The commercial real estate vocabulary is quite challenging to navigate especially when buying or leasing investment properties. You might have heard of certain real estate terms like “tenant improvement,” or “usable square footage”. But, do you know what lies beneath? You might be aware of certain common real estate terms like clause, net operating income, etc. but when comes the time to talk to sellers and brokers, and when reviewing the leases, you may feel under informed.
So, are you ready to dive into the real estate market? We at commercial real estate Corpus Christi have outlined 7 key commercial real estate terms and definitions that are a must to know. Knowing these terms will not only benefit your business but also help you to make informed decisions and clear your misconceptions about these terms.
1. Right of Expansion :-
The right to expansion clause will be included in your tenant’s lease contract, also known as “Pure Option” for future use. In that case, you as a landlord are responsible for providing additional space available for the tenant for the entire lease term, before the tenant will actually need the space. The tenant will not exercise the option to use the available space at any time during the lease.
You as a landlord, have the benefit of increasing the rent based on the additional available space. But, you need to keep an eye on this as it may cause problems down the line if more tenants residing in the same building have put up expansion requests.
2. Tenant Representative :-
The tenant representative is a commercial real estate agent who represents the interests and rights of the individual tenant and not the landlord. Per se, tenant representative is not a legal representative; it is like a tenant has his or her own lawyer to use while negotiating the lease. The tenant rep will offer the advice and also identify the office space needs and negotiate with the landlord on lease terms. They will make sure that you pay the most reasonable amount of money possible. They will also inform you about unfavorable contract terms and what you should and shouldn’t be agreeing to. They earn their fees by splitting the commission with the leasing agent. Tenant Reps are expert at resolving tenant-landlord disputes and serve as an intermediate for their tenants.
3. Landlord Representative :-
The landlord representative is the leasing agent. They work towards representing the best interests of the property owner or the landlord. They are responsible for obtaining the highest price of rent with very little amount of expense and risk. They are authorized to negotiate the lease terms with the tenant or the tenant representative on the landlord’s behalf to secure the rental agreement that details the rental costs, security deposits, additional concessions and tenant improvement allowances. They will also guide you whether the commercial investment you are making is good or not. Landlord representatives have a lot of experience using which they will negotiate the best deal possible for the landlord.
4. Common Area Maintenance (CAM) Fees :-
Common Area Maintenance fees include all the costs required for operating the commercial properties. This includes the maintenance of common use area such as hallways, elevators, lobbies, public rooms, sidewalks, etc. As a landlord, you must be aware of how the CAM fees will be calculated per tenant. Because every tenant will have different needs, you can clearly communicate on how CAM fees will affect every individual lease contract. You can also advice your tenants to think about what they will be using from the common areas. The tenants will then outline their expectations in the Request for Proposal document. This way, you are very open and have a partner like approach in helping every tenant to be on the same page as you regarding all the details making up on their individual lease agreements.
5. Parking Ratio :-
A lease will involve all the available parking spaces which are reserved for tenant employees. In order to determine the parking ratio, the total rentable square footage will be divided by the number of parking spaces available. The lease contract should mention the number of parking spaces available for each tenant.
You can advise your potential tenants to consult with their employees to learn about the number of them driving to work and how many take the public transportation. Little things like this will give your tenants a good impression about you as a landlord who takes care of their needs.
6. Co-Broker:-
Certain landlords sign an exclusive listing agreement with the commercial real estate broker. These brokers are there to hasten the rental process, so they invite other brokers to look over your property and give it on rent. These other brokers are your “co-brokers”.
If your broker and co-broker find a tenant who agrees to lease your property, the commission is divided between the two brokers. The co-broker cannot connect you directly. So you are not liable for paying them extra commission for their involvement. Therefore, it is fine if your broker will be reaching out for help from other brokers. You are in a win-win situation as two brokers will be working together to lease your property and you will be paying fees for only one broker.
7. Letter of intent :-
Also known as LOI, a letter of intent is used to lease a commercial office space that solidifies the tenant’s interest to rent the space. This comes before the lease agreement is signed and typically will summarize the terms of the lease which includes the negotiations, concessions and also the time frames agreed upon by both the parties. The letter of intent could be binding or non-binding. So you have to be sure to know as to what you are agreeing and disagreeing to, before you sign. Non-binding letter of intent can be prepared by the broker, but should contain the language that makes it very clear that the letter is not formally tying you to the property such as the party will not be bound by this agreement. If the letter of intent doesn’t mention this, then you need to get a legal representative.
Final Words :-
Commercial real estate leasing can be a complex task. But, when you have a trusted realtor who knows how to find the best commercial real estate property in Corpus Christi, you can sit back and relax and let them do the job on your behalf. So, if you are ready to own a commercial property and wish to make a long term contract, then you must definitely educate yourself on the entire process and make sure that you have the right team working for you. For that, CLA Realtors, a commercial real estate company in Corpus Christi will help you. We aim at protecting your interests and secure you the best deal possible. Not only will we save your thousands of dollars but also your valuable time and find you the right office space for the long run. So do not wait further and contact us today!
CLA Realtors is the commercial real estate firm, in corpus christi, TX.cla realtors provides integrated commercial real estate services for clients.Find commercial real estate properties in Corpus Christi, such as for sale, land, industrial, and development sites.
CLA Realtors is the most well-known and well-respected commercial real estate firm in Corpus Christi.
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