In my last post I discussed the importance of creating a space program that supports a company’s vision, culture, employees and work styles. The space program creates an outline for the design and construction of space within a building – any building.
The next step in the process is defining search criteria so that you can identify buildings that may work to house your business. Typical search criteria include; location, class of building, price, access to light rail, covered and uncovered parking, and views. Sometimes the level of existing build out can be a criterion although that is the one thing out of this list that can be fixed.
How large the space requirement is and how tight the geographic parameters are will dictate how many potential buildings are available for consideration. For a 10,000 – 20,000 square foot requirement there could be as many as 50 buildings that have available space. For a 200,000 square foot requirement there may be less than 3 buildings available.
If you like the idea of being efficient with your time then it is important to hire a commercial real estate broker that will present you with a list of qualified properties. What is a qualified property? In my opinion a qualified property is one that meets most (ideally all) of the criteria previously identified. In today’s world it is quick and easy to identify available buildings through a commercial database. The thing to remember is that the database is less than 100% accurate (I think closer to 80%) because of input errors, incomplete information and the fact that the marketplace is constantly changing.
It takes time, effort and thought to validate the information, identify buildings not in the database and compare the buildings to the search criteria. The end product is a long list of qualified properties that meet the unique needs of that client.
Not all brokers will do this. The easy thing for a broker to do is run a survey out of the database, send it to their client and ask for feedback. Unfortunately, this can be a frustrating process that wastes the client’s time.