Finding Your Business a Home in Bermuda
Whether you are relocating your business to Bermuda’s shores or simply moving your offices to the other side of Hamilton, rely on the dedicated assistance of the Coldwell Banker Commercial team to help keep you informed about the commercial rental market.
We are estimating 200,000 sq. ft. of new office space coming on line for the open market in 2010. Even at this rate, there remain a number of large projects on hold until economic conditions stabilise here and around the world. For now, commercial activity is akin to a lively game of musical chairs being played as many companies upgrade through relocating to higher quality space than they currently occupy.
Landlords and tenants are vigorously negotiating terms reflecting the market, however rental rates are not showing deterioration as in many of our competitive global markets. Typical negotiations consider items such as power consumption; more detail as to the content of Service Charges; insistence of annual audit thereof if not provided for in the lease; and often a considerable tweaking of the language of what was intended as a standard lease for a building or Landlord.
Professional representation continues to bring perspective to these sometimes protracted negotiations resulting in a win-win for both tenant and landlord. A lease negotiation with fair compromise on both sides is a good place to start.