Advice from the Sublease Queen
Staying mindful of your long-term business strategy, we employ local market knowledge and experience to identify and effectively manage the disposition of excess real estate.
Strategic Tips - Maximizing Recovery & Minimizing Time on Market
We believe in seizing the first opportunity to sublease your space. Our approach may seem simple, but each sublease has a finite period in which to achieve recovery. To facilitate the sublease of your space, our process strives to:
Be realistic. Using rental rates of peer properties, recent comps and market absorption creates a realistic timeline for achievable recovery.
Position the space appropriately. Assume responsibility for supporting subtenant needs, collecting rents, paying bills and manage repairs.
- Partial subleases can be desirable, when they offer a mix space needs such as a lobby presence. These subleases should function efficiently as a true standalone office to maximize interest.
- Short-term subleases (less than 3 years) are suited to a “plug and play” solutions which enables a quick and seamless start-up with little to no downtime. Target tenants look for fully furnished spaces inclusive of AV equipment, pantry appliances and network / phone connectivity.
Be Proactive. Working with outside counsel early on to have a standard sublease in place and agreeing with your landlord on terms in advance means no lost time, or tenants, when an opportunity arises.
Incentivize. Offer full market commissions to cooperating brokers.
Clean up. Ensure your space is tidied up with nothing in disrepair. If needed, repaint walls, clean the carpets and check that all heat and HVAC units are functioning.
Get Creative. We’ll strategize to be competitive in the market. Test-fits, tenant improvements or renovations can help make the deal attractive.
Be Decisive. When an opportunity presents itself, act decisively. We’ll make sure you’re informed during the process to instill confidence in your decisions.
Click to here to download our full advisory and please reach out if you need help with how to best proceed with your real estate decision-making process.