Why would I need to use a Commercial Tenant Representative for my current lease?
One of the main reasons to work with and partner with a Commercial Tenant Representative is that you have exclusive representation on your side; there is no dual agency or conflict of interest. The Commercial Tenant Representative represents you, the tenant during all negotiations in order to get the best terms and rates for your lease. Our goal at Meridian is to be your trusted commercial real estate advisor and to take the lease negotiations and issues off of your plate so that you can focus on your core competencies and your business. It is our objective to get you the best possible deal on your commercial lease negotiation, move or purchase. If you choose to work directly with a landlord or building owner, you have nobody watching out for your best interests or needs. We take the time up front to understand the needs and objectives of our clients in order to find the best property and get the best deal possible.

What are the possible negatives of directly negotiating a lease with a building owner or landlord?
There are several possible negatives to directly negotiating a lease with a building owner or landlord.

As mentioned in our previous item, the main negative is that if you work directly with the building owner or landlord, you do not have an unbiased / neutral representative supporting your best interests. The landlord/building owner has one objective: to get the best deal for the building and the owner. Also, in working directly with the building owner/landlord, you are only looking at that one option and may not have explored other property options in the marketplace to determine if your current deal is the best deal possible. That is our responsibility, to give you the options (and the leverage) to make an informed and educated decision and to get the best deal and terms possible. Another possible negative is that you would commit to too short or long of a term, with pricing that matches that decision. Often, if you are willing to add longer term, you can get better incentives and other options; however, if you are not aware of the current commercial market and what is being offered, you simply may not know what to ask for.

A last possible negative of directly negotiating a lease with a building owner / landlord is that you may not fully understand the terms in the lease document; such as what your true monthly cost is. Is it a Gross Lease, a Modified Gross Lease, a Triple Net Lease, or a Percentage Lease? These are the pitfalls and items Meridian can assist with as your Commercial Tenant Representative!

Does it cost me anything to use a Commercial Tenant Representative on a lease?
No! That is one of the best parts of utilizing a Commercial Tenant Representative --- It costs you absolutely nothing but you get exclusive representation on your behalf and have the peace of mind that you are making an informed and educated decision as to your next signed Commercial lease! So, how are we paid? I liken it to when you bought a residential home and used a Buyer’s Representative/Realtor. You did not pay that residential Realtor any money, but they were paid by the Listing Broker / Seller. The same is true in Commercial Real Estate. Upon execution of a signed commercial lease, we, the Commercial Tenant Representative, are paid a commission by the Building Owner / Leasing Company. It is all included within their operating expenses so why not get representation to assist in your decision.

What types of Commercial Leases do you work with?
Meridian Management has experience in several types of Commercial Leases: Including, but not limited to Retail, Neighborhood Centers, Office, Non-Profit, Medical, Restaurant/Hospitality... Our core competency is any type of business, small or large, that is looking to move, expand, contract or needs assistance in the re-negotiation of their lease extension, and also any company looking to purchase investment or commercial real estate and buildings. We are your local, trusted commercial and investment real estate advisor!

Do I need to pay for a Lease Analysis completed by Meridian?
No. Meridian offers a complimentary Lease Analysis for anyone interested in seeing what their current commercial lease is all about! This is typically one of the first steps in our process in order to best serve our commercial clients.

What is the first step to working with a Commercial Tenant Representative?
As mentioned previously. The first step to working with a Commercial Tenant Representative, and Meridian Management in particular, is to sit down and for us as your trusted advisor, is to listen. We need to fully understand what your current state is and how your commercial lease/purchase is included within your overall business plan and what role we can play to assist. Also, we review your current Commercial Lease to see what the specific terms and information is and then we develop a course of action in order to move forward. You will find a more detailed process on our website.

What is the best time to begin reviewing my current lease if I am considering to renegotiate or to make an office move?
It is never too early to begin reviewing your current commercial lease if you are considering to stay but want to renegotiate the terms upon renewal time, or if you are considering an office or retail move and need assistance with your search and negotiations. Many of our clients forward a current copy of their commercial lease to review and we will get back to them within the week with our comments and possible course of action; it’s that easy! Let us be your commercial real estate partner!

What is the standard language in a Commercial Lease?
Each commercial lease is different and contains its own unique language so that adds to the complexity of this document and the need to have an expert on your side, in order to guide you through the process. We have seen a variety of different types of leases from a one-page to hundreds. Let us be your commercial real estate partner and take this load off of your busy schedule!

How do I go about finding Commercial Office Space in the Twin Cities metro area either to purchase or lease?
There are a variety of options in the Twin Cities for commercial office, retail or even non-profit space, but it is very complicated to gather the right information in a timely manner. That is why it is always a good decision to work with a Commercial Realtor to assist with the upfront planning and information gathering in order to make sure you are pointed in the right direction, and also that you are asking the right questions as properties come available. Also, you will have representation on your side during the search, site visits and negotiations, as well as after you have moved into that perfect space; someone to call with questions. Call Chad at Meridian Management today for your one-to-one meeting.

Are there specific designations or training that differentiates a commercial realtor/broker?
There are many commercial realtors/brokers in the Twin Cities, but a key differentiator as it relates to training, mentoring, networking and education, is the CCIM (Certified Commercial Investment Member) designation. A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. A CCIM is an invaluable resource to the commercial real estate owner, investor, and user, and is among an elite corps of more than 9,000 professionals who hold the CCIM designation across North America and more than 30 countries. The CCIM designation is a lengthy process, so you want to work with someone that is either currently enrolled and receiving the training or someone that has received their designation.

Recognized for its preeminence within the industry, the CCIM curriculum represents the core knowledge expected of commercial investment practitioners, regardless of the diversity of specializations within the industry. The CCIM curriculum consists of four core courses that incorporate the essential CCIM skill sets: financial analysis, market analysis, user decision analysis, and investment analysis for commercial investment real estate. Following the course work, candidates must submit a portfolio of closed transactions and/or consultations showing a depth of experience in the commercial investment field. After fulfilling these requirements, candidates must successfully complete a comprehensive examination to earn the CCIM designation. This designation process ensures that CCIMs are proficient not only in theory, but also in practice.

Can I use a Residential Realtor to buy or lease Commercial Real Estate?
The choice to use an agent is up to you; however, you will find the highest level of success as you search for commercial or investment property to buy or lease, if you work with a licensed and training commercial realtor that has access to the MNCAR (MN Commercial Association of Realtors) Association, as well as the specific network and communication channel of other agents with the listings you need to see. It is a complicated process and you want to make sure that you are working with a specialized expert in commercial and investment properties in the Twin Cities.

Is there a place where I can get a list of available commercial buy or lease properties in the Twin Cities?
Great question. If you are looking for an updated, accurate list of available commercial properties in the Twin Cities, all you need to do is go to meridianmgmt.net and click on the link to commercial available properties. Fill in your search criteria, and the team at Meridian Management will send you new properties as they come to the market! It’s that easy!

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