Leasing
Commercial Real Estate Leasing
The leasing process in commercial real estate involves several key steps to connect property owners (landlords) with prospective tenants. Whether you are a landlord or a tenant, understanding this process is important for a successful lease transaction.
Our Process
We strive to provide every customer with the best, most efficient service possible. Here’s an overview of the typical leasing process at CORE Real Estate:
- Landlords decide to lease their commercial property.
- They may choose to work with CORE Real Estate.
- Landlords and tenants conduct market research to understand rental rates, market trends, and the availability of suitable spaces.
- This research helps both parties set realistic expectations and pricing strategies.
- Landlords or their real estate agents market the available space through various channels, including online listings, broker networks, and promotional materials.
- Prospective tenants, presented by CORE Real Estate, search for available spaces that meet their specific needs, location, and budget.
- Interested tenants request property tours to assess the condition, layout, and suitability of the space.
- CORE Real Estate facilitates these tours.
- Tenants submit lease proposals that include terms and conditions, such as rent, lease duration, tenant improvements, and other relevant details.
- Landlords may accept, reject, or counter these proposals.
- Both parties engage in negotiations to reach an agreement on the lease terms.
- Negotiations can involve rent concessions, tenant improvement allowances, and other lease provisions.
- Tenants typically conduct due diligence, which may involve reviewing the property’s condition, obtaining necessary permits, and ensuring compliance with zoning regulations.
- Landlords may also perform due diligence to evaluate the financial stability and suitability of the tenant.
- Once both parties agree on the terms, a formal lease agreement is drafted and reviewed by both the landlord’s and tenant’s attorneys.
- The lease outlines all terms and conditions, including rent, lease duration, responsibilities, and any special provisions.
- Both parties sign the lease agreement, and any necessary deposits or fees are collected.
- The lease is executed, and the tenant typically takes possession of the space on the agreed-upon lease start date.
- If agreed upon, tenant improvements (TI) are carried out as specified in the lease. This may include renovations, build-outs, or other modifications to the space to meet the tenant’s needs.
- Rent payments begin on the lease start date, as outlined in the lease agreement.
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