Denver’s 2024 commercial real estate market is a tenant’s dream. With rising vacancy rates, companies are pulling out all the stops to attract new tenants. This means unprecedented opportunities for businesses looking to lease commercial space in the Denver area.
Whether you need more, less, or the same amount of space; whether you want to stay where you are or relocate, and whether or not you have a lease expiring within the year or in the future. It is never too early to arm yourself with market knowledge and plan a strategy for protecting your budget long-term. Office leasing costs up until the past few years have hobbled businesses and broken the budget year after year. This is your opportunity to change that dynamic going forward.
Why utilize tenant representation?
- Professional Experience With No Cost To Your Business: The tenant representative’s legal responsibility is to our tenant clients, although our compensation comes from the building owner’s marketing budget. Your savings come from the informed decision-making process you will have available to negotiate from a position of strength by having your own fiduciary representing you. A brokerage commission is either paid 100% to the owner’s representative or divided between the tenant’s agent and the owner’s agent by contract at your option. Regardless of who pays the fee, the tenant’s agent has a legal responsibility to represent only the interests of their tenant client.
- Negotiating Power: Tenants currently hold the upper hand when it comes to lease negotiations. To solicit competition for your tenancy and secure the ideal long-term solution to your leasing needs, your agent provides you with all the information you need to navigate today’s tenant market. Your agent’s familiarity with the market options, the pros and cons of each property and the inside knowledge of the type of rates and concessions that are possible level the playing field for you.
- Well-Located Properties at Today’s Low Rates: Landlords are eager to fill vacancies and while their agents are charged with maximizing their profits, a knowledgeable agent on your side can return an excellent result for you. By using your leverage combined with your tenant representative’s market insights, your team is unbeatable. Your tenant representative knows what buildings would be a good fit for your business needs and can steer you away from properties that could be problematic.
- Customization Options: Most (not many) building owners will customize your space to meet your near-term and long-term needs. Whether you require open floor plans, private offices, or specialized amenities, you have more options than ever before. Your tenant representative can help you find the right professionals you need to create a space plan and budget.
- Modern Amenities: Newer buildings often feature amenities like fitness centers, conference centers, covered parking, rooftop decks, and collaborative workspaces. These perks can enhance employee satisfaction and productivity but can add to the cost per square foot. If you don’t require these types of facilities, a secondary building could be an even more affordable option for your business. A tenant representative will help to steer you to the secondary properties that have responsive building management, great rates, and are the right location for you.
- Flexible Work Arrangements: As many companies embrace remote and hybrid work models, landlords are having to adapt. A tenant representative knows how to get you more flexibility in lease terms and the ability to adjust your office space as your business needs evolve.
While it’s tempting to wait for even lower rents, it’s important to consider that the market will not continue to favor tenants indefinitely. Your tenant representative can renegotiate the terms of your current lease or secure a new prime location, negotiate favorable terms, and create a workspace that perfectly suits your business needs. It’s time to take advantage of this tenant-friendly market and find the perfect commercial space for your business.
Whether you need more, less, or the same amount of space; whether you want to stay where you are or relocate, and whether or not you have a lease expiring within the year or in the future. It is never too early to arm yourself with market knowledge and plan a strategy for protecting your budget long-term. Office leasing costs up until the past few years have hobbled businesses and broken the budget year after year. This is your opportunity to change that dynamic going forward.
Would you like to explore specific areas of Denver or discuss your business needs in more detail? Call CREA at 303-668-3482 for a no-obligation lease review.
