Hi all,
I am a small business owner and own 50% of the business. My business partner, who owns the other 50% of the business, also owns a real estate company and is currently building a new office space that we might move into.
The question and the conflict that we are now facing is the other owner is nearing retirement and using his real estate as retirement income. He is trying to make our business pay for most of the cost of the build, to reduce his real estate expenses. The business that we own does require fairly specific requirements for our build, but what is the average cost/sq foot or tenant improvement allowances for a new build? I would likely agree to a long term (over 10 yr lease) if we move into the new space, but don't want to over pay for the build out and rent on a new building.
Any input or commercial real estate brokers would be helpful.
Thanks!
I am a small business owner and own 50% of the business. My business partner, who owns the other 50% of the business, also owns a real estate company and is currently building a new office space that we might move into.
The question and the conflict that we are now facing is the other owner is nearing retirement and using his real estate as retirement income. He is trying to make our business pay for most of the cost of the build, to reduce his real estate expenses. The business that we own does require fairly specific requirements for our build, but what is the average cost/sq foot or tenant improvement allowances for a new build? I would likely agree to a long term (over 10 yr lease) if we move into the new space, but don't want to over pay for the build out and rent on a new building.
Any input or commercial real estate brokers would be helpful.
Thanks!