Comparing locations is more than just a feeling and requires a thorough lease analysis.
It is interesting when one takes a group of people out on tour to see their reactions. Some people go simply on about how the space looks the minute they see it. Others are very analytical and need lots of data. No matter what, your agent needs to run a financial summary on every location. Remember all agents aren’t created equal! If your agent is not going to run financials then you need to find another agent. When your agent asks for a proposal from the landlord it is important that all the costs are included.
For instance, if you are looking at a space in a downtown area and one building includes parking and the other does not, you must take into account the additional costs that the second building will include. In this instance, your agent should identify a local garage, get their parking costs and add it to the model so that you can make a clear decision on which location will be the best deal for you. Otherwise, the one with parking included might appear to be more expensive; however, when you add in parking at a garage, you may find the first location is actually cheaper. The bottom line….. Make sure your agent is doing their job and select a space on more than just your gut reaction. The financials (all of them!) matter too.
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