Tips and Tools Await:
Information for landlords and operators
Tips on knowing What to Build
We recommend building a space that is at least semi-ready to move in and flexible, which many small spaces are not built for. It is important to focus your efforts and not over think the dollars for tenant improvements. Here are the few things to work through.
Calculate Space
Square feet can be confusing, but it is actually rather simple. We break it down from one room to setting a standard at 1,000 square feet, which can be easily multiplied and divided. Our basics will help you understand the square feet question.
Office Environments
Knowing office layouts can be confusing, but it is actually rather simple, just three basic types: open, collaboration and private. Here we list the basics and a few trade offs.
Types of Lease
Signing a lease can be confusing, so getting the basics right is essential. Finding the right space and executing an agreement can be overwhelming. Here are the few things to know about lease types to get you started.
Activity-Based and Flexible
Utilizing a space can be confusing, so getting the future right is essential. Before Covid the workplace was already going through a major disruption. Now this has been accelerated.
Coworking vs. Flexible Private
Both coworking and flexible private offices are broad offerings and can have elements of shared spaces, desks, timeshares and even private offices. One is based on membership and the other by lease, we can help you decide which is better.
Usable vs Rentable
This is really about calculating common areas. The rate you pay, one way or another, usually includes helping a landlord cover the amount of common area available. Just looking at a flat rental rate, you may not realize that higher rents may give you more bang for the rental buck.
Loss Factor
Loss factor is simply the difference between what is rentable and what a tenant pays for the the usable area. While reasonable for shared spaces, landlords can often pass this as part of the rent for the building’s common area and can include the lobby, elevators and even the interior of a wall.
Square Feet-ipedia
When looking at “square feet” be sure you know what square feet number you are looking at. The term “square feet” can mean a number of things and people can have a common understanding of the word, but landlords know the nuance. Here are some defined terms to know.
Building Grades
Learn the Building Grading Scale. When looking for a building, you may see a grading scale, but just because it is a B or C, it doesn’t mean that isn’t what you are looking for. Classes of buildings largely has to do with location and type of building.
Base Year
The Base Year is first year of an agreement and includes a precedent of how much a tenant pays for shared building expenses for the term of their lease. Thus, these costs can actually vary and be a challenge for a business to anticipate.
Commercial Letter of Intent
The Basics on the Commercial Letter of Intent. Finding a space you like, you should consider submitting a letter of intent, even if you are undecided. It will start the process of getting specific details on a potential lease.
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