Take your requirement from notion to motion
Skipping the planning stage triggers a number of the Top 10 mistakes most commonly made by office tenants. It is crucial to understand your property requirements through the process of evaluation and forecasting.
Determine future needs
Commercial leasing decisions should consider medium- to long-range business goals for leases running three years or more. Guided by professional workplace strategists and space planners, the process of constructing a real estate brief to achieve your business objectives will consider questions including:
- Is your business growing or shrinking?
- What are your brand values?
- What are your preferred work settings?
- What types of employees will you have in the future?
- What will your technology requirements be in three years?
- Are you considering acquiring or merging with other firms?
- What effect will moving have on your customers and staff?
By working through this concept planning phase, you will achieve the maximum benefit—both financial and strategic—in the relocation or reconfiguration of your office space.
If the workplace design happens solely during the design and construction phase, only minimal gains are possible.
Involve key internal decision-makers
Assemble a team with the breadth of skills to drive the project. Involve your experts in information technology, human resources and finance. They will be familiar with specific future trends that may influence your requirements and decisions. Their involvement from the outset will help clarify and focus your brief and achieve internal buy-in.
Be sure to appoint a project leader to connect with your internal stakeholders as well as with your broker and consultants.
Create a real estate brief
The briefing process begins with the documentation of your workplace requirements.
- Growth projections
- Office space size
- Space configuration
- Organizational vision
- Cost parameters
A well-prepared real estate brief will synthesise these elements and translate them into your property requirements. The brief will expedite your decision making process. You will save considerable time by inspecting and reviewing only suitable properties.
Your brief also creates a framework to evaluate and compare your options. An important element in developing this brief is to audit your existing premises— creating a clear understanding of what’s working and what’s not.
What should be in your brief?
Your real estate brief should consider a wide range of criteria:
- Size of space
- Tenant improvement needs
- Number of employees
(maximum and minimum)
- Building services
- Office hours
- Security and access
- Lease structure preferences
- Technical requirements
- Communications infrastructure
- Environmental considerations
- Other unique needs
- Signage/naming rights
Consider ranking each factor in terms of importance, as you may have to compromise on some items, depending on the options available. You can also assign a point value to each factor, with more points possible for the factors with greater importance. Your Colliers professional can help guide you through this evaluation process.
Know your local market and commitments
During this phase, you should familiarize yourself with local office market conditions and existing lease commitments. By knowing the market vacancy rates, supply projections, current rental rates and tenant incentives, you will be in a better position to evaluate various proposals.
Your Colliers International leasing professional can provide you with an office market presentation that describes these factors, both in your local market and in the specific submarkets you identify as most desirable.