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Office Leasing Guide

OfficeLeaseGuide

Completing or varying your lease documentation; commencing the full design process

Letter of intent

Once the particulars of a lease agreement are negotiated, both parties will sign a letter of intent. This document is generally not legally binding but is a gesture of good faith that terms have been agreed. When signed, this document will be used to brief attorneys so that the final lease documents can be prepared.

Workplace design issues

When a lease agreement is complete, the workplace tenant improvement process begins immediately. At this stage, you should have completed:

  • Needs analysis
  • Space plan
  • Test fit

This will enable you to engage a designer, who may be the workplace designer, with accurate information regarding your requirements. The sooner a designer is engaged, the better the outcome.

It is vital that this stage is viewed as an investment in the organization’s future and not merely a tenant improvement. The development of work space should be directly linked with your organizational strategy.

Office Leasing Guide

Office Leasing

Top Ten

  1. Beginning the negotiation of a renewal or new lease too late
  2. Lacking clearly defined business or real estate objectives
  3. Focusing exclusively on financial costs
  4. Failing to appoint a project leader as the internal single point of contact
  5. Making inaccurate estimations of the company’s space requirements
  6. Failing to leave enough time at the end of the lease to fulfill “make good” obligations
  7. Acting too slowly once a decision is made and consequently missing out on opportunities
  8. Agreeing to terms prior to obtaining a space planning perspective
  9. Failing to allow for expansion space
  10. Lacking the knowledge of future opportunities; often, the best deals are secured well in advance of space becoming available

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