Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wed on Twitter from 8-9pm ET. This is excerpted from my recent interview with Justin Lee, co-founder of The Square Foot. The Square Foot is a website that connects businesses with local real estate agents who have insider market information that you won’t learn from listing services or landlords in the Houston area. Justin is a licensed real estate salesman in Texas and has worked in commercial real estate since 2003. Learn more about his new venture: http://www.thesquarefoot.com
Smallbizlady: What are the different types of office space businesses can find for lease?
Justin Lee: Broadly speaking, there are three types of office space: traditional, executive, and virtual. By far the largest percentage of offices are traditional leases. Traditional leases fill up most of the buildings you see around you everyday. Executive suites offer smaller floor plans (generally under 1000 square feet) with more flexible lease terms and communal conference rooms and kitchenettes. A virtual office at the most basic level gives the user an address where she can receive mail plus access to a conference room for a set number of hours a month.
Smallbizlady: Why shouldn’t business owners rely on online listings for available spaces?
Justin Lee: The most common problem is that the information on listings is not always up to date. Listings are sometimes left online even after the spaces are leased just to get prospects in the door and looking at other available spaces. While listings can be helpful, they are only a small part of the process which takes time and knowledge.
Smallbizlady: Why should business owners/operators avoid leasing office space without a tenant broker?
Justin Lee: The fact of the matter is that a tenant is simply not aware of the market driven standards for the countless elements of a complicated commercial lease, nor are they up to speed with all of the available space options for them. A tenant broker is a market expert that represents only the tenant and due to industry practice commissions are paid by the landlord, which means no out of pocket expense for the tenant!
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