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
Students will gain an understanding of what steps to take, what to consider when a commercial lease is coming to an end, and what alternatives may be available if the tenant wishes to end a lease early.
Students will gain a further understanding of factors to consider when looking to buy a commercial property for business operations.
Relocating a workplace to a new building is a decision that will affect the client’s business for years to come. Before making any premises decisions, the engaged Tenant Representative and the client need to have a strategic plan as to where the business is going.
It all starts by confirming exactly why the client needs a new workplace and what they would like to get out of it.
The Tenant Rep and client will undertake a vast amount of work during the needs analysis and strategy development phases when the Tenant Rep is first appointed. All the preparatory hard work comes together here so that a set of principles that summarize the desired outcome at the new location can be highlighted during the review process.
The lease contract that the client business will sign on the new workplace is all-important and there should be a process of thoughtful, detailed discussion among the key project stakeholders in order to find out the best property available for business future planning and development.
A well-written Expression of Interest (EOI) attracts and invites landlords to present a great opportunity that is targeted to fulfill the client's requirements. After reviewing the market submissions and responses from EOI, the Tenant Rep can take the client on site inspections so that a shortlist of property options can be produced.
In this course, you will gain an understanding of how the EOI can be prepared based on the search criteria built from the Needs Analysis and Strategy Development. The course will also discuss the main considerations for the Tenant Representative to look out for when reviewing market submissions.
Approximately 20 Minutes
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.
Students will gain an understanding of the role of the corporate real estate advisor in reviewing and briefing decision-makers on the terms and critical dates within the existing lease, and why this is so important in any property acquisition plan.