After 10 years of working in San Francisco, Benjamin Osgood from Dunhill Partners West understands that no place has the same velocity and competition for commercial real estate as San Francisco. Kiwi Landing Pad residents were very fortunate to hear Benjamin speak on understanding the nuances of commercial office leasing, and how to make moving beyond co-working as smooth as possible. Here are his top three tips for San Francisco startups:
1.Understand the velocity and competition in the market
Be prepared to make quick decisions, and have decision makers respond quickly. Have your financials prepared and standing by, as well as any media/press that can help sell your company to the landlord. What makes you special? Know answers to questions such as, “what is your burn rate?”.
2. Start early
It can take anywhere between 4 months to a year to secure a space, depending on factors such as construction and a lengthy negotiation. Also, you want to make sure that you really take the time to tour the market and see everything. You don’t want to rush the real estate process.
3. Hire a broker
A broker’s commission is paid for by the landlord, so there’s no good reason to not work with a professional that’s looking out for your best interests. The SF market is fast and complicated, and without representation there are many opportunities to get taken advantage of.
To learn more around the details of commercial office leasing in San Francisco contact Benjamin, or be sure to attend our next event.