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Leasing Process on office
space
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".
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