Five Easy Steps to Leasing

Leasing space at the Grain Exchange Buildings is a simple process done through the Real Estate department. It only takes five easy steps to become a tenant:

1. Think about your needs and wants for business space. Review the Forbes.com article below entitled "Ten Items to Keep in Mind When Looking for Commercial Real Estate."
2. Contact the MGEX Tenant Relations Manager to express your interest.
3. The MGEX Tenant Relations Manager will work to develop options for you.
4. Negotiate terms and conditions.
5. Move in

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Ten Items to Keep in Mind When Looking for Commercial Real Estate:

Forbes.com, Nolo 10.04.06

1. Priorities. If now is the time to move, think carefully about what your priorities are. Take out a sheet of paper and list items in three columns: "Must Have," "Nice to Have" and "Won’t Have." Your goal is to end up with a concise statement expressed in words (“downtown Minneapolis area”) or numbers (“maximum $5,000 rent”). When you begin to consider available space, you can use this list to quickly and concisely evaluate its suitability.

2. Rent. The first issues to consider are the most obvious and, for many, the most important. Figure out the maximum rent your business can afford to pay per month. And if the landlord asks you to put down a security deposit before you move in, think about whether your reserves can handle a particularly big hit in the first month. Finally, consider how much money you can afford to spend to alter the space to fit your needs and tastes.

3. Location. The physical location of your business is likely to be important to you, your employees, your customers or clients and your suppliers. The more people and groups you need to please, the smaller the number of possible rentals that will fit the bill. Consider the neighborhood, commuting time and access to public transportation.

4. Length of the lease. It may be important for you to secure a space that will be yours for a long time to come--or you might want the flexibility of a shorter lease. Do you need to find a place right away? Or do you have the luxury of shopping around until you see the perfect spot? You need to assign a value--a priority--to the length of the lease and when it’s available.

5. Size and physical features. Almost every tenant is concerned about the size of the rental. You’ll want enough space, but to keep the rent down, limit the size to what you really need. You’ll want the space to be well laid-out, comfortable and welcoming to employees, clients and customers.  When determining the overall amount and different kinds (or subsets) of space you'll need, keep in mind that private offices typically range from 120-200 square feet, workstations 36-80 square feet, file areas 12 square feet, reception areas (with seating) 350 square feet and conference rooms (seating 10-12 people) 200-375 square feet. 

6. Parking. For many businesses, it’s essential to have ample parking--whether in a designated lot on the building site, on the street or in a nearby parking garage. Parking may be a high priority for several reasons. If public transit is inadequate, people will need to drive to your business. If your business involves selling or servicing large items such as stereo equipment, customers will need nearby parking.

7. Building security. If crime is a known problem in the neighborhood and customers or employees are assaulted or robbed, you may be found partially responsible if you have not taken reasonable steps to prevent criminal incidents, or at least warn of them. Your landlord, too, may ultimately bear some responsibility, but the portion of a jury award or settlement figure that you end up paying is hardly the point. You never want to be in a position of worrying about customers’ and employees’ safety. So think carefully about the security of the neighborhood, and if you conclude that the risk is too high, look elsewhere.

8. Image and maintenance. The way a building looks--and how it’s maintained--will be important to some and practically irrelevant to others. In general, the more your business serves the public, the more important is the building’s appearance. If no one ever sees or visits your business, it may not matter much, except to you and your employees.

9. Expansion potential. If you plan on growing your business you may want to rent space that has the potential for expansion. You’ll save yourself the hassle and expense of another search and move to new space, and you may be able to lock in favorable expansion terms now, in your lease. Look for a lease with an option to renew.

10. Neighboring tenants. It may be important to be in a building with certain types of tenants--for example, businesses that complement yours or provide a needed service. Lawyers, for example, may want to locate in a building where there are accountants or title insurance providers. Healthcare professionals may want to be near a hospital, pharmacy or lab. Whatever your business, you may want to find a building that houses a health club, coffee shop or a fast copy service that you, your employees or customers will find handy.