Wharton Property Advisors follows a 5-step process to find attractive office space for our clients. We have a tested system for finding attractive office space.
(1) Understand your needs:
First, we get a good sense of where you’d like to locate your office, how much space you’ll need and how long it will need it. We also pay attention to the space configuration: What your company needs in terms of conference rooms, offices, open space, storage, etc.
(2) Survey of the market:
Next, we put your needs into CoStar (the database of available office space). Typically, this survey yields a group of about 15 possibilities.
(3) Select promising spaces:
We review the list of possibilities with you and select 3-5 spaces to go see. To minimize the time taken out of your day, we group these visits together. It’s also easier to compare spaces when they’re fresh in your mind.
(4) Proposal letter:
When you select a space, we prepare a proposal letter for the landlord. This is a nonbinding letter that outlines the lease term, when you’d like to move in, any work to be done before the move-in date, how escalations will be calculated, cancellation options, etc. The proposal letter usually sets an initial round of negotiation in motion. Wharton Property Advisors vigorously represents your interests in these negotiations.
(5) Negotiate a favorable lease:
Once the terms of the offer letter have been hammered out, the landlord will issue a lease. We examine every inch of the lease to make sure there are no bad surprises.