The Leasing Process
An experienced and reliable tenant representative can make a huge difference in the successful outcome of your search for office space and leasing process. A Tenant renting office space does so only a few times in his corporate life. Landlords rent space over and over again. Level the playing field by taking advantage of the availability of a good tenant representative. You will find that there is usually no cost to you. In the long run, you will end up way ahead in not only the rent you pay but also in avoiding mistakes. Don’t be afraid to ask your prospective brokers questions to make sure they can perform for you.
Leasing Process and Timing
- Define basic space requirements: 1 Day
Size and layout
Expansion and option space
Price and term
Image and quality
Geographical area
Intangibles and goals - Selection / interview with support team: 1 TO 7 Days
Space Planner
Interior Design (if desired) - Determine alternatives available: 7 TO 14 Days
General market knowledge of "deals" available
Search of database
Verification of terms and conditions
Review list of alternatives - Narrow down alternatives: 7 TO 14 Days
Inspection tours of likely alternatives
Selection of 3 - 5 best alternatives
Space planning of best alternatives
Review and re-draw of space plans
Selection of top 2 - 3 alternatives
Request for proposals on top alternatives - Analysis of proposals and alternatives: 1 TO 7 Days
Financial analysis
Layout efficiencies
Intangibles and goal analysis - Final selection: 7 To 30 Days
Choose top alternative
Establish terms required
Prepare and present counter-offer
Approve, re-negotiate, or select other alternative
Review lease for business points
Review lease for legal points
Review Workletter
Re-negotiate lease terms
Sign lease - Tenant improvement build-out: 30 TO 120 Days
Monitor progress
Report progress
Final walk through check
Time To allow
Before Tenant Improvements 24 to 103 days
Including Tenant Improvements 54 to 194 days