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Commercial Real Estate Services, Leasing, Property Sales,

Investment, Development & Acquisition Advisory Services

609.921.8844

29 Emmons Drive, Princeton, NJ, 08540

…We Have A Place For Your Company

FAQ’s

 

What’s Important To You?  We have summarized below several questions often asked.
Please, reach out to us to discuss any aspect of the process that may help clarify or simplify
your search for new space, marketing for sublease, or acquisition.  The more we understand
your needs and concerns, the better we can help. No cost, no obligation.

 

HOW LONG DOES IT TAKE TO FIND SPACE
Finding space can be as soon as 30 days from concept to move in, to more typically 4-6 months from
commencement of the search to final move in.  Typically the process requires:

  • Confirmation of anticipated needs
  • Review of market alternatives: 2-4 weeks
  • Short list selection and initial draft of proposals:  1-3 weeks
  • Lease draft, final floor plan design, pricing:  2-4 weeks
  • Lease negotiation, final transaction terms:  2-3 weeks
  • Town approvals for renovations:  4-10 weeks
  • Interior renovations, final fit out, move in:  4-8 weeks

The above assumes existing space that is either in unfinished condition, or needs total renovations.
Spaces that require only paint, carpet or moderate renovations can be completed in 1-2 months from
start to finish.

 

DO WE NEED TO USE A BROKER TO FIND SPACE
Using the right broker can save you time, ask the right questions to find the most appropriate space,
help develop the right type of proposal and address a wide variety of issues involved in the transaction.
While paid by the Landlord, the Broker can make sure that you are made aware of all options in the market
that meet or come close to your needs.  They interface with all owners, other brokers and those that become
aware of space.  By working with one source, you have an agent/advocate that will view and submit all
options, help develop a comparative analysis of relative benefits/drawbacks, assist with space planning,
provide references for other needed services (movers, furniture, technology, etc.).  The right broker can
make you aware of 100% of the market and keep you apprised of newly available options throughout the
project.  Whether or not you select CPN to assist, we typically suggest that using One Broker, makes the most
sense, saves time, and provides the most time/cost effective route to solving your space needs.

 

WHAT IS THE DIFFERENCE BETWEEN NET, GROSS AND MODIFIED GROSS
This is not an easy one, as different people will give different answers.  Typically, GROSS
RENT means that all expenses are included in the rent, and that is all you pay.  NET, or
TRIPLE NET, means that you pay a base rent, PLUS a collection of all other expenses.
It is wise to confirm in advance what all of those expenses are, and how much they are.
MODIFIED GROSS typically means that most expenses are included in the rent, but such
Extras, like interior cleaning, utilities and/or Tenant Electric, are in addition to the rent.
In the final analysis it is best to ASK, what is/is not included in the rent.

 

WHAT IS THE DIFFERENCE BETWEEN RENTABLE AND USABLE SPACE
Rentable space typically includes the space you occupy and a portion of all other common
areas in the building, such as hallways, common bathrooms, elevators and other common
functions. Usable space is typically a calculation of the area between the four exterior walls of
your space. It is advisable to become aware of what the common area factor is, typically expressed
as “loss factor” or “add on” factor.

 

WHAT SHOULD WE BE CONCERNED WITH ABOUT SUBLEASE SPACE
The biggest concerns are what your options are at the end of your sublease, and what your
recourse is if the prime tenant defaults on your lease.  At CPN, we typically attempt to solve for
these concerns as part of the sublease negotiation prior to move in.  We seek to obtain direct renewal
rights, and rights to step into the prime lease position (at the initial lease terms) in the event of default
of the prime tenant.

 

WHAT SHOULD WE LOOK FOR IN A BROKER
You should ask for references from prior clients.  You should also confirm that your Broker is
fully aware of all market options, on a direct or sublease basis.  Your broker should come into your
first meeting able to ask questions about your needs, to discuss a wide range of options on the spot,
address potentially different views and alternatives, be comfortable advising you if your expectations
are/are not consistent with actual market realities.  Your broker is an advocate, but also should be willing
to let you know if your expectations may not be achievable in the market.  The ultimate goal is to get the
best deal possible, based on the then current opportunities available.

 

WHAT IS IMPORTANT TO YOU?  Please email us or call:  609-921-8844…we will try to help.