Whom does the real estate agent represent: you or the landlord?

● 4 September 2025

How can a commercial real estate agent be objective for you as a tenant?

● 4 September 2025

In the world of commercial real estate, corporate real estate agents play a crucial role. They not only advise real estate investors but are also invaluable to office tenants. This begs the question: how objective can these agents be in their advice to tenants, given their close ties with landlords?

The role of a commercial real estate agent

Commercial real estate brokers are versatile professionals within the property market. They advise landlords on leasing, investment, asset management, valuations and property management. Their visibility in the market is often marked by prominent “For Rent” signs on vacant buildings—signs that clearly indicate they represent the property owner.

THE OFFICE LEASING BROKER

In office leasing, it is common for multiple brokers to be involved in the process—sometimes two or three simultaneously. When one of these brokers begins representing a prospective tenant, that broker typically withdraws from the landlord’s side and focuses exclusively on advising the tenant. The remaining brokers continue to represent the landlord’s interests.

Nevertheless, the relationship between the landlord and the brokerage team remains close. The brokers regularly discuss leasing strategy and potential tenants with the landlord. As a result, a broker who switches to advising a tenant often finds themselves in a delicate position: what information should be shared with the landlord and the other leasing brokers—and what should remain confidential?

BALANCING INTERESTS

This dynamic places the broker in a difficult situation. On one hand, they must represent the tenant’s interests; on the other, they cannot afford to damage their relationship with the landlord. This dilemma is amplified by the size of real estate portfolios and the broker’s commercial dependence on maintaining a strong relationship with the property owner.

From a commercial standpoint, the imbalance is obvious. A tenant typically signs a lease for 5 to 10 years, resulting in sporadic contact and limited revenue potential for the broker. This conflict of interest can significantly undermine the objectivity of the advice provided to the tenant.

THE INDEPENDENT TENANT ADVISOR

Given these complex relationships, it is wise for office tenants to hire an independent tenant advisor. Their role is comparable to that of an attorney. While lawyers routinely assess potential conflicts of interest and clarify who they represent, brokers often skip this step. Their opportunistic, transaction-driven approach stands in stark contrast to the ethical standards found in the legal profession—raising questions about broker integrity, particularly at a time when compliance and conflict-of-interest prevention are central to business practices.

It is remarkable—and concerning—that brokers are asked so few critical questions about their methods, incentives and potential conflicts of interest.

An independent tenant advisor has in-depth market knowledge, asks the right questions, and ensures transparency throughout the process. This allows tenants to benefit from professional, conflict-free guidance when searching for their ideal office space.

A BROADER VIEW OF YOUR LEASING PROCESS

A good advisor oversees the entire process. In a leasing transaction, the expert not only evaluates the deal itself but also the broader context. Important considerations include:

Testfit
A landlord’s testfit is typically prepared to present the space in the most attractive light, which can result in unrealistic layouts—for example, showing more workstations than the space can comfortably accommodate. Ask three landlords for a testfit and you will likely receive three different interpretations. For an objective comparison, have your independent advisor prepare a realistic layout aligned with how your organisation operates. This ensures you are comparing apples to apples.
The whole package
Choose an advisor who looks beyond their own area of expertise. What matters is the full picture: the transaction, the design and realisation. A sharply negotiated rent may seem like a victory, but if issues around layout flexibility or technical condition are overlooked, costly surprises may arise. A thorough technical inspection is essential. Bring in a project manager to assess the space and use those insights strategically during rent or refurbishment negotiations.

Independent advice

Finding the right office space is crucial to the well-being and productivity of your team. Do you need an independent market analysis that provides a complete overview of all available offices suited to your organisation’s needs? We are here to help.

With our expertise in the Netherlands and abroad, we ensure you make an informed, conflict-free decision that truly serves your interests. Together, we will find a space that meets your requirements—and enables your business to grow and flourish.

Olivier van Gool

Partner & Strategic Advisor

[email protected]

+31 (0)6 534 709 09

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