Client: I need to find my first or next office space in the next 4-6 weeks. Is that enough time to find an office that works for me and to secure a lease?
Tenant Rep Broker: Yes, lets find you some spec suites that are ready for you to move in!
This conversation happens many times as tenants don’t always find themselves in the most ideal circumstances when it comes to their office leasing needs. Spec suites are great for many reasons but, maybe most importantly, when you need to get into an office space immediately and you don’t have the time to wait for construction and a build out. “Spec” simply means a Landlord has already spent the time and money building out a turn-key office in hopes that they will find a tenant looking to move in to the space “as-is.” Many companies love this solution because they do not have the luxury to wait three to six months for a space to be built out and to be ready for occupancy. Recently, I had a situation where a client had begun to expand their business quite rapidly in Los Angeles, and they needed an additional 2,000 square foot office for their sales team within a speedy two-week window. I was able to find them a ready to go spec suite within a couple days of and by the end of our first week search we had a lease in play.
Another benefit to a tenant when thinking about leasing a spec suite office is that the security deposit amount required by the landlord will generally be lesser than if you were to lease another (not ready to move in space) in the same building. More than likely, if a tenant were to chose another available space in the building the Landlord would have to spend a great deal more of their time and money in order to tailor the condition of the space for occupancy (which could trigger a more onerous security deposit) which is also to be based off of the strength of the tenants financials.
So, the next time you find yourself in a time crunch when looking for new office for your business don’t go it alone, ask your tenant rep broker to look for available spec suites that meet your requirement. It is a simplified solution that will not interrupt your company’s business as usual. No down time. No hassle. No brainer. To learn more about how The Tenant Group team can help you find your new space call us up or reach out to us via email at email@example.com or be social with us on Twitter or Instagram! See you in your new spec suite office!
– Peter B.