Question 1

Does your firm list buildings for lease or purchase for landlords, or provide management services to landlords; or does your firm invest in commercial real estate or have funds that do so?

Accepted Answer

At Lornell, we represent both landlords and tenants, and we're upfront about it. We've found that understanding both sides of the table makes us better advocates, not conflicted ones. When we take on an assignment, we're clear about who we're working for and what that means. If a potential conflict arises (say, a building we represent for a landlord becomes interesting to a tenant client), we disclose it immediately and let you decide how to proceed. Trust isn't built by avoiding complexity; it's built by handling it honestly.

Question 2

If the answer to any of the above is yes, how do you navigate the conflicts of interest in compensation and fiduciary responsibility, as well as confidentiality?

Accepted Answer

We navigate conflicts the same way we approach every relationship: with transparency. When we engage with you, we document exactly what information stays confidential and what our responsibilities are. In over 35 years of transactions, we've learned that the moment you start hiding the ball is the moment relationships break down. We'd rather lose a deal than lose your trust. If a situation gets complicated, we'll call you, explain it plainly, and figure out the right path together.

Question 3

How many lease transactions where you personally represented the tenant (not the landlord as a dual agent) have you done in our size range in the last 12 months, and what companies?

Accepted Answer

This is exactly the right question to ask any broker. We've represented tenants across industrial, retail, and flex spaces throughout Central New England, from local businesses looking for their first warehouse to regional operators expanding their footprint. We're happy to share specific examples and connect you with past clients. What matters isn't just the number of deals; it's whether those clients would work with us again. Most do.

Question 4

What services do you have to help us define space and leasing requirements in a new facility?

Accepted Answer

Before we tour a single building, we want to understand your operation. How do goods and people flow? What's your growth trajectory? What's worked and what hasn't in your current space? Todd's background running his own businesses means we think about space from an operator's perspective, not just a broker's. We'll help you think through headcount projections, workflow needs, and the practical realities of your day-to-day before we start looking at square footage.

Question 5

If you do provide services to help with space and leasing needs, can you show an example of that work product for a facility of our size?

Accepted Answer

Absolutely. We can walk you through how we've helped similar businesses think through their space requirements: what questions we asked, what we learned, and how that shaped the search. Our approach isn't a proprietary methodology with a fancy name; it's structured conversations and honest analysis. We'd rather show you real examples from past clients (with their permission) than hand you a glossy brochure.

Question 6

Talk about the level of financial analysis you provide, who provides it, and what skills and educational qualifications that person has.

Accepted Answer

We build financial models that let you compare options on an apples-to-apples basis. We calculate total cost over the lease term, accounting for escalations, TI amortization, and the time value of your money. Collin brings formal business training from UMass Amherst's Isenberg School, and Todd brings decades of seeing how these numbers actually play out in practice. More importantly, we explain our analysis so you understand the assumptions. A spreadsheet is only useful if you can challenge the inputs.

Question 7

If you deliver more than just brokerage (for example, project/construction management), who from your firm delivers that service and what experience do they have?

Accepted Answer

We focus on what we do well: brokerage, market knowledge, and deal negotiation. For construction management, architecture, or specialized services, we connect you with professionals we've worked with and trust. We'd rather bring in an expert than pretend to be one. That said, we stay involved throughout the process because we know how decisions in buildout affect your lease economics and timeline.

Question 8

Tell me about your partners and team: what bench strength do you have, what are their qualifications, and what will they do differently than what you will do?

Accepted Answer

We're a focused team, not a large firm, and that's intentional. When you work with us, you're working with Todd and Collin directly. You won't be handed off to a junior associate after the pitch meeting. Todd brings 35+ years of experience and relationships across the eastern seaboard; Collin brings energy, operational insight, and deep knowledge of industrial and flex markets. We collaborate on strategy and divide execution based on what each deal needs.

Question 9

Please provide three tenant references for me to reference check that have used you at least three times.

Accepted Answer

Happy to. Repeat clients are our best proof of value. They've seen how we work when things go smoothly and when they don't. We'll connect you with clients who can speak to our communication, our negotiating results, and whether we delivered on what we promised. Ask them tough questions. We're confident in what they'll tell you.

Question 10

What percentage of your annual revenue comes from landlord representation versus tenant representation?

Accepted Answer

It varies year to year depending on the assignments we take on. We don't structure our business to favor one side over the other. We take on work where we can add genuine value. What doesn't vary is our commitment: whoever we're representing, we represent fully. We'll tell you our current mix and let you evaluate whether that works for your situation.

Question 11

Do you or your firm receive any fees, referral payments, or other compensation from landlords, property managers, or building service vendors?

Accepted Answer

Our compensation comes from brokerage commissions on transactions we close. We don't take referral fees from vendors, and we don't have side arrangements that could color our recommendations. If we suggest a contractor, attorney, or service provider, it's because we've seen them do good work, not because they're paying us.

Question 12

Will you sign a fiduciary agreement stating you will act solely in our interest throughout this transaction?

Accepted Answer

Yes. We're comfortable putting our commitments in writing because we intend to honor them. A fiduciary agreement isn't a formality to us. It's a confirmation of how we already operate. If there's specific language you need based on your company's requirements, let's discuss it.

Question 13

How do you handle a situation where a property your firm manages or lists becomes a candidate for our search?

Accepted Answer

Full disclosure, immediately. We'll tell you that we have a relationship with that property, explain what it is, and let you decide whether you want us to include it in your consideration set or whether you'd prefer to evaluate it independently. We've found that being straightforward about these situations actually builds trust rather than undermining it.

Question 14

What is your policy on dual agency, and will you commit in writing to exclusive tenant representation?

Accepted Answer

We can commit to exclusive representation when that's what you need. Dual agency (representing both sides in the same transaction) is legal in Massachusetts, but it limits what we can do for you. If exclusive representation matters to you, we'll structure our engagement that way and document it clearly. The key is making sure we're aligned on expectations before we start.

Question 15

How are you compensated, and is there any scenario where higher rent or a longer lease term increases your commission?

Accepted Answer

Traditional commission structures do scale with rent and term. That's how most of the industry works. We're transparent about this because you should understand our incentives. If this creates concern for you, we can discuss alternative arrangements. What we won't do is push you toward a larger or longer commitment than makes sense for your business just to increase our fee.

Question 16

Can you walk me through a deal that fell apart and what you learned from it?

Accepted Answer

Every experienced broker has deals that didn't close, and the ones who say otherwise aren't being honest. We've had transactions fall apart due to financing, due diligence discoveries, and cold feet. What we've learned is that most failures come from moving too fast through critical decision points or not surfacing concerns early enough. Now we build in checkpoints and encourage clients to voice doubts before they become deal-breakers.

Question 17

What market intelligence or proprietary data do you have access to that I couldn't find on my own?

Accepted Answer

The real value isn't in data access. You can find asking rents and vacancy rates online. It's in knowing what those numbers don't tell you: which landlords are motivated, which buildings have hidden problems, what deals actually closed at versus what was listed. We've been active in Central New England for years. We know the players, the history, and the stories behind the numbers. That context is what helps you negotiate from a position of knowledge.

Question 18

How do you stay informed about off-market opportunities and pre-lease situations?

Accepted Answer

Relationships. Todd has been building connections across the eastern seaboard for 35 years, with landlords, developers, property managers, and other brokers. We hear about opportunities before they hit the market because people know us and trust us to bring qualified, serious parties to the table. We also actively canvass markets when we're working on a specific search, reaching out directly to owners who might not be publicly marketing their space.

Question 19

What is your average response time for client inquiries, and who handles communication when you're unavailable?

Accepted Answer

We aim to respond within a few hours during business hours, usually faster. We're a small team, so you're not waiting for messages to work through layers of staff. If one of us is unavailable, the other is your backup. For time-sensitive situations, we make sure you have cell numbers and know how to reach us directly.

Question 20

How many active tenant clients are you currently representing, and how do you prioritize competing demands?

Accepted Answer

We deliberately limit our active engagements so we can give each client the attention they deserve. We'll tell you honestly how many searches we're currently running and what our capacity looks like. If we don't have the bandwidth to serve you well, we'll say so rather than take on work we can't properly support. Our reputation depends on every client feeling like a priority.

Question 21

What is the effective rent per square foot when factoring in free rent, TI allowance, and escalations over the full lease term?

Accepted Answer

Effective rent is the number that actually matters. It's what you're really paying when you account for all the moving pieces. We calculate it by taking your total payments over the lease term, subtracting the value of concessions (free rent, TI dollars), and spreading that across the square footage and months. This lets you compare deals with different structures on equal footing. We'll build this analysis for every serious option you're considering.

Question 22

How does the quoted rent compare to recent comparable transactions in this submarket (not just asking rents)?

Accepted Answer

Asking rents are marketing. Achieved rents are reality. We track actual transactions in our markets, not just what's posted on listings. When we tell you a rent is above or below market, we're comparing to deals that closed, including the concessions that were negotiated. This is where local knowledge matters: we know what similar tenants actually paid in similar spaces recently.

Question 23

What is the present value analysis of this lease compared to alternatives we're considering?

Accepted Answer

A dollar today is worth more than a dollar in year seven. Present value analysis accounts for that. We discount future payments back to today's dollars so you can genuinely compare a 5-year deal with high rent to a 10-year deal with lower rent and more concessions. We'll use a discount rate that reflects your business's cost of capital or opportunity cost, and we'll show you how sensitive the comparison is to that assumption.

Question 24

How do operating expense escalations work, and what has been the historical annual increase for this building?

Accepted Answer

Operating expenses (taxes, insurance, maintenance, utilities for common areas) typically increase every year, and most leases pass those increases to tenants. We'll dig into the building's historical expense statements to see what the actual trajectory has been. Some buildings are stable; others have seen spikes due to deferred maintenance catching up or tax reassessments. Knowing the pattern helps you budget realistically.

Question 25

What is included in the base year for operating expenses, and are there any exclusions I should be concerned about?

Accepted Answer

The base year sets your starting point. You pay your share of increases above that baseline. We review what's actually in the base year to make sure it's representative of normal operations, not an artificially low year. We also look for exclusions that could surprise you: some landlords carve out capital expenditures or management fees, which means you could face charges that aren't counted against the base.

Question 26

Is the operating expense base year a 'gross-up' base year, and if so, to what occupancy level?

Accepted Answer

Gross-up matters when a building isn't fully leased. Without it, you'd subsidize vacant space. As the building fills up, your share of variable expenses drops, but that's a windfall you shouldn't count on. A grossed-up base year assumes full (typically 95%) occupancy, giving you a more accurate baseline. We always verify whether gross-up applies and to what level.

Question 27

What capital expenditures are planned for the building, and how will they be passed through to tenants?

Accepted Answer

Major capital projects (new roof, elevator modernization, façade work) can spike your operating expenses even if day-to-day costs are stable. We ask landlords about their capital plans and how they amortize those costs to tenants. Sometimes you can negotiate caps or exclusions, especially for projects that primarily benefit the building's marketability rather than your operations.

Question 28

Are there any 'above standard' or 'non-standard' charges that could be billed outside of operating expenses?

Accepted Answer

Watch for charges that don't flow through the standard expense reconciliation: after-hours HVAC, excess electrical usage, special cleaning, freight elevator fees. We make sure you know about all potential charges upfront so there are no surprises in your first year's reconciliation. If these charges are excessive, they become negotiating points.

Question 29

How does the landlord calculate the rentable square footage, and has it been verified by an independent measurement?

Accepted Answer

Rentable square footage is what you pay rent on, and it includes your share of common areas, not just the space you occupy. Different measurement standards (BOMA, legacy methods) can yield meaningfully different numbers for the same space. For significant transactions, we recommend verifying the measurement, especially in older buildings where records may be outdated or inconsistent.

Question 30

What is the load factor or add-on factor for this building, and how does it compare to market standards?

Accepted Answer

The load factor is the difference between usable space (what you actually occupy) and rentable space (what you pay for). In office buildings, 15-18% is typical; much higher, and you're paying a premium for common areas. We compare load factors across your options so you understand what you're actually getting for your rent dollar.

Question 31

What is the landlord's current vacancy rate, and how might that affect their negotiating flexibility?

Accepted Answer

A building with significant vacancy often means a landlord who's more motivated to make a deal. We assess occupancy, upcoming lease expirations, and how long spaces have been on the market. This context shapes our negotiating strategy. A desperate landlord and a fully-leased building require very different approaches.

Question 32

Does the landlord have any debt covenants or refinancing events that might influence deal terms?

Accepted Answer

Landlords with loan covenants tied to occupancy or income may be under pressure to sign leases before certain dates. A refinancing event can have similar effects. While landlords rarely advertise this, we often know from market relationships when an owner is under time pressure, and that information can be valuable in negotiations.

Question 33

What is the capitalization rate for this property, and how does that inform the landlord's minimum acceptable deal structure?

Accepted Answer

Cap rates tell you how the market values the building's income stream. A landlord working from a certain cap rate has a floor on what rent they can accept without impairing their asset value. Understanding this helps us structure deals that work for both parties. Sometimes adjusting term length or concession timing can get you a better deal without pushing below the landlord's threshold.

Question 34

How much tenant improvement allowance is typical for this building class and lease term in this market?

Accepted Answer

TI allowances vary significantly based on market conditions, building class, and your credit strength. In Central New England, we're seeing different ranges for Class A office versus industrial flex space. We benchmark against recent comparable transactions so you know whether an offer is competitive or whether there's room to push.

Question 35

Can I receive the TI allowance in cash or as a rent credit if I don't need the full buildout?

Accepted Answer

Some landlords will convert unused TI dollars to rent credits, moving cost allowances, or even furniture stipends. This is worth negotiating if your space needs are modest. Standard buildout allowances often exceed what a simple installation requires. We've helped clients redirect TI dollars to reduce their effective rent significantly.

Question 36

What are the tax implications of different TI structures (landlord-funded vs. tenant-funded)?

Accepted Answer

How TIs are funded affects how they're treated for tax purposes. Landlord-funded improvements are typically amortized into rent, while tenant-funded improvements may be depreciable by you. The right structure depends on your tax situation. We can explain the options, but you'll want your accountant involved in the final decision.

Question 37

How do I evaluate the true cost of different lease structures (NNN vs. modified gross vs. full service)?

Accepted Answer

Different structures allocate expenses differently, but total occupancy cost is what matters. We convert every option to a consistent total-cost-per-square-foot format so you can compare fairly. A NNN lease with low base rent might cost more than a full-service lease once you add in estimated expenses. We build models that let you see through the structure to the real numbers.

Question 38

What security deposit alternatives exist (letter of credit, personal guarantee burn-off, corporate guarantee)?

Accepted Answer

Large deposits tie up capital you could use in your business. Letters of credit provide landlord security without cash leaving your account. Personal guarantees that burn off over time reduce your exposure as you prove reliability. We help you understand the options and negotiate structures that balance the landlord's need for security with your need for flexibility.

Question 39

How do renewal option rents get calculated fair market value, fixed increases, or CPI-based?

Accepted Answer

Renewal pricing is where future leverage gets negotiated today. Fair market value gives you flexibility but uncertainty; fixed increases provide predictability but may not track the market. We often negotiate caps and floors on market-based formulas to limit your downside while preserving upside if the market softens. The right approach depends on how certain you are about staying long-term.

Question 40

What happens to my unused TI allowance if construction costs come in under budget?

Accepted Answer

Standard landlord lease forms often forfeit unused TI funds to the landlord. We push to change that. If you manage your buildout efficiently and come in under budget, you should benefit. We negotiate clauses allowing you to apply savings to rent credits or other improvements, which rewards you for good project management.

Question 41

What sublease and assignment rights should I negotiate, and what landlord consent limitations are acceptable?

Accepted Answer

Business needs change. Sublease and assignment rights give you flexibility if they do. We push for consent not to be unreasonably withheld, specific timelines for landlord response, and freedom to assign to affiliates without consent. We also watch for profit-sharing clauses that would require you to split any sublease premium with the landlord. The goal is maintaining optionality without giving away value.

Question 42

How do I protect myself if the landlord sells the building or goes bankrupt during my lease term?

Accepted Answer

An SNDA (Subordination, Non-Disturbance, and Attornment Agreement) from the landlord's lender is your protection. It ensures your lease survives if the building is sold or foreclosed. We insist on non-disturbance provisions, especially for longer-term leases or spaces where you're investing significant buildout dollars. Without an SNDA, a foreclosing lender could theoretically terminate your lease.

Question 43

What are typical subordination, non-disturbance, and attornment (SNDA) provisions, and why do I need them?

Accepted Answer

An SNDA establishes that while your lease is subordinate to the mortgage (the lender's priority), the lender agrees not to disturb your tenancy if they foreclose, and you agree to recognize the new owner as your landlord. This matters because without it, your lease rights are at risk if the landlord defaults. We always recommend pursuing an SNDA, particularly for significant commitments.

Question 44

What contraction or termination rights should I negotiate, and at what cost?

Accepted Answer

These rights give you an exit or downsizing option if your business changes. Landlords will typically want compensation for unamortized costs (TI, commissions) plus a penalty. We negotiate these rights during the initial deal when you have leverage. Trying to add them later is expensive. The cost needs to be weighed against the value of flexibility for your specific situation.

Question 45

How do I ensure I have expansion rights or right of first refusal on adjacent space?

Accepted Answer

If growth is possible, locking in expansion options is valuable. We negotiate specific rights to adjacent or nearby space, including how pricing is determined and how much notice you need to exercise. Right of first refusal means you can match any third-party offer; right of first offer means the landlord must come to you first. The details matter significantly.

Question 46

What happens if the landlord fails to deliver the space on time what remedies should be in the lease?

Accepted Answer

Late delivery can be costly. You're stuck in holdover at your old space, your move gets delayed, and your plans get disrupted. We negotiate rent abatement for any delay period, landlord responsibility for documented holdover costs, and termination rights if delays exceed reasonable limits. The landlord should have skin in the game to deliver on schedule.

Question 47

How do I protect myself from construction delays, and what liquidated damages are reasonable?

Accepted Answer

Beyond rent abatement, we push for the landlord to cover actual damages from delays: holdover rent at your current space, increased moving costs, and business interruption where demonstrable. We also establish milestone dates with consequences. The goal is ensuring the landlord is motivated to manage the project effectively, not just to start it.

Question 48

What insurance requirements are typical, and what liability caps should I negotiate?

Accepted Answer

Landlords require liability and property insurance, which is standard. What's negotiable is the coverage limits. These should be appropriate for your business size and risk profile, not inflated requirements that increase your costs. We also review waiver of subrogation provisions and additional insured requirements to make sure they're reasonable.

Question 49

How do I ensure I can make alterations and improvements without excessive landlord consent requirements?

Accepted Answer

Standard lease forms require landlord consent for any change, which can slow you down. We negotiate thresholds below which no consent is needed, specific timelines for landlord response, and deemed approval if the landlord doesn't respond. For cosmetic changes that don't affect building systems, you shouldn't need permission.

Question 50

What restoration obligations will I have at lease end, and how do I limit those costs?

Accepted Answer

Restoration can be surprisingly expensive, especially if you've built specialized improvements. We negotiate clearly upfront: standard office improvements typically stay; specific items (like a commercial kitchen or server room) might need removal. Getting this documented at lease signing prevents disputes at move-out when you have no leverage.

Question 51

What environmental representations and warranties should the landlord provide?

Accepted Answer

The landlord should represent that the property complies with environmental laws and isn't contaminated. We push for indemnification protecting you from pre-existing conditions and the right to terminate if environmental issues surface. This is especially important for industrial spaces where prior uses may have left problems.

Question 52

How do I protect myself from exposure to hazardous materials in the building?

Accepted Answer

Beyond contractual representations, we recommend reviewing any available Phase I environmental reports and asking directly about known hazardous materials (asbestos, lead paint, underground storage tanks). For industrial properties, understanding the history of the site is critical. Environmental liability can be significant, and ignorance isn't a defense.

Question 53

What building services are guaranteed (HVAC hours, elevator service, security), and what are the remedies for failures?

Accepted Answer

We define minimum service standards in the lease: HVAC operating hours, elevator availability, utility reliability, building access times. Then we establish what happens when standards aren't met: rent abatement, self-help rights, or in extreme cases, termination. After-hours HVAC availability and rates are often negotiable and can significantly affect your operating costs.

Question 54

How do I negotiate meaningful rent abatement rights for service interruptions?

Accepted Answer

Standard forms often require extended outages, sometimes weeks, before any abatement kicks in. We push for shorter trigger periods and abatement that's proportional to the actual disruption. If you can't operate your business, you shouldn't be paying full rent. The key is defining what constitutes a qualifying interruption clearly enough to be enforceable.

Question 55

What exclusivity clauses should I request if my business depends on being the only provider of certain services in the building?

Accepted Answer

If competition in your building would harm your business, exclusivity is worth fighting for. We draft specific use restrictions that protect your core business without being so broad they're unenforceable. We also verify that existing tenants don't have conflicting rights. For retail spaces, this is often critical.

Question 56

How do I protect my signage rights and ensure they can't be blocked by future tenants?

Accepted Answer

Signage is marketing, and it can be surprisingly contentious in multi-tenant buildings. We specify exactly where your signs can go, what size they can be, and what protections you have against obstruction. If building signage or monument signs are available, we negotiate your position in the hierarchy clearly.

Question 57

What parking rights should I secure, and how do I protect against rate increases?

Accepted Answer

Parking affects your employees and customers daily. We specify the number of spaces, whether they're reserved or unreserved, and the location. If parking is separately charged, we negotiate caps on rate increases. For retail or customer-facing businesses, adequate visitor parking isn't optional. It's essential to your operation.

Question 58

What are my rights if the building doesn't comply with ADA or other accessibility requirements?

Accepted Answer

Accessibility compliance is the landlord's responsibility for building common areas and your responsibility for your premises. We make sure the lease is clear about this allocation and that the landlord represents current compliance. Non-compliance can expose you to lawsuits and operational disruption. It's worth verifying, not assuming.

Question 59

How do I ensure adequate generator backup and telecommunications infrastructure?

Accepted Answer

If business continuity matters, verify backup power capacity, connection availability, and fuel arrangements before signing. Assess telecommunications options: fiber availability, redundant paths, riser access. For mission-critical operations, these aren't amenities; they're requirements. We help you evaluate whether the building can actually support your needs.

Question 60

What audit rights should I have regarding operating expenses, and how often can I exercise them?

Accepted Answer

Audit rights let you verify that the expenses you're paying are accurate and properly calculated. We negotiate annual audit rights with reasonable lookback periods, landlord obligation to refund overcharges with interest, and your ability to recover audit costs if overcharges exceed a threshold. Landlords make mistakes, sometimes significant ones, and audit rights keep them honest.

Question 61

What is the building's historical occupancy rate, and who are the major tenants and their lease expirations?

Accepted Answer

Occupancy history tells you about building quality, management, and market position. We look at both current occupancy and trends. Is the building stabilizing or declining? We also track major tenant lease expirations because significant upcoming rollover can mean either motivated landlords (good for you) or future instability (potential concern). This context shapes our negotiating strategy.

Question 62

Has the landlord provided audited financial statements for the property, and what do they reveal?

Accepted Answer

For significant commitments, we request operating statements to understand expense trends, capital investment levels, and overall financial health. We're looking for unusual patterns: deferred maintenance showing up as low current expenses but looming future costs, management fees that seem inflated, or discrepancies between what's being charged to tenants and what's actually being spent.

Question 63

What major building systems are due for replacement, and when?

Accepted Answer

HVAC, elevators, roofs, and other major systems have finite lives. We ask about ages, maintenance history, and replacement plans. A building with a 25-year-old HVAC system has a major capital event coming, and you'll likely pay for part of it through expense escalations. Understanding the capital horizon helps you assess true occupancy cost over your lease term.

Question 64

When was the last capital improvement made to the building, and what was the scope?

Accepted Answer

Recent capital investment often signals a committed, financially healthy landlord. Deferred investment can mean financial stress, intention to sell, or simple neglect, none of which bode well for your tenancy. We ask what's been done recently and what's planned, then verify whether reality matches the marketing materials.

100 Questions Every Investor Should Ask

Broker/Representative Selection

Lease Economics & Financial Analysis

Lease Terms & Legal Protections

Due Diligence & Building Assessment

Market & Timing Strategy

Space Planning & Buildout

Investment & Purchase Considerations

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