By Skye Cook, Director – Real Estate Advisory Services
Advances in technology and communications have ensured that in today’s world, there really is no such thing as local business. If you’re serious about succeeding, chances are you’ve expanded your reach to multiple cities and markets.
With a broader service area comes the need for more organization and efficiency. It’s important as you open up new locations, particularly in markets with which you may not be familiar, to have someone who can keep you focused, on budget and provide a strategy that aligns with your business plan. That’s where a global commercial real estate broker can make all the difference.
Here are a few key reasons why partnering with a broker, specifically an individual or team with a multi-market focus, could make sense for you:
Relationships the right way
It’s certainly possible to find a broker in every city where you need space, but having to start the search over and brief a new professional on your goals every time you need help can be inefficient. Multi-market brokers partner with you in learning the ins and outs of your business, to the point where they start to operate as a committed, fully-fledged employee of your company. They’ll put your business plan and strategy first in every transaction and only recommend making moves that can help you reach your performance goals, acting less as vendors and more as your strategic advisors. It’s this long-term focus, in addition to continuity and a tried and true process that can help you successfully expand your business.
Spend your time on your company
Chances are you’re not paid to develop and lease real estate full-time. With so many details to take care of, it can feel that way. Collaborating with an expert on the subject can free up your time, making it much easier to focus on your company, products, growth and overall vision. Your real estate partner will provide intelligence on real estate markets and trends, guide you through the process, and remain actively engaged until the project is complete.
Global reach second to none
How do you find a building in a market you’re not familiar with? How do you even decide where to expand? Our team sits in Minneapolis-St. Paul, but especially today, that doesn’t matter. There’s nowhere we can’t go, and very few markets in which we haven’t done business. With access to a global network of Cushman & Wakefield brokers and resources, as well as a professional network built over decades, we can access meaningful information in real time that few others can. We often know of opportunities not known to the general public. We can provide solutions to current challenges such as competition for talent, understanding what municipalities offer the best economic incentive packages, as well as what locations have high corporate tax rates. We offer tools that help determine just where your company might be best off expanding.
Brokers know how to do business
Are you negotiating flexibility into your lease agreements? What is a market TI allowance? Is your building over-charging you for CAM? What is gross vs. net rent and how much free rent should you be getting? If these questions have your head spinning, it’s time to bring in a professional. A broker knows how to use leverage to negotiate with other parties and create competition in obtaining the best transaction for your organization. Without our expertise, you may find yourself paying higher rents or encountering unfavorable terms with nominal flexibility. In many cases, you could pay more if you don’t hire an experienced real estate partner.
Skye Cook is a Director of Real Estate Advisory Services in the Minneapolis-St. Paul office of Cushman & Wakefield. Together with Connie Doran and Brad Torell, Skye provides advisory and corporate real estate services for office and industrial occupiers globally. Her team specializes in services including strategic analysis, site selection, financial analysis (i.e. lease vs. own) and negotiation. Contact her today at firstname.lastname@example.org or on LinkedIn.