Working on Behalf of Tenants, Not Landlords
Many commercial real estate professionals exclusively represent tenants. Such exclusive tenant reps never work on behalf of owners and developers. Other real estate professionals divide their practice between both tenant and landlord representation.
The Society of Industrial and Office Realtors reports that more than half of those who have earned the Society’s coveted professional designation – “Specialist, Industrial and Office Real Estate” – have practices that include tenant representation.
Tenant reps have made a name for themselves during the past 10 to 15 years, since real estate agency laws required real estate brokers to disclose that they are working on behalf of the landlord, not the tenant. Your goal in working with a tenant rep is to obtain true economic savings and secure space on terms that best serve your needs over the life of your lease. While working on your behalf, a good tenant representative should generate savings and benefits that far exceed the cost of his or her professional compensation.