[S1nner]

We're on the market for new office space, and our application was denied for a space we liked.
Not even an application, but the proposal wasn't approved due to a very negative NER and lack of credit history.
It's my first personal experience dealing with management and trying to lease space at one of those very presentable buildings. Currently, we're renting out space directly from the owner, and the building itself is much smaller as well as the office space.

I guess credit history makes sense as we registered our business very recently - 6 months ago, but bank statements should've impressed the owners (is what we thought).

Any tips going forward? Or are we stuck for a few years until we build our business credit history and do a couple of tax returns ?

[vreihen16]

In these parts, there's so much empty office space due to WFH that they are converting them into homeless shelters. Even the speculative builders have stopped adding to the glut.....

[S1nner]

Originally Posted by vreihen16

In these parts, there's so much empty office space due to WFH that they are converting them into homeless shelters. Even the speculative builders have stopped adding to the glut.....

One of the facts that has been giving us hope, but despite the building being rented out at 38%, they denied us...

[RickFLM4]

Personal guarantees if you really want the space.

[chassis]

Originally Posted by S1nner

We're on the market for new office space, and our application was denied for a space we liked.
Not even an application, but the proposal wasn't approved due to a very negative NER and lack of credit history.
It's my first personal experience dealing with management and trying to lease space at one of those very presentable buildings. Currently, we're renting out space directly from the owner, and the building itself is much smaller as well as the office space.

I guess credit history makes sense as we registered our business very recently - 6 months ago, but bank statements should've impressed the owners (is what we thought).

Any tips going forward? Or are we stuck for a few years until we build our business credit history and do a couple of tax returns ?

Network. Get familiar with the brokers (aka agents).

Real estate is a chummy/clubby arena.

Do your research and be willing to be flexible on location and time frame to take occupancy.

[Tyga11]

Originally Posted by RickFLM4

Personal guarantees if you really want the space.

He could put his house up for collateral as you said

[Tommy-G]

I would def look for something that’s been on the market for a while. We have one empty for more than five years in front of my shop and I guarantee the owner (if it wasn’t foreclosed last month) would have taken anyone. Now it’s a empty building with broken windows and homeless sleeping in the doorway nightly

[S1nner]

Originally Posted by RickFLM4

Personal guarantees if you really want the space.

We do want the space, but bureaucracy...
My last email to an agent was - "We're really motivated and interested, anything we can do?" but haven't heard anything back for almost a week now, will see.

[S1nner]

Originally Posted by chassis

Network. Get familiar with the brokers (aka agents).

Real estate is a chummy/clubby arena.

Do your research and be willing to be flexible on location and time frame to take occupancy.

Thanks. That is what I've started looking for.