Creating a Short List of Viable Buildings and Spaces

January 7, 2019

In one of my last posts I wrote about identifying building options that meet a previously identified set of search criteria. At that stage a wide net is cast and all potential options are identified and presented. Depending on the size of the space requirement and how tight the other criteria are, this could be a pretty long list. I believe that it is important to present all possible options to a client for review because sometimes thoughts change and search criteria are modified.

Once the long list is identified, the next step in the process is to narrow the list to a manageable number of viable options for further evaluation. We will typically meet with a client and review the long list with them. During this meeting we discuss nuances of each building and provide insight based on our market knowledge. One of the biggest things we discuss is the ownership and debt structure of the building and how that may affect our client’s ability to complete a transaction. Not all landlords have access to and willingness to spend capital for tenant improvements and building upgrades. In addition, some landlords are much more difficult to negotiate with than others.

The goal in this meeting is to help our client select a short list of buildings to physically see and hear the landlord’s presentation of building attributes. The list is typically 6 – 10 buildings. We will accompany our client on the building tours and have a discussion post tour to further refine the list and eliminate buildings that obviously won’t work for one reason or another. The point of all this work is to arrive at a short list of viable buildings that we will request proposals from. The RFP will be the topic for another post.

Contact Jim, Sam or Ben to schedule a virtual or in-person meeting today.