Tips for Opening Your Business Facility in Seattle

Are you new to the area, renewing your lease, relocating, right-sizing, or expanding your business facilities here in the Greater Seattle Area?

Seattle is a great place to live, work and play. We all benefit from the impact on our widespread economic growth and advancement through all industry sectors here in the Pacific Northwest. The increasing money, energy and attention brings new challenges to our evaluation of real estate. The development and re-development of our city creates amazing opportunity as well as its own unique challenges.

Here are a few reminders when considering decisions around leasing or investing in office, retail, or industrial commercial real estate space as we look ahead to Seattle 2020.

1. Utilize a local expert -First and foremost, seek representation. A local expert is your #1 resource for current and up to date local info to assist in your site selection, market analysis, and lease negotiations.  Tenant & buyer representation often times does not have monetary cost to the tenant, saving you time and money. Take advantage of all they have to offer.
2. Purpose – Understand business objectives, current obligations and future requirements.
   1. Establish timeline
   2. What’s working vs what’s not working?
   3. Product type (office, retail, industrial, etc.)
   4. Budget
3. Plan – Plan ahead. A minimum of 9-12 months prior to a lease termination or desired move-in date is recommended to begin conversations with your agent.
   1. Provide your business ample time to make decisions
   2. Evaluate the market for the best opportunities
   3. Allow time for the preparation of tenant improvements or site evaluation
   4. Completion of agreements and closing documents.
4. Approach– Evaluate your market of choice.
   1. Market surveys
   2. Property tours
   3. Property analysis
5. Negotiations and Closings
   1. Letters of intent to lease or purchase
   2. Proposal review and negotiation of terms and concessions
   3. Legal review, due diligence periods, closing documents, and consideration payments

To get the competitive edge you need, contact Tommy Aarts with Kidder Matthews at tommy.aarts@kidder.com.