Office Tenant Representation
Portland office lease negotiation, site selection, and renewal strategy—structured around the tenant’s priorities, timeline, and total occupancy cost.
WHAT IS OFFICE TENANT REPRESENTATION
Office tenant representation means hiring a commercial real estate broker who works exclusively on behalf of the tenant—not the landlord. The tenant rep’s job is to source office options, benchmark market terms, negotiate the lease, and protect the tenant’s position from the first tour through execution.
In most Portland office leases, the landlord pays the brokerage commission on both sides of the deal. That means tenant representation typically costs the tenant nothing out of pocket, while providing access to market data, off-market inventory, and negotiation leverage that would be difficult to replicate independently.
Whether the need is a new office lease, a relocation, an expansion, or a renewal, the process starts the same way: define the requirements, survey the market, build a shortlist, and use competitive proposals to drive the best terms.
WHY IT MATTERS IN PORTLAND’S OFFICE MARKET
Portland’s office market has shifted significantly over the past several years. Elevated vacancy in many submarkets has created real opportunity for tenants—but only for those who understand where concessions are available and how to structure proposals that extract full value. Landlords are offering tenant improvement allowances, free rent, and flexible lease structures that were not on the table five years ago.
Without representation, tenants negotiate against brokers who work with the same landlords repeatedly and know exactly how far terms can stretch. A tenant rep levels that playing field by bringing comparable deal data, current concession benchmarks, and a structured negotiation process designed to create leverage. In a market with elevated vacancy, the tenants who capture the most value are the ones running competitive processes—not the ones responding to a single landlord’s first offer.
HOW OFFICE TENANT REPRESENTATION WORKS
The tenant rep process follows a structured sequence designed to compress timelines and maximize negotiation leverage. Every engagement is different, but the core framework applies whether the requirement is a 1,500 SF suite or a 30,000 SF headquarters relocation.
Step 1 — Requirements Definition. Space needs, headcount projections, budget parameters, location priorities, parking requirements, timing, and workplace strategy are documented upfront. This prevents wasted tours and ensures every option on the shortlist is viable.
Step 2 — Market Survey and Shortlist. A comprehensive survey of available office space—including off-market, sublease, and pre-market inventory—is compiled and filtered against the tenant’s criteria. The result is a curated shortlist of 3–7 properties worth touring.
Step 3 — Tours and Evaluation. Properties are toured and evaluated against the requirements. Layout efficiency, natural light, floor plate size, building systems, parking ratios, common areas, and proximity to transit and amenities are assessed alongside financial terms.
Step 4 — Proposal Solicitation. Proposals are requested from multiple landlords simultaneously. Competing proposals create leverage and expose where each landlord is willing to move on rate, free rent, tenant improvement allowance, and lease structure.
Step 5 — Negotiation and LOI. Terms are negotiated using market comps, competing proposals, and deal data. The letter of intent is drafted to lock in economics and key business terms before the lease document stage.
Step 6 — Lease Review and Execution. The lease is reviewed against the LOI terms, with attention to escalation clauses, operating expense structures (full service vs. base year vs. NNN), assignment and subletting rights, renewal options, and termination provisions. The broker coordinates with the tenant’s legal counsel through execution.
COST AND DEAL ECONOMICS
Cost Overview
In the Portland office market, tenant representation is commission-based and paid by the landlord as part of the lease transaction. The tenant does not pay a separate fee for representation in most standard lease engagements. The value of tenant representation shows up in the economics of the deal itself. Office tenants working with experienced representation consistently achieve better outcomes on the terms that drive total occupancy cost: base rent, annual escalations, free rent, tenant improvement allowances, operating expense structures, and renewal option pricing.
How Leverage Drives Better Terms
The primary value of tenant representation is leverage. When multiple landlords are competing for the same tenant, every term becomes negotiable — rate, free rent, TI allowance, escalation structure, and renewal pricing. A tenant rep builds that competitive dynamic by running a structured process: surveying the full market, soliciting proposals simultaneously, and using comparable deal data to benchmark each offer. In elevated-vacancy submarkets, this process routinely produces 10–20% savings over what a tenant would negotiate independently.
Why Work with a Tenant Rep
A tenant rep works exclusively for the tenant — not the landlord, not the building. That alignment matters when evaluating proposals, negotiating concessions, and reviewing lease language. Beyond negotiation, a tenant rep provides access to off-market inventory, pre-market availability, and sublease options that aren’t publicly listed. The broker also manages timelines, coordinates tours, and handles the back-and-forth with landlord reps so the tenant’s team stays focused on their business. For most office leases in Portland, the landlord pays the tenant rep’s commission as part of the deal — meaning the tenant gets independent representation at no direct cost.
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GET IN TOUCH
Contact Matt Lyman at Norris & Stevens about office tenant representation in Portland—new leases, renewals, relocations, expansions, sublease acquisitions, or lease restructuring.
Share your headcount, square footage range, target submarket or neighborhood, timing, and budget parameters, and Matt will follow up with a market survey, relevant comps, and clear next steps.
Coverage spans the full Portland metro office market—Downtown/CBD, Pearl District, Central Eastside, Lloyd District, Lake Oswego, Kruse Way, Beaverton, 217 Corridor, Tigard, Tualatin, Hillsboro, Sunset Corridor, and Vancouver, WA.