THE TENANT PLAYBOOK: Keys to Success

Tenants considering new premises are often overwhelmed by the complexity of the task. In addition, they most often continue to run their operation from their present location, while at the same time planning to move/relocate. Talk about a heavy workload!

As with everything in real estate, DON'T GO IT ALONE! Engage the services of a qualified commercial leasing specialist on Day One. Interview only qualified specialists in your market area and select the one who appears best suited to assist you in finding new premises.

Now that you have engaged your Tenant Representative, what are the key elements of your relocation plan that need to be determined? A typical list would be as follows:

• Lease Commitment Period (5, 10-20 years)
• Locational Parameters (based on your clientele and market priorities)
• Premises Size & Design (sq. ft. range, ground floor/above ground, multi-unit/freestanding)
• Interior Layout (floor plan requirements, staffing size, windows/exterior light)
• Parking Needs (on site, street parking, municipal parking, no parking)
• Signage (facia box, multi-tenant pylon sign, window signage, directory board)
• Accessibility (key in most jurisdictions across North America)
• Networks (fibre cable, high speed internet, satellite)
• Landlord Incentives (rent free period, TI allowance, turn-key/build to suit)
• Availability (to commence both the tenant's work and business operations)
• Options to Expand/First Rights on Adjoining Space

Although not necessarily a conclusive list, this forms a solid basis for the objectives needed to secure new premises. As a tenant, you need to present your requirements in a very clear manner, based on your foreseeable needs. This is a vital part of the Tenant Playbook. It forms the basis of the properties which you consider. It will also ultimately form the basis in your decision making as you create a short list of viable property options and compare them.

Next up from the Tenant Playbook: the most effective approaches in negotiating with the Landlord. As always, we're just a click or call away from discussing the investment opportunities here in Windsor-Essex!