In recent years, the presence of asbestos has become a key factor in office building selection, particularly in buildings built before 1976. Tenants must be made aware if asbestos is present in the building and what steps have been taken to mitigate its effects. Knowing the facts before the lease is signed is crucial for tenants who otherwise may be forced to relocate in the middle of the lease term when potential future government ordinances may require total removal of asbestos found within the premises. Most office decision- makers do not have the luxury of devoting substantial portions of their time to a successful office relocation. This is another way that tenant brokers can help.
Tenants usually relocate within a specific market once every five or ten years.
Experienced brokers know not only what is available but also what specific landlords are willing to do in terms of rent, terms, concessions, and a host of other factors. Brokers who know details of prior transactions have invaluable resources for negotiations that are not available by simply asking landlords what they are willing to do. For example, if a leasing broker knows that a landlord offered a more attractive incentive package to a prior tenant than what is on the table, this invaluable. Or if the broker suspects that a landlord is having financial difficulties or is always behind on time commitments for tenant build-outs, this information can help clients make much better transactions than if they were unaware. Furthermore, developers and landlords know that tenants with experienced tenant representation are aware of competing buildings and can switch negotiations if transactions do not proceed smoothly.