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PROJECT MANAGEMENT
START TO FINISH SOLUTIONS
When it comes to leasing commercial property, there are usually just a few scenarios.
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1. AS-IS.The tenant loves the space just the way it is and agrees to sign a lease and take it as-is. This is self explanatory, so we will not spend any time on ti.
2. BUILD TO SUIT. The tenant loves everything about the space, is willing to pay the advertised rates, but the existing layout does not meet the needs. This will be a build to suit scenario.
3. DESIGN-BUILD. And finally, a Landlord is deciding to build out a space (in most cases a vanilla shell, or dark space) without having a tenant for it. The landlord may decide to subdivide a larger space into smaller suites in the hopes of attracting tenants with a move in ready product. This is a build it and hope they will come approach. In some markets there is a higher demand for smaller suites, with tenants generally wanting to move into the suite in thirty to sixty days. A build to suit would not work for these tenants since they can not wait for four to six months to take possession.
BUILD TO SUIT
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PRE-LEASING
As part of our marketing approach we take the time to measure your space and lay out an as-is design plan of the offered suites. We do this for marketing purposes, but also for some of the reasons mentioned below.
Visualizing the Space
In many cases the Tenant’s business needs do not fit the existing layout a Landlord may offer. The suite may correspond when it comes to location, size and rates, but the layout will need to be modified to suit the tenant’s use. We found that most people don’t have the training and ability to visualize a space. They just can’t tell if that particular space could fit their needs even if modified. Not without seeing it on paper. And who can blame them? This is where we come in.
The conceptual plan
Once we are in talks with a potential tenant, we can quickly turn around a conceptual floor plan of the suite based on the tenant’s actual needs. Experience proves that doing it provides exceptional value and increases the number of closed transactions. It keeps the tenant engaged and allows the tenant to visualize and understand how the space can benefit the company. The tenant has the opportunity to comment on the plans so we can further improve the layout.
In the event the space needs alterations, there are usually two options: Either, (1) the tenant does the work, either at the tenant’s sole cost and expense, or at a shared cost with the Landlord, or (2) the landlord does the work, either at landlord’s sole cost and expense, or at a shared cost with the tenant.
This, along with all other terms of the deal, are negotiated prior to lease signing.
Optimal Layout
During the process of negotiations, it is crucial that we are able to satisfy the needs of the tenant with the optimal layout. In our eyes, an optimal layout means the least amount of build out to achieve the tenant’s goals. We try to keep as much of the existing build out as possible and be creative and smart about using the space. This ensures that regardless of who is paying for the build out, the economies of the deal are kept under control.
Having the conceptual design plans before lease signing saves a lot of time during the negotiations and makes all parties more comfortable. It also saves money by eliminating the need of paying for architectural fees before the deal is even inked.
High costs equal high rates
We understand that high build out costs directly translate into higher rates and longer times on the market. We also understand that if a landlord has the ability to execute a build to suit in a cost-effective way and in a timely manner it can probably attract more tenants and fill vacancies faster. All while still getting the best rates possible.
Pre-leasing Estimates & scope of work
Based on the mutually agreed upon conceptual plans, we can bid out the work before lease signing and obtain estimated costs of the proposed changes. Based on this the parties have an opportunity to negotiate the rates and any cost limitations. We work closely with the landlord, tenant and their attorneys on laying out the scope of work and attaching it to the lease.
Architectural and MEP Plans
Once the lease is executed, we coordinate the build out process. We obtain bids for full sets of architectural plans and negotiate optimal prices and turnover times. We present the architect with our conceptual plans, saving time and money. We work with them on any suggested modifications or cost saving strategies.
Contractor Final Bids
While the architectural and MEP plans are in the works, we reach out to a network of contractors and we prepare them for bid submittal. Once the plans are complete, we coordinate the bids with the contractors and negotiate on your behalf. We interview contractors face to face. All negotiated final bids are presented to the paying party for review and final approval. We work closely with the paying party, contractor and their attorneys on laying out the scope of work and attaching it to the construction contract.
Construction
Once approved, we move to the actual construction phase. To put it simply: permitting, demo, build out. During the entire process we are there so you don’t have to be. We coordinate and supervise the process and keep you updated on the progress. We make sure there are no unwarranted delays, and that the work is of quality and delivered on time.
Finish
We are there for the final walk-through and punch-list and continue until all items are completed and the tenant takes possession of the space.
DESIGN-BUILD
The conceptual plan
In the design-build scenario one must understand the local market and demand. A layout should be responsive to the market demand, should be fluid and scalable.
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Market Demand
As Real Estate Brokers, we rely on our studies of the market, local knowledge and years of experience in the leasing and investment sales industry. We then apply it all to the design of the space in question.
Optimal Layout
In this scenario, an optimal layout should be responsive to the market in both size and fluidity of the layout. We try to keep as much of the existing build out as possible and be creative and smart about using the space. This ensures that the economies of the deal are kept under control.
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When designing conceptual plans for this purpose we also think of future scalability and possible alterations. How can we lay out the suites where in the future we could connect two or more suites to create a larger space for a possible tenant? Or, how can we lay it out where we could split a suite in the future? How can we do this with the least amount of effort and expense?
High costs equal high rates
We understand that high build out costs directly translate into higher rates and longer times on the market. We also understand that if a landlord has the ability to execute in a cost-effective way and timely manner it can probably attract more tenants and fill vacancies faster. All while getting the best rates possible.
Pre-CONSTRUCTION Estimates & scope of work
Based on the agreed upon conceptual plans, we can bid out the work and obtain estimated costs of the proposed changes. Based on this the landlord can have the opportunity to decide on the approximate economics of the deal.
Architectural and MEP Plans
Once the landlord is comfortable with the mechanics and economics of the project, we coordinate the build out process. We obtain bids for actual architectural plans and negotiate optimal prices and turnover times. We present the architect with our conceptual plans, saving time and money. We work with them on any suggested modifications or cost saving strategies.
Contractor Final Bids
While the architectural and MEP plans are in the works, we reach out to a network of contractors and we prepare them for bid submittal. Once the plans are complete, we coordinate the bids with the contractors and negotiate on your behalf. We interview contractors face to face. All negotiated final bids are presented to the paying party for review and final approval. We work closely with the landlord, contractors and their attorneys on laying out the scope of work and attaching it to the construction contract.
Construction
Once approved, we move to the actual construction phase. To put it simply: permitting, demo, build out. During the entire process we are there so you don’t have to be. We coordinate and supervise the process and keep you updated on the progress. We make sure there are no unwarranted delays, and that the work is of quality and delivered on time.
Finish
We are there for the final walk-through and punch-list and continue until all items are completed.
Marketing the spaces
In parallel, we aggressively market the spaces for lease in the hopes of securing tenants while the construction is taking place. We continue the efforts until each space is leased.
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