by Jason Kruse, Managing Broker at The Colorado Group, Inc.

The Boulder County real estate market continues to be “interesting.” There are fewer transactions due to higher interest rates, uncertainty in the market, the lack of companies hiring new employees, and the continued effect of work from home. That being said, some stellar opportunities exist for companies looking to relocate. The strategy of finding space and negotiating a lease is multiple-pronged. The first step is determining the location and type of space your company needs. A study involving the needs of the company is important. A local architect and commercial broker can assist in this process by providing guidance on proper specifications and going through a specific space plan or test fit exercise. The second step involves engaging a local commercial real estate broker to search for properties that meet the company’s needs. A broker is an expert in this search and can uncover opportunities that suit the company’s requirements and provide the company with the understanding and expertise of the prospective landlords. Once the search has been narrowed down to a short list of options, the broker can provide recommendations and strategies for negotiating a letter of intent. This is a critical component in the process, as there are many variables that can affect a successful transaction. Some of these variables include the market terms and conditions that the broker has past experience with. A good real estate broker will give various options and provide analysis on different outcomes. Once a letter of intent has been agreed to, the next step is to negotiate a lease agreement. Once again, as an expert in lease negotiations, the broker will provide advice on industry norms. In tandem with a knowledgeable real estate attorney the broker will navigate and serve as an adovate for the tenant. The final step in the relocation process is the completion of the tenant improvement process. This involves getting bids from contractors, obtaining the appropriate permits, and scheduling. Finding fantastic opportunities is not short, but it can be a worthwhile task with the right team in place.