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Tenant

Step: 
Step 1: Projection
Step Description: 

Ascertain Requirements & Expectations

Approaching the end of your current lease term, and don’t know if you should relocate or stay put? It’s important to evaluate your business and property needs before making your decision. Some questions to ask yourself:

Is my current space meeting business needs?

Does the space enhance my brand value?

What is the operational cost of staying put or relocating?

Keep in mind your mid- to long-range business goals as well, as they determine your space requirements. PropertyBank has the expertise to bring you through your planning stage to help you achieve maximum financial and strategic benefits.

Conduct Office Space Search

Come up with a list of requirements and rank them according to importance to help you evaluate potential spaces. You should also understand the current office market conditions and lease commitments to be in a better position to evaluate proposals. If in doubt, contact a PropertyBanker for a market presentation today.

Shortlist & Discuss Options

When analysing alternative premises, consider timing, financial and other incentives that may be offered. Keeping in mind your requirements, evaluate your options to ensure the benefits of that property match your business objectives. PropertyBank has developed a range of models and matrices that will aid you in your evaluation process. Keep your shortlisted options to three or four spaces.

With your list of proposed premises, you can proceed on to the next stage Proposition

 

 

 

 

Step: 
Step 2: Proposition
Step Description: 

Negotiation on Principal Terms of Lease

The Principal Terms of Lease is the starting point for lawyers to build up the legal documentation, hence it is critical to negotiate them as best as possible from the beginning. Some of the points that will be outlined include:

-          Length of lease: Make sure the length of lease is adequate for your business needs

-          Break Clause: A break clause is handy in a situation where your business is not going according to plan and you wish to terminate the lease early

-          Rent Review: Leases of terms longer than 3 years normally contain rent review clauses to allow the landlord to initiate rent review at regular intervals. Seek to understand the basis on which the rent is reviewed upon i.e. against the open market or retail price index.

-          Repairs: To relieve yourself from potential repairing liability, consider the use of a ‘schedule of condition’ which gives evidence of the condition of the premises when signing the lease.

PropertyBankers have the experience and skills to negotiate your Principal Terms of Lease to limit your liability and advise you before committing to the terms. Arrange for a professional consultation with us today.

Survey Cost Estimates and Plan the Space

There are several ways to compare your cost estimates per space, which PropertyBank would be glad to facilitate on.

Workplace design is also a critical aspect that can impact staff productivity and communication. By conducting a design site audit of the short-listed options, you can determine the work space efficiencies for each property. This will further aid you in your decision-making.

Proceed to the next stage Procuration

Step: 
Step 3: Procuration
Step Description: 

Letter of Intent

This is the stage where you decide which premise to commit to. Once the lease agreement has been negotiated, both the lessor and lessee will sign a letter of intent. This is a document used to brief attorneys so that the final lease documents may be prepared.

This is also the stage where you review the Terms in the Tenancy Specimen and pay the security deposit, usually the equivalent of one month’s rent. Once the landlord accepts the deposit, he cannot rent the property to another party.

Sign Tenancy Agreement

The tenancy agreement is a legal agreement designed to protect both the rights of the tenant and the landlord. It sets out all the terms and conditions of the rental arrangement. Check your rights and responsibilities before signing off on a tenancy agreement and related documents.

You are on your way to occupying your new premise. Go on to Possession

Step: 
Step 4: Possession
Step Description: 

Congratulations, you are on your way to occupying your new premise. At this stage, we advise to create a detailed project plan and timeline to liaise with the different contractors for your office refurbishment. Our PropertyBankers are able to help you manage your fit out plan with our panel of designers and contractors to ensure you move into your office on time and keep building works within budget.       

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