There are many decisions to be made throughout the property acquisition process. Untested issues and objections can distract from making an effective decision. There are many deterrents to making a call and just as many positives to doing things differently. Thus, to avoid misunderstanding and mistakes in the subsequent phases, it is essential for the Tenant Rep to go through these strategy discussions with relevant stakeholders and get their final approval on the project brief.
Things that have to be done by the Tenant Rep before going to market can be as simple as 3 steps.
First, they must have completed a thorough review of the business needs and aspirations, collected enough on the quantitative data, made a decision in the "renew vs relocate" debate, and managed to develop a full client project brief from all the discoveries and analyses.
Second, book a meeting with the client, and be ready to present the brief with a strong strategy action plan that is created based on the efforts from previous engagements such as workshops and discovery activities.
Third, get the endorsement of the client brief, and after obtaining the approval, the Tenant Rep can start to talk generally about the next step, which is Expression of Interest (EOI), for their premises sourcing project.
In this course, you will gain an understanding of the steps discussed above through the perspective of a Tenant Rep and learn how they do things normally to ensure that the prepared client project brief is endorsed before going to market.
Approximately 20 Minutes
Students will gain an understanding of how to develop a project budget and calculate construction costs for an office fit out.
At some point it may be necessary for a tenant to consider sub-leasing part or all of an existing leased premises.
The tenant representative and the tenant (or the client) need to investigate sub-leasing in more detail, to understand the steps and considerations involved in sub-leasing commercial space and look closely at the pros and cons of it. They need to look at the mechanics of sub-leasing before they get into how this rather complicated process can be implemented to help users stuck in space they don’t need or can’t use.
In this course, you will explore when and why an existing or new tenant may want to sub-lease a commercial space and look at best practices in sub-leasing.
Approximately 20 Minutes
Students will gain an understanding of needs analysis and space planning, and why these elements are so important in the property procurement process.
The asset disposal as part of the exit obligations is just as important as the relocation and hand back of premises itself and is a link in the chain to achieve lease obligations.
To meet exit obligations the outgoing tenant needs to leave the landlords asset in the same condition to which they found it, i.e., when the lease started. There will be some wear and tear tolerated, and in the cases when the tenant negotiates to remove any fixtures to reinstate to the prelease conditions, they must also manage the disposal of their redundant or retired assets.
In this course, you will gain an understanding of the need to think outside the obvious when it comes to lease expiries and exit obligations.
Approximately 20 Minutes
Students will gain further understanding of lease terminology and the different types of rental structure used in leasing documentation.