Meeting Space and Offices
In today’s world the term office typically means a place where the white- collar workers are employed. However, there are many different definitions of the term office, for instance when it is used in legal writing, any place that has an official presence can be referred to as an office. If used as an adjective it may mean a business related talk.
An office can encompass an entire floor in sky rise buildings, whole buildings, or in the case of the T.V. show Happy Days it may be as small as a men’s restroom. An office can be in a building or in someone’s own home. The word office can also refer to a specific position with a company such as an office, office holder or official. Offices can have one or many people working inside of it simultaneously, or each person can have a different shift and work different hours within the same office. All in all an office is a room or an area in which men and women can work. There is also a term that many people don’t know about that refers too offices; the term is class “A” office space. It’s the best quality of space that is locally available. Usually this space is found inside of commercial buildings, and sometimes the offices are found inside of hotels or malls. Class “A” offices are generally strong and built out of metal and steel. Many times, they are protected from the elements and have elevated floors. Offices usually hold a business inside of it. Businesses are great for offices because they bring in money.
The following information gives you an idea of the Leasing Process and Timing:
You first define necessary space requirements. This includes size and layout (office space calculator); growth and development; cost and term (market information);
representation and quality; geographical area; intangibles and objectives. This normally takes about one day to complete.
There’s also a selection / interview session with the support team. This includes consultants such as a space planner, interior designer, an attorney/CPA and any other persons you’d like to share this plan with to make sure everything is in smooth operation. This process takes about 1 to 7 days.
Next, you determine your alternatives available. You can look into market knowledge of sites available; do a search of database; read through your terms and conditions; or make a list of alternatives. This process will be about 7 to 14 days to complete.
After you’ve narrowed down your choices, you should tour your selections and select 3-5 of the best locations for you and your needs. You should also do a space planning of your selections. Make sure to review and redraw your space plans and then request proposals for those choices. This should be done within 7 to 14 business days.
You can then do an analysis of proposals and alternatives. Do an economic analysis of your choices and outline their efficiencies and other intangibles. You should also do a goal analysis. This process should be about 1 to 7 days for completion.
After you make you final choice, you can create the terms and prepare and present your counter-offer. You’ll be either approved, be asked to renegotiate the terms and cost or to choose another alternative. After approval, you should review the lease for business and legal points. You can also try to renegotiate the terms of lease and then sign the lease if you approve of it. This process takes about 7 to 30 days.
With your selected choice, you can do a tenant improvement build-out. You observe and report progress and do a final walk-through. This will take anywhere from 30 to 120 days. Therefore, allow the whole leasing process to take about 24 to 103 days for “Before Tenant Improvements” and about 54 to 194 days for “After Tenant Improvements”.