Office Leasing in Idaho During Covid

 Items to consider if you are working on Office Leasing in Idaho right now

It’s a unique time to be looking for an office space in Idaho. Even as many states are re-opening, or in our case, moving back to different stages—a number of companies aren’t yet heading back into the office. All the same, commercial real estate is an incredibly persistent industry. Despite the challenges and uncertainty, office leasing is still happening - and things are, for the most part, going smoothly. In many ways, there are even a few attractive incentives to enter into office leasing transactions. Albeit, these are still unique days for Idaho’s CRE’s office sector, so it’s a good idea to know what to expect in the ‘right now’ of office leasing in the Gem State. Here are a few tips to keep in mind as you find the perfect location for your business.

 Ask About Socially Distant Tour Options

 Due to the protective regulations set in place for the moment, an in-person tour may not be possible or feel safe for tenants or other agents. This shouldn’t be a big issue for the market search process, however. Commercial real estate has started to adapt to the moment by expanding the use of digital tour options. I have personally been using facetime and zoom to show office spaces in Boise, as well as recorded media. Commercial companies across the US are starting to use online listings that have a video tour guided by an agent or a 3D tour created with VR. Of course, it is possible to do showings at safe distance with PPE, but if you or coworkers/tenants are not comfortable, there are options.

 Remember to Keep an Eye on the Updates

 Even the most optimistic tenants know that these are unpredictable times. It will assist you to make sure that you’re one step ahead of the latest turbulence both nationally and regionally by staying up to date with every little detail. You can use your preferred news feed, such as the https://www.idahostatesman.com/ or https://boisedev.com/. It is professional to conduct due diligence on locations, your market, and the country-wide status. Keep your eyes on CRE industry updates, and consistently touch base with those whom you are working with.

 Reach Out To Listing Agents Right Away

 While many CRE agents are still working-as-usual, it doesn’t hurt to be sure. As soon as you find a listing you like, reach out to the listing agent to inquire about their specific COVID-conscious practices. I met an agent last week at an office vacancy in Eagle where I forgot my PPE, and the other agent was fully covered. This was a small social error, but not one I would like to make repeatedly. Each agent will likely have their own system in place, so be ready to adapt by learning about what and who you’re working with. Don’t hesitate to ask about key steps of the process and if the transaction timeline will be heavily impacted by the circumstances. The more you know, the better.

 Make Sure that Financing Plans are Ready

 With the economy at a relative slow point (even though it seems Idaho may be in protective bubble) aspiring tenants may need to ensure that their financial plans have not been altered and/or interrupted. Go out of your way to talk to bankers or lenders in your professional network to see how the current situation is affecting Idaho businesses, and what specific implications it could have on potential real estate transactions. The more knowledge the better in our industry. 

 Consider the Move-In Process

 Lastly, if you get to the glory land of the lease signing, you’ll want to be aware in the planning process for the move. It’s a good idea to talk to the office building about their current move-in protocols that accommodate for social-distancing. They might want to have you use a separate entrance or a special elevator. Move-in days are typically stressful, and so is the ‘first day’ at the job. Show your value as a commercial agent by smoothing out the lines ahead of time in order to help tenants start enjoying their new workspace sooner.

 Idaho is a great state with great people. We often take for granted our typically normalized socially distanced culture. It is easy to get in a pattern with the hustle and bustle of commercial real estate, but remember to think about these 5 tips when you’re helping tenants with new office space to ensure success in the COVID-19 environment.