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Understanding the Role of Commercial Tenant Representation Services in Real Estate

Tenant representation is crucial in commercial property rentals and may involve more complexities than residential lease agreements. Whether you’re a business owner looking for a new commercial space or just someone interested in the real estate sector, this article will provide comprehensive insight into this specific field of tenant representation.

Commercial Tenant Representation Services: Understanding the Basics

Commercial tenant representation services are a sector within the commercial real estate industry that focuses on assisting tenants rather than landlords. These services are provided by experienced tenant rep brokers from reputable brokerage firms, representing clients looking to lease or purchase commercial spaces.

They aim to protect the tenant’s interests during site selection, lease negotiation, and signing. Unlike landlord representation services, a tenant representation broker’s paramount obligation is to the tenant.

Key Features of Commercial Tenant Representation Services

A commercial tenant representation broker is expected to offer several services. They provide market insights and guide the tenant through the entire site selection process, ensuring the tenant saves both time and money. They also handle deal negotiations with landlords or property management, take care of all the paperwork, and oversee the interior space planning after signing the lease. Additionally, they protect your personal information, maintaining your bargaining power.

How Tenant Representatives Streamline Your Search for Commercial Space

Ensures Lease Compliance and Renewals

An experienced tenant rep performs due diligence in ensuring the lease adheres to all relevant laws and codes. The tenant representation process involves understanding both the tenant’s and landlord’s responsibilities and ensuring both parties fulfill their obligations. A tenant rep assists with lease renewals, often helping to renegotiate terms to suit evolving tenant needs.

Assesses Your Unique Needs

Tenant reps initiate the tenant representation agreement by understanding your unique leasing needs. This could be influenced by factors such as your company’s growth projections, location requirements, and even cultural fit within the potential neighborhood. By identifying your unique needs, a tenant rep can streamline the office tenant representation process to focus solely on spaces that meet your specifications.

Assists in Property Search and Selection

Your tenant representative actively takes part in the site selection process. They use their extensive local commercial real estate market knowledge to source properties, organize inspections, and gauge whether spaces meet your precise needs. Based on the tenant’s criteria, your tenant rep broker provides a well-curated list of potential offices in terms of space, location, and pricing.

If you’re looking for a commercial tenant representation service to help you find the perfect space for your business needs, Hokanson is here to lend a hand.

Find a Tenant Representative

The Benefits of Tenant Representation Services

Tenant representation services offer several benefits for businesses seeking commercial spaces:

  • Market Expertise: Tenant representatives possess in-depth knowledge of local real estate markets, providing businesses with valuable insights into current trends, property values, and leasing conditions.
  • Cost Savings: Tenant representatives negotiate on behalf of businesses, aiming to secure favorable lease terms, potentially reducing rental costs and ensuring that the terms align with the client’s budget and objectives.
  • Time Efficiency: Tenant representatives streamline the property search process, leveraging their market knowledge to identify suitable commercial spaces quickly. This saves businesses valuable time, allowing them to focus on their core operations.
  • Negotiation Expertise: Skilled in negotiations, tenant representatives work to secure favorable lease terms, incentives, and concessions. Their expertise ensures businesses obtain the best possible deal while protecting their interests.
  • Customized Solutions: Tenant representatives tailor their services to meet each client’s unique needs and preferences. They consider space requirements, location preferences, and budget constraints to identify the most suitable properties.
  • Strategic Planning: Tenant representatives assist businesses in developing a strategic approach to their real estate needs. This may include long-term planning, expansion strategies, and future growth or downsizing considerations.
  • Legal Support: Tenant representatives are well-versed in commercial leasing agreements and can provide legal guidance. They help clients navigate complex contractual terms, ensuring they fully understand and comply with the lease terms.

By engaging tenant representation services, businesses can navigate the complexities of the commercial real estate market with confidence, securing optimal spaces that align with their goals and financial considerations.

Working With Commercial Tenant Representatives: What to Expect

Once tenants decide to hire a tenant rep, what should they expect? The tenant representation process is less daunting with a tenant advisor by your side. Plus, commercial tenant representation services are a great learning center for both newbies and, surprisingly, seasoned CRE investors.

The Process of Tenant Representation

Tenant representation starts by understanding the client’s needs, along with evaluating their business and long-term goals. Seasoned tenant reps excel in property management strategy, ensuring the perfect office space aligns with the brand and customer.

Leveraging market knowledge, they devise a tailored real estate strategy, providing data, property analysis, and rental rate insights for effective negotiations. Tenant reps guide clients through lease analysis, explaining complex terms like gross lease vs. triple net lease, enhancing the tenant experience, and saving time and money.

Tools and Technologies Used by Tenant Representatives

In the tech-driven landscape, tenant reps utilize property databases, brokerage software, and lease administration systems to efficiently manage lease terms and protect client data. Prioritizing security, tenant reps ensure the integrity of shared information. Property management software streamlines commercial lease handling, providing quick access to various properties.

These tools enhance the efficiency of the tenant representation process, allowing reps to focus on customization and strategy development, proving indispensable for a seamless office tenant representation experience.

To gain access to these valuable tools, consider partnering with a Midwest provider like Hokanson Companies.

Partner With a Commercial Real Estate Representative Like Hokanson Companies

Hokanson Companies is committed to securing the ideal commercial space for your business. Our commitment goes beyond traditional real estate solutions, as we specialize in commercial tenant representation services, offering tailored consultations and leveraging extensive market knowledge.

Trust Hokanson Companies to navigate the complexities of the commercial real estate landscape, ensuring your success and satisfaction in every transaction. Contact us today to find out more.

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Christopher M. Horsley

President and Chief Executive Officer
cmh@hokansoninc.com

“Working hard to make a difference to earn your business.”

Chris Horsley joined Hokanson Companies, Inc. in 1997 while completing his degree in Civil Engineering at Purdue University. Chris began his employment at Hokanson Companies in the construction area and in 2000 added Property Management to his responsibilities. Now as President and Chief Executive Officer, he focuses his efforts on construction, development, and property/facility management. Chris oversees a team of property and construction managers to provide management services to approximately 5M square feet in a 7-state geographical service area. Chris also works closely with multiple financial institutions to meet their bank branch real estate needs which includes a 140-branch system across a 3-state geographical area.

Chris graduated from Purdue University in 1999 with a Bachelor of Science in Civil Engineering. He holds a Professional Indiana State License for an Engineer in Training (EIT) and an Indiana Real Estate Broker and is a Certified Commercial Investment Member (CCIM). Chis is also involved with The Building Owners and Managers Association (BOMA) and is currently serving on the International Executive Committee and is the President for BOMA Indianapolis.

Chris enjoys spending time, working in the business, being outside, riding motorcycles, exercising, playing golf, and being with his family.

Stephen J. Adams

Executive Vice President
sja@hokansoninc.com

Stephen J. Adams joined Hokanson Companies, Inc. in 2000 and now serves as the Executive Vice President for the company.  While leading the leasing and brokerage team over the past 25 + years, Stephen has grown his client list by being accountable, trustworthy and responsive at all times.  He manages his client’s corporate real estate needs from coast to coast through providing site selection, transaction advisory, tenant representation and acquisition/disposition services.

Stephen serves as the outsourced real estate partner to many major corporations and has developed long-term relationships by integrating and learning the business of his clients.  His proactive approach to cost savings has provided an invaluable benefit to his customers.  He continues to have success with both large, multinational companies and regional businesses as he earns his client’s business daily with an eye on strategic planning, both locally and nationally.

As Executive Vice President, he helps manage a team of seasoned professionals who provide expert market research, real estate knowledge, and function as a cohesive team to enhance the decision making of his clients.  Capabilities include strategic planning, market evaluation and transaction management.

Continuing the company’s history as the premier medical real estate provider, Stephen has developed relationships with the major hospital systems in Indiana, such as Indiana University Health, Community Health Network, Ascension St. Vincent, Lutheran Health, Parkview Health, Hancock Regional Health and Johnson Memorial Hospital.  In addition, representation services have been provided to many private physician groups such as OPTUM, Otolaryngology Associates, Dawes Fretzin Dermatology, Indiana Spine Group, Midwest Fertility, Northside Gastroenterology, The Surgery Center of Indianapolis, the Suburban Health Organization and the Indiana Hospital Association.

Stephen also counts several publicly traded REITS and Private Equity groups as clients.  Major investment sales experience includes on-campus MOBs at St. Vincent – Indianapolis, Indiana University – Methodist Downtown, Indiana University Health North and West Campuses, Parkview Health, Lutheran Health and various other campuses.  Also, he has completed several national, single-tenant, industrial sale/leaseback transactions including tenants such as Hershey’s, Firestone and several 3PL providers.

Stephen has devoted his time to various organizations including Noble of Indiana, Penrod Arts Society, Youthlinks Indiana, Hoosier Oncology Group, Allisonville Youth Baseball, St. Pius X School, and Cathedral High School the Governors Awards for Tomorrows Leaders.  He is also a member of the Stanley K. Lacy Executive Leadership Series, Class XXXVII.

Jay B. Gehl

Vice Chairman
jbg@hokansoninc.com

Jay Gehl serves as Vice Chairman of Hokanson Companies, Inc.  With over thirty years of experience, Jay has been directing and managing the company’s expertise in the areas of corporate advisory work, strategic planning, tenant representation, financial analysis of leases, brokerage, and build-to-suit assistance.  He has been instrumental in assisting the efforts of several major corporations establishing or relocating their corporate headquarters and managing vast portfolios of leased and owned properties across the United States.  His attention to detail and his unparalleled customer service have been the foundation of his relationships with the institutional customers served by Hokanson Companies, Inc.

Jay has excelled in investment sales with multiple transactions each year that annually rank him as a top producing broker on a local and national level. In addition, Jay’s efforts have helped corporate clients establish or renew leases in facilities across the United States from Connecticut to California.  He has also served the international needs of his clients in six countries including a facility in Turrialba, Costa Rica with 230,000 square feet and 35 acres.

Jay’s resume includes multiple build-to-suits of logistics and manufacturing facilities.  In addition, investment sales such as the 550,000 square foot U.S. Postal Facility in downtown Indianapolis and a 450,000 square foot medical portfolio make Jay a top producer in the local market while managing a team of highly experienced real estate professionals.  The success of Jay’s business is benchmarked by the multiple transactions and ongoing relationships with customers that have remained satisfied by the level of service and the quality of the transactions resulting from his guidance.

Today Jay continues to excel at providing excellent advice and service to several customers that lead their individual industries in quality, growth, and innovation.

Stephen P. Hokanson

Chairman of the Board and Chief Executive Officer, CRE, CPM, RPA
sph@hokansoninc.com

“We put our clients’ interests first… always.”

Steve Hokanson serves as Chairman of the Board and Chief Executive Officer of Hokanson Companies, Inc. He began with HCI in 1971, and has been its President and CEO since 1983. When Steve joined the organization, Hokanson Companies was primarily focused on property management. Under Steve’s leadership, Hokanson Companies has grown to include four active divisions and five separate disciplines.

HCI currently manages over 6 Million square feet under its property management division, and has over $100 million in project management and development. Its sales and leasing division closes over $100 million in sales and leases annually, while they continue to be very active in construction management for its various clients and out-of-ground buildings.

In addition to his role at HCI, Steve has also fulfilled numerous civic and professional leadership roles locally, statewide, and nationally, including the International President of BOMA International 1991-1993. Steve’s other accomplishments include being selected for the Stanley K. Lacy Executive Leadership Series, the Eagle Scout Silver Beaver Award, the National Distinguished Eagle Scout Award, named in Outstanding Young Men in America, and the Sagamore of the Wabash award, which is the highest award given in the State of Indiana by our Governor.

Steve Hokanson graduated from Indiana University in 1969 with a Bachelor of Science in Management and Administration. Steve is a licensed Real Estate Broker in the State of Indiana, and his designations include Counselor of Real Estate (CRE), Certified Property Manager (CPM), and Real Property Administrator (RPA).

Boyd R. Zoccola

Chief Development Officer
brz@hokansoninc.com

“Your ideas become reality through our combined efforts.”

Boyd R. Zoccola serves as Chief Development Officer of Hokanson Companies Inc. With over 25 years of experience, he focuses his expertise on development of office and medical space, and corporate consulting. Boyd has been actively involved in the development of nearly $600 million worth of real estate, including client partners like IU Health, Springleaf Financial, Vectren Corporation, and Old National Bank.

Boyd’s industry involvement with The Building Owners and Managers Association (BOMA) is extensive beginning in 1994. He served as Chair and Chief Elected Officer of BOMA International, and has also served on the Executive, Finance, Medical, and Healthcare Facilities Committees. He also served and chaired numerous task forces along with being a panelist and/or speaker. Boyd’s BOMA Indianapolis experience includes positions as President, Vice President, Treasurer, Secretary, and multiple committee chairs. In addition, Boyd served as a Board Member of the Real Estate Round Table from 2011-2012.

Boyd graduated from Indiana University with a BA in Biology and is a graduate of the Stanley K. Lacy Leadership Series. Boyd has served the community through his involvement with Horizon House, Girls Inc., and the IYHA. He is a member of Second Presbyterian Church, Sigma Chi Alumni Association, Meridian Hills Country Club, and is an Indiana Real Estate Principal Broker.

Tony R. Townsley

Chief Financial Officer, CPA
trt@hokansoninc.com

“A great company has great people who are passionate about what they do! I am proud to be a part of the Hokanson Team, where we demonstrate that passion every day in helping our customers solve their Real Estate challenges.”

Tony Townsley serves as Chief Financial Officer of Hokanson Companies, Inc. Tony began with HCI in 2001, bringing with him 25 years of accounting and operations management experience including four years with Arthur Anderson. This vast knowledge has contributed to his success overseeing the corporate financial reporting, cash management, budget coordination, and year-end audit and tax responsibilities at Hokanson.

Tony graduated from Indiana University in 1985 with a Bachelor of Science degree in Accounting. He is a Certified Public Accountant, and was appointed by the Governor to serve on the Governor’s Council of Impaired and Dangerous Driving. Tony also served on the Wine and Spirit Wholesalers’ Board of Directors. Currently, he’s involved with the Merciful Help Center, and is an active member of Our Lady of Mt. Carmel Catholic Church.

Tony enjoys spending time outdoors with his family, camping, fishing, biking, and reading. Those same family values led him in publishing a children’s book titled “Three Cups”, which teaches children how to save, spend, and be charitable with their money. There are more than 50,000 copies of the book in distribution.