication with the landlord: 

When you decide to sublease your space the first thing required is notifying your landlord. A commercial real estate agent will draft the notification as per the clause outlined in your lease. He can understand the lease language and will inform you about the landlord rights related to consent restriction and recapture mentioned in the lease. 

(Note: A recapture right enables the landlord to take back the entire property upon request of a sublease. So GW Partners recommend you ensure that your lease should specify that the landlord can execute this right only if the entire property is subleased for the remaining period of the lease term. Not when a part of the property is subleased.) 

A full service commercial real estate agent has good relations with the landlord brokers. This relation will help your agent in negotiating with the landlord skillfully, especially if the consent and recapture clauses are unfavorable or unclear. Landlord brokers can also guide your agent in highlighting the particular space of the property which is most appealing to the tenants.  

Also, your real estate agent can inform you if your lease restricts the type of tenants you can sublet your property. 

Access to leasing agents and tenant representation: 

A good commercial real estate firm can skillfully negotiate with the tenant representation and leasing agent. This is an added advantage that will help you in subleasing your space smoothly and quickly.

Conclusion:

We have outlined the maximum advantages of hiring a full-service real estate firm that will keep ahead in the competition of subleasing. So if you are located in Texas and you decide on hiring a full-service real estate firm contact GW Partners, the trusted firm in Commercial Real Estate Austin today.