Tenant Representation
A real estate transaction is not an isolated event, but is part of a larger business strategy.
A company's lease is a competitive part of their corporate assets that is essential to the effective execution of the company's business plans. We recognize that real estate is a competitive element of our client's corporate assets. With the support of intensive research, aggressive negotiating and an in-depth knowledge of our client's needs, our Tenant Representation Services focus on delivering cost reductions, efficiencies, and appropriate lease structures. As a result, our initiatives typically result in client savings of 20% or more while maximizing the competitive aspects of their real estate.
Whether your firm is expanding, contracting, upgrading its facilities or simply wants the best possible lease, NAI Puget Sound Properties is the proven leader in providing measurable results for Puget Sound area office and industrial tenants.
A Smarter Solution
Good real estate transactions don't happen by accident. Excellent results are caused by the effective execution of specific processes that are designed to save the client time, money, and produce better lease terms:
- Define Requirement and Plan Strategy
- Includes a Strategic View - Understanding the current business status, management's vision and values, competitive industry environment, short and long term goals and objectives
- Assessment and Evaluation of Current Facility - Establish current property inventory, Evaluate physical & technical condition, Analyze current space costs, benchmarks, flexibility, and efficiency
- Identification of Facility Needs and Opportunities - Future space needs, financial impacts
- Assess the Current Real Estate Market - Supply, demand and absorption trends, market projections, sublease opportunities
- Establish and Prioritize Preliminary Goals - Financial strategies, increase efficiency, decrease or contain costs, expand/relocate, respond to business environment changes, create appropriate corporate culture and image
- Define Project Resources and Constraints - Time and Resources, schedule, budget, guidelines and standards
- Qualify and Assess Alternatives
- Market Studies - Surveys and Market reports
- Initial Screening - Evaluate with reference to minimum property standards
- Physical Inspection -Tour sites
- Confirm Specifics - Inventory relevant property features
- Prepare Short List - Quantitative analysis, comparative analysis, upfront and reoccurring cost estimates
- Negotiations
- Negotiation Research - Comparable transactions, landlord/seller business agendas, and capabilities
- Negotiation Strategy - Define negotiating parameters and initial bargaining position
- Preliminary Negotiations - Customize Request for Proposal or Letter of Intent incorporating basic negotiating points
- Analyze Response - Financial elements including Net Present Value analysis of proposal, upfront and ongoing cost differentials, responsiveness to business requirements, contractual flexibility
- Test Fit - Final test for systems and design compatibilities. assess impact on budget, alternative future space uses, efficiencies, design standards
- Final Negotiations - Lease terms, relocation rights, adjustments to base rent, operating expenses, parking, service and utilities, repairs and maintenance, taxes, holdover, tenant improvements, options, rights of first refusal, appropriate legal review by counsel
- Implement Move or Renewal
- Space Planning - Space planning documents
- Design Development - Analysis of major support systems
- Construction Drawings - Preparation of detailed construction drawings
- Construction Management - Quality assurance, inspections, meetings
- Relocation Planning - Asset disposition/acquisition, phasing requirements, and notifications
- Furniture, Fixtures & Equipment - Selection, acquisition, and installation of furniture, fixtures and equipment
- Relocation - Relocation to new premises