Overview of Tenant Representation Process
If you are planning to lease retail, office or industrial space, it will will typically require 1 – 3 months from the start of the process through the execution of the Lease by the Landlord and Tenant. From the date of the execution of the Lease, it will typically require an additional 1 – 3 months to complete the tenant improvements in the space and open the premises for business. Consequently, the entire process from the start of the leasing process to the opening of the premises for business will be a 3- 6 month period. A typical Leasing Timeline follows.
Typical Leasing Timeline
- Determine space requirements and preferred geographic location
- Analyze available potential properties
- Tour available properties that meet your requirements
- Submit Letter of Intent on selected property to Landlord
- Negotiate Letter of Intent to execution by Landlord and Tenant
- Begin the negotiation of the Lease document
- Negotiate Lease document to execution by Landlord and Tenant
- Commence space planning, architectural & preparation of Construction Documents (if necessary)
- Begin Construction Contract bidding process
- Building/Construction permit issued by appropriate authorities
- Commence Tenant Improvement construction
- Complete Tenant Improvements construction
- Certificate of Occupancy issued by the appropriate authorities
- Premises turned over to Tenant
- Premises opens for business
The Leasing Timeline is an overview of the typical steps in a lease transaction and the normal time periods required to complete the steps. Each lease transaction is unique and the specifics of each deal will determine both the required steps and the time period required from the start of the leasing process to the opening of the premises for business.
As an example, the entire process could occur as quickly as 90 days if a client selects a space that requires no Tenant Improvements so that there is no need for space planning, architectural, construction document preparation or construction. This also assumes that from the start of the leasing process through the execution of the Lease by Landlord and Tenant the transaction proceeded fairly quickly and efficiently.
On the other hand, if a client leases a space that will be utilized as a restaurant/bar or an office space that has to be demolished and rebuilt to accomodate the client, it may require at least 6 months to get the business open. This is due to the necessary additional time spent in planning, architectural, construction document preparation, construction contract bidding, permitting and the construction of the tenant improvements.
If you are contemplating leasing space, please contact us and we will provide you a no cost, no obligation realistic timeline of the leasing process based upon the specifics of your proposed use.
We offer a full range of Analytic Tools to insure that you are leasing the best space in the best location on the best terms to assist in making your business successful. The Analytic Tools include, but are not limited to:
- Market Area Analysis
- Site Analysis
- Demographic Analysis
- Traffic Counts
- Trade Area Analysis
- Trade Area Customer Profiles
- Market Demand Analysis
- Competition Analysis
- Labor Pool Analysis
- Transportation Analysis
- Lease vs. Buy Analysis
If you are planning on opening a retail store, restaurant or service-type business, we can provide you with very specific demographic and consumer spending information on the potential customers within a selected radius from the proposed premises. This will assist you in locating your business in a geographic area that wants and/or needs the product or service you provide.
If you want to lease office space, we can provide you with specific information about the demographics of the potential labor pool near the proposed premises and provide you with an analysis of transportation options serving the proposed premises.
If you are considering leasing industrial space, we can provide you with specific information transportation options and travel times specific to your business.
Regardless of the type of business you are opening/relocating/expanding, we have valuable Analytics Tools available to our clients that will assist in maximizing the potential of your success.