Orange County Business : REAL ESTATE
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Leasing Tips: Randy Parker, head of the Newport Beach office of Travers Realty Brokerage, has 10 tips to help office tenants in lease renegotiations and relocations in a recovering Orange County real estate market.
“When this market starts to recover, and it is certainly doing so, when supply starts to dwindle, prices go up,” Parker said. “The good news is rents are going up, so landlords and pension funds are making money. But for tenants, rates are going up. Two years ago you could get anything you asked for, but today it’s a different ballgame.”
His tips are: 1. Prioritize your search. 2. Work with a broker. 3. Know the benefits of subleasing. 4. Don’t be in a rush. 5. Don’t hesitate either. 6. Know the basis for future escalation. 7. Know hidden building-space costs, such as restrooms or lobbies. 8. Know how to minimize building operating costs pass-throughs. 9. Little things mean a lot. 10. Be courageous.
Based in Los Angeles, Travers is a real estate brokerage that represents tenants--not landlords.
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