Commercial Real Estate

Individual Courses

UNDERSTANDING COMMERCIAL PROPERTY LANGUAGE - Terminologies Q - Z

In this course

ABOUT THIS COURSE

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.

TOPICS COVERED IN THIS COURSE

Terminologies of Commercial Property - Q - Z

COURSE DURATION

Approximately 20 Minutes

Commercial Real Estate

DEVELOPING THE EXIT STRATEGY

In this course

ABOUT THIS COURSE

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.

TOPICS COVERED IN THIS COURSE

Responsibilities The Exit Strategy Team Have Carriage Of

COURSE DURATION

Approximately 20 Minutes

Commercial Real Estate

WORKPLACE STRATEGY AND SPACE PLANNING

In this course

ABOUT THIS COURSE

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.

TOPICS COVERED IN THIS COURSE

Stakeholder Engagement and Workshop Discovery
Workplace Strategy
Space Planning
Utilization Study
Headcount Review
Storage Audit
Technology Considerations

COURSE DURATION

Approximately 20 Minutes

Commercial Real Estate

THE ROLE OF THE TENANT REPRESENTATIVE – Attributes and Engagement

In this course

ABOUT THIS COURSE

There are two main types of Tenant Representatives, those that work for Corporate Real Estate Agents and those that work independently.

The Corporate Real Estate based Tenant Representative works for a company that has relationships with both landlords and tenants, so there can be a conflict of interest when the same agency is appointed on a building to both lease and manage the building. Their fees tend to be more expensive as they have bigger overheads and KPI’s to meet. Corporate Real Estate based Tenant Representative can have a greater depth of internal services such as project management and workplace strategy, and can leverage other services and expertise quickly to help the client with other advice and services outside their expertise-base. However, quite often they are busy trying to maintain relationships and contracts with global clients, thus the level of service can drop off due to this.

The Independent Tenant Representative, on the other hand, mostly work for tenants only and do not form part of a real estate agency. They do not offer leasing and management roles so there is no conflict of interest, but this also mean that they may be unable to offer the same level of service from start to end. Independent Tenant Representative can provide a more flexible and tailored approach, and the fees can be tailored to suit each client. However, they may have limited time, access, or opportunity to understand how to help the client with other services outside their expertise-base. Having a smaller capacity to take on work also means it may not work with the Clients timing or upcoming lease expiry.

In this course, you will gain an understanding of Tenant Representative, how the Client business can engage with them, and the value they bring to the client organization.

TOPICS COVERED IN THIS COURSE

The Role of the Client-Side Property Manager
The Role of the Tenant Representative
Attributes and Qualities of a Tenant Representative
Main Considerations in Hiring a Tenant Representative?
How is the Tenant Representative Engaged?
What does Good Client-Tenant Rep Engagement Look Like?
How does a Tenant Representative generally Charge?

COURSE DURATION

Approximately 20 Minutes

Commercial Real Estate

COST COMPARISON - BENCHMARKING LOCATIONS

In this course

Students will gain an understanding of viability, cost analysis and comparison and why this is such an important part of the property procurement process.

Commercial Real Estate

CONFIRM CLIENT REQUIREMENTS - Ensure the Brief Aligns Real Estate with the Business Strategy

In this course

ABOUT THIS COURSE

A quality check process is important to ensure that the Tenant Rep knows what the client is asking and that the client project brief is able to reflect that.

Confirming client requirements is an essential early step in property procurement as it helps to make sure the set of criteria defined is aligned to what the organization needs to continue striving in their line of business. During this phase of the property procurement journey, the Tenant Representative is responsible for ensuring alignment between the overall client requirements, business needs and the project brief.

To confirm client requirements, the Tenant Reps need to have the client project brief ready for checking purposes. With all the findings from discovery activities and the input from consultants, they should be able to develop the preferred criteria for the project and transform the initial draft brief into a more detailed, complete client project brief. While this is the main document which the property sourcing strategy will be based on, it is quite helpful if the Tenant Rep has a checklist in place to cross check it against the prepared client project brief, and see whether they have done everything correctly, and have everything they need to plan for the next step - the market property search.

In this course, you will gain an understanding of the activities that the Tenant Rep went through with the client, learn how to examine all the findings, and combine the results into a more complete version of the client project brief. You will also look at how to assess client requirements to ensure everything that needs to be addressed is included in the brief.

TOPICS COVERED IN THIS COURSE

Activities Summary
Review Draft Client Project Brief
Revise Client Project Brief
Confirm Client Requirements
Client Requirement Recap

COURSE DURATION

Approximately 20 Minutes

Featured in this Library

Curated Course Programs

Individual Courses

UNDERSTANDING COMMERCIAL PROPERTY LANGUAGE - Terminologies Q - Z

DEVELOPING THE EXIT STRATEGY

WORKPLACE STRATEGY AND SPACE PLANNING

THE ROLE OF THE TENANT REPRESENTATIVE – Attributes and Engagement

COST COMPARISON - BENCHMARKING LOCATIONS

CONFIRM CLIENT REQUIREMENTS - Ensure the Brief Aligns Real Estate with the Business Strategy

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