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WHEN FACED WITH an expiring lease or the need to expand, many can be overwhelmed by the task. Here we will identify the steps in the process and the pitfalls to watch out for. 3 SUBMITTING YOUR LETTER OF INTENT AND NEGOTIATING YOUR LEASE There a re a number of things to be decided upon a nd negoti- ated during this pha se of the lea sing process. First , you w i l l wa nt a let ter of intent that ca ref u l ly spel ls out a l l the terms you a re requesting a s a pa r t of your new lea se, such a s price, lea se leng th a nd a ny renewa l options. If you a re negotiating a sta nda rd 36 - or 60 -mont h of f ice lea se, it is not out of t he ord i na r y t o a sk for one or t wo mont h s of abat ed (" f ree") rent to st a r t t he lea se ter m . Th is abatement per iod helps to cover t he cost of mov ing a nd a ny a lterations you may be ma k ing to t he space on your ow n dime. W hen subm it ting your let ter of intent , t he la nd lord's response w i l l la rgely be ba sed on the streng th of your f ina ncia l statements. You w i l l be a sked by most la nd lords to subm it f ina ncia l statements to show your compa ny 's credit wor thiness when you submit your let ter of intent . Once you have nav i gated t hese steps, you a re closer to sig ning your lea se. This over v iew on ly scratches the sur face of t he process when it comes to identi f y i ng a nd secu r i ng your new of f ice space, but don't let t he ma ny mov ing pa r ts deter you. If you encounter cha l lenges, en list t he help of a com mercia l tena nt representative. LSI Commercial Real Estate is a full-service commercial real estate brokerage in San Antonio. Anthony H. Merritt, V P, spe- cializes in office transactions as a tenant representative. TR EC #655156 . Contact Mer ritt at 830 - 481-7919/210 -341- 4 424 , or anthonyhmer ritt@gmail .com . n 1 LOCATING THE RIGHT SPACE There are a number of com- mercial real estate websites that can help you search by criteria f ilters like squa re footage, area and budget. It is important to remember when utilizing these online tools that the general public only has access to about 25% of the market via sites like these (LoopNet, CityFeet, etc.). In order to really make sure they have exposure to the entire market of available spaces, many businesses seek out the services of a commercial tenant representative. Commercial tenant reps are commercial real estate professionals who specialize in representing the tenant's interest when identifying property and negotiating with a landlord. These professionals subscribe to costly database services and have close relationships with other commercial brokers to make sure they have access to 100% of the office inventory that is on the market. 2 SETTING UP TOURS More often than not, it may take several attempts to secure a tour of potential offices space. Commercial brokers cover a lot of ground and sometimes prioritize prospects who have a tenant representative because they view them as more credible and potentially more serious about securing a new lease. If you cannot secure the tours you would like, consider the services of a tenant rep or don't be afraid to call several times! 1 4❱❱❱❱❱ C O M M E R C I A L R E A L E S T A T E Anthony H. Merritt | LEASING YOUR NEXT | BY ANTHONY H. MERRITT Office Space