Be proactive when thinking about real estate, even in the distant future. It’s challenging to find the right space, and teaming up with a good, experienced team of consultants is necessary to make a good decision in time.
Tenant Representatives need to capture as much detail as they can before they commence premises sourcing for their client. Their expertise is undoubtedly transactional and is solid across many facets of the commercial real estate realm, however dependent upon their exposure to larger clients and projects, workplace strategy and space planning techniques may be quite unfamiliar to them. For this reason, the Tenant Rep will either attend or touch in with a workplace strategy team or any other consultants (like the space planner) who may be engaged to do this work and find out how the work is being undertaken and what it is yielding.
A space needs analysis is best done by first understanding the process flow of the company, however, the results are not solely based on the spaces from the existing spaces in the workplace because sometimes needed spaces may be redundant or non-existent in the existing workplace. Always refer to the clients and stakeholders and check if they have some extra requirements in mind for their future workplace.
In this course, you will gain an understanding of how the discovery activities take place and what inputs should contribute to the client brief.
Approximately 20 Minutes
How to get the client organization to their new premises is not potluck. It has a great deal to do with mitigating issues as the Tenant Representative and their client navigate through the phases of property acquisition - to design development, - from design to fit out project delivery, - and the constancy of stakeholder engagement and messaging through change management. In addition, let’s not forget the due diligence through all phases and the importance of resourcing and procuring of project team members, technical consultants, and suppliers throughout all phases.
Having a robust relocation strategy is also essential but it is way away in the horizon for the Tenant Rep and their client presently and there are so many factors that will impact the date of relocation and the experience that the organization and their employees will have along the way.
Obviously if you are at the phase of developing a transition plan, then you already know about the issues that may have occurred that affected the transition program and eventual relocation dates. But let’s go back in time and shine a light on the issues or challenges before they happen and how being aware and mitigating the risks during the property procurement and acquisition phases, should be on the Tenant Representatives and their client organizations radar before the situations occur.
In this course, you will gain an understanding of project challenges and how a 'bad' situation can occur, what could be done to mitigate the bad situations, what a successful relocation strategy looks like, and learn about the planning, delivery and how the project closes to move things for your client to BAU operations.
Approximately 20 Minutes
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
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
When looking at alternate premises to suit different business needs, an analysis of the properties (evaluation and analysis) is required to determine whether the cost advantage offsets the disadvantage of having a split workforce with duplication of key business support functions and amenities, such as receptions, meeting rooms and informal breakout areas. The evaluation and analysis is next after the premises are inspected and the Tenant Representative, on behalf of the client seeks proposals on preferred options. But let’s not jump too far ahead, as that comes after the process we are currently in – which is the review and inspections of the shortlisted properties!
How does a well-organized inspection looks like from the client’s perspective? The Tenant Rep must use their emotional intelligence when working with their client to understand what a good day looks like when inspecting properties. There are many factors that the Tenant Rep needs to consider when working with their client and Maslow’s Hierarchy of Needs shouldn’t be ignored here. Clients have a requirement like all humans to have their needs met to ensure they are performing at their optimum during this time.
In this course, you will gain an understanding of the process of premises inspection and the critical things to consider when developing a quality shortlist.
Approximately 20 Minutes
Students will gain an understanding of how to develop a project budget and calculate construction costs for an office fit out.