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
Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.
Undoubtedly the ‘one-stop shop’ has become a trend that has evolved over the past decade. The ‘one-stop shop’ offer, combining the lease negotiation, workspace design, fit out project management, relocation and even completing the make-good in the exited leased premises offers a compelling proposition to many leadership teams, particularly those unfamiliar with the expertise and challenges of the leasing, fit out and make-good businesses.
The relationship between the Tenant Representative and the client organization will develop over the period from start of lease negotiations through to occupation, so keep the relationship even stronger by offering the additional services of their organization.
Working on the fact that retaining an existing client is more attractive than finding another, develop rapport and a genuine interest in how they are doing, and offer help regularly. ‘One-stop shop’ arrangements, can provide transparency in all cost arrangements, and provide ‘value for money’ outcomes with the added value of a pool of experts who know how to find the other specialist advisers, suppliers, and contractors that the client needs.
In this course, you will gain an understanding of the phases and key milestones of your client’s journey, and how and when you could have conversations about the pool of core capabilities in your organization that can help the client complete their project.
Approximately 20 Minutes
Makegood refers to the clause in a lease that sets out how a tenant should leave a property when the lease comes to an end, whether by the expiry of the term or earlier termination. Standard leases contain makegood provisions requiring tenants to put space back to “as was” condition or, frequently, to a full open plan condition even if the fit out was an earlier tenants fit out.
A Tenant Rep may still be working with their client once they have helped them procure their office accommodation, and this may include helping to agree the scope of works with the lessor for a makegood and help source quotes and finalize the appointment of the contractor to do the work on behalf of the client. This could possibly be managed also by the internal Property Manager, but it is also possible that it is preferred that the Tenant Rep look after the exit obligations.
In this course, you will look at what a makegood obligation is, the types of things that the client organization may need help with, and other situations where in the cases, of less defined makegood obligations, the exiting/seller organizations may not need a reinstatement/make good but a disposal strategy to exit their premises.
Approximately 20 Minutes
A due diligence period is the time afforded a purchaser or lessee to enter and upon the site to study, examine and inspect all aspects of the property. This time is also commonly referred to as the “feasibility period”, “study period” or “investigative period”.
There are several due diligence exercises that may be run over the building deal before the Heads of Agreement (HOA) is signed. These can include financial due diligence, IP due diligence, commercial due diligence, IT due diligence, HR due diligence, regulatory due diligence, and environmental due diligence.
In this course, you will gain an understanding of the different types of due diligence, but essentially focuses on ‘’Internal focused due diligence and building review” which covers most of the due diligence types outlined above, but most importantly, commercial and financial due diligence. The regulatory due diligence will be discussed a little later when complying with the Landlord requirements of fit out and occupation. You will find out more about who’s engaged and involved in due diligence and certification when nearing final negotiations and Heads of Agreement.
Approximately 20 Minutes
Students will gain an understanding of how to develop a property procurement strategy, along with some common challenges and best practices in this area.
Students will gain an understanding of lease essentials and terminology, along with the different forms of agreement used in leasing documentation.