Students will gain an understanding of common techniques to achieve reduced floorspace and why a storage strategy is so important in the property procurement process.
In addition to the phases and terminologies of the commercial property lifecycle that a Client and Real Estate professionals will become familiar with when undertaking a commercial property project, there are other terms that are standard in the industry, and which form the conversations of Lessor and Lessee (also known as Landlord and Tenant) and the service providers and subject matter experts that assist in the procurement process such as Certifiers, Surveyors and Solicitors.
In this course, you will gain an understanding of many of the more common terminologies used when undergoing any number of phases through the commercial property lifecycle of workplace strategy development through to occupation of premises, including Property Acquisition Project Planning, Needs Analysis and Strategy Development, Market Search and Shortlist, Evaluation and Analysis, Negotiations and Heads of Agreement, Exit Obligations, and New Space Preparation & Relocation.
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
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
A comparable premises benchmark will provide data on what type of space other organizations are leasing.
Perhaps this is because the client organization wants to compare themselves to a competitor or perhaps they just want premises descriptions of building grades, fit out models, and amenities available in the market so they can compare their current use of premises to other businesses. Often this data gives organizations a feel to what is good practice today and will be used when pulling together the business case for any impending relocation.
In this course, you will gain an understanding of what is included in commercial real estate benchmarking and how it will benefit the property acquisition process by providing comparable both in premises and rent structures, as well as find out what the Tenant Rep and client may discuss regarding benchmarking and the Stay vs Go analysis.
Approximately 20 Minutes
It is important for the Tenant Representative to get the essential information on their client’s requirements before they can determine the best way forward to help them.
Through a thorough Needs Analysis process, the Tenant Representative and the client are now in a better position to recognize the company aspirations, visions, and business needs.
The client project brief is the blueprint of what the client wants and what will eventually be endorsed before the Tenant Representative can set off to do their premises sourcing work.
In this course, you will gain an understanding of the methods and process of how the Tenant Rep brings together in draft what they know from the work done to uncover the needs of the organization and help them identify what they don’t know about the business and how they will get this information to inform a clear and complete brief, that won’t change.
Approximately 20 Minutes