We begin with a thorough review of your existing lease document. We meticulously review all escalations including current rent bills, to verify actual charges. We specifically look for clauses that would adversely affect your company, with great emphasis on issues such as restoration clauses, overage charges, sublease clauses, and any subtle attempts by the landlord to add to the vulnerability of the tenant.
In order to get the most accurate assessment of your space requirements, we conduct a thorough space analysis based on your current utilization and anticipated growth. Included in that analysis are number of executive offices, standard offices, cubicles, conference rooms, etc. We’ll also take into account the storage, hospitality, lunchroom, restroom and other facilities needed based on type of business. Once that analysis is complete, we’ll work with your architectural planners or ours to estimate the space requirements.
We personally supervise and prepare a comprehensive, up-to-date survey of all appropriate space availabilities. Our space research is reliable, professional and detailed. We will gather together all the facts, photographs, brochures, floor plans, building locations and features in order to determine suitability for your operations.
We don’t just rely on database research. We generally inspect 5-10 spaces for every one that we present to you. This ensures that every building and space we submit to you will already have been determined to satisfy the majority of the requirements you’ve identified for us. As in buying a house, it’s not always possible to have everything you want in one package. But we do our best to ensure that you won’t be wasting your time when you go with us to see a space that we’ve selected to show you. We’ll arrange space inspections for your team at your convenience, and they’ll be spaces you will want to see.
Based on initial discussions with you to determine the ballpark of acceptable terms, carefully prepared cost projections are produced for each of the buildings that you select from the space surveys and subsequent space inspections. Each analysis includes base rent per foot, loss factor, electrical costs, tax and operating escalations, government program incentives, free rent and/or construction allowances, buildout costs, lease buyouts (if any), cleaning expenses (if any), overtime service cost, net present value calculations, annuity calculations, and any special considerations for a particular building of interest. Detailed comparative analysis of the alternatives will also be provided.
Often of special importance is the analysis of lease renewal. This is frequently the easiest, most sensible and most cost-effective solution. But don’t presume that you can easily do this on your own. Let’s take a look at some compelling reasons why you may want to work with a broker – and particularly with Norman Bobrow & Company – in a renewal transaction.