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Using a Broker to Find Office Space for Rent Near You

Published: 09-11-21 Category: Leasing/Renting

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

This article was updated on 8/08/2023.

You're on the hunt for office space for rent near you, but the overwhelming amount of information and uncertainty you're probably experiencing is holding you back. You're not alone: The commercial real estate industry's learning curve is massive. Diving into something without getting your toes wet first can spell trouble for you as a business owner in the long run, especially when it comes to leasing an office space.

There are two specialties that commercial brokers fall into: landlord representation and tenant representation. Some brokers can work as both simultaneously, called dual agent brokers, and brokers can specialize in certain commercial real estate property types. The professional help offered by a tenant rep can help you navigate the negotiations with landlords that you're almost certainly going to have and lock down the best possible terms for you and your business.

But how do you go about using a commercial real estate broker in the first place?

#1 – Finding a Commercial Real Estate Broker

There are plenty of online resources available to you that can aid your search for the right commercial real estate broker, but you may be better off consulting with local commercial tenants, instead. Chances are high that these tenants worked with a commercial broker who's already local to and experienced in your geographic area.

Think Locally

You may even want to narrow your search further by approaching tenants who operate businesses similar to yours. Some brokers specialize in business types. For instance, one broker may be well-versed in helping commercial tenants lease the right space for art galleries and exhibits; another may be the go-to broker for small business office space.

When searching for office space for rent near you, you'll want to locate the right commercial real estate broker who's got the local market knowledge and business skill that can help you land that perfect workspace.

#2 – Vet Them Well

A decent amount of common sense will assist you greatly in the search for a commercial real estate broker. The first thing you should do is vet well any and all brokers you're thinking about working with. Ask them the hard, awkward questions (you'll be glad you did later on) and really communicate what it is you're trying to accomplish by looking for office space for rent near you.

Commercial Brokers vs. Agents

A commercial real estate broker is more than a simple real estate agent; they possess hours of additional training and qualified experience in their specialty, and they tend to specialize in a specific geographic area.

A commercial real estate broker has gone the extra mile and furthered their education by receiving a state real estate broker license. These extra qualifications will prove valuable when looking for office space for rent near you.

Questions to Ask

Ask your broker candidates questions about their job experiences, the type of business they usually represent, the commercial property type they specialize in, if they can give you any business references who can speak on their behalf, and more.

Some other questions you could ask them might be:

What's the market for tenant improvement allowances like right now?
About how long will our search take?
Should I lease or purchase? Which is better for my business?
What are your market predictions?
Which lease terms should I realistically expect?
What can I do if I need to break a lease?
How should I prepare for our search?

Your goal here should be to gather as much information about the commercial real estate broker you'd like to work with.

#3 – Look Out for Conflicts of Interest

Because commercial real estate brokers often specialize in a specific geographic area, they may also be very well connected with the area's landlords. This may present a conflict of interest to you: How can you trust your broker to help you land the most favorable deal on office space for rent near you when they're talking with landlords behind closed doors?

This goes into the vetting & interviewing process but deserves its own attention. Broker-client relations should be transparent and honest. If one building is offering the broker more commission than another, would they let you know? If the broker takes on another client with similar needs to yours, would they still remain honest in aiding your search?

There's nothing wrong with gauging the personality and likeability of the broker you're thinking about working with. You want this process to be somewhat enjoyable instead of stressful.

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