On the Spot: Getting to Know CBIZ Gibraltar’s Noah Turner
What is it really like to work with a commercial real estate executive who has spent almost three decades helping companies navigate the office market?
Our “On the Spot” series is designed to do just that. We are sitting down with members of the CBIZ Gibraltar leadership team for quick, candid conversations about the commercial real estate issues they see every day. The questions are straightforward. The answers offer a glimpse into their experience, perspective and approach to helping clients make smarter real estate decisions.
For our first conversation, we put Noah Turner on the spot.
With more than 27 years at CBIZ Gibraltar, Noah has spent his career helping companies evaluate their office space, negotiate leases and navigate the complexities of commercial real estate. We asked him about everything from the return to the office to the lease clauses tenants should pay close attention to.
Watch the full conversation here and check out some of Noah’s key takeaways:
Are tenants coming back to the office?
According to Noah, increasingly, yes. While hybrid work remains, he’s seeing more tenants return approximately three or four days per week, with many clients citing the value of being together with their teams.
That shift makes the quality, functionality and location of office space more important than ever.
What’s the most important lease clause tenants should understand?
Noah points to one area in particular: the work letter.
It outlines important details around the landlord’s contribution to the tenant improvements (TI), including who is responsible for building out the space and what each party is expected to provide.
With build-out costs potentially significant, understanding — and negotiating — these details can have a major impact on the overall economics of a deal.
What’s the biggest myth about tenant representation?
For Noah, it’s the idea that tenant representatives cost tenants money.
He says that misconception “could not be further from the truth.”
Tenant representation fees are typically factored into commercial real estate transactions, meaning tenants can benefit from professional representation without necessarily adding a separate out-of-pocket cost. His takeaway: if the fee is part of the deal, tenants should take advantage of the expertise and negotiating leverage that experienced representation provides.
When should a company start evaluating its next lease?
Noah’s advice is simple: start early.
Noah recommends beginning the process 10 to 12 months before lease expiration, depending on the size of the tenant. That gives companies time to understand the market, evaluate alternatives and negotiate from a position of strength — rather than waiting until a deadline is approaching.
What’s one thing you wish every tenant knew?
A lease is about more than rent.
The rental rate is just one piece of the equation. Tenant improvements, operating expenses, lease terms, responsibilities and flexibility can all affect the true cost and value of an office lease.
That’s where experienced tenant representation can help companies see the bigger picture.
Get to Know CBIZ Gibraltar
“On the Spot” gives you a chance to get to know the people behind CBIZ Gibraltar while hearing their perspectives on the commercial real estate issues facing businesses today.
We’ll be putting more of the CBIZ Gibraltar leadership team “On the Spot” in future conversations.
In the meantime, contact CBIZ Gibraltar to learn how our tenant representation team can help you evaluate your options and maximize the value of your real estate strategy.