2. NOUN
1 : one who acts as an intermediary: as
a : an agent who arranges marriages
b : an agent who negotiates contracts of
purchase and sale (as of real estate,
commodities, or securities)
*Reference: Merriam-Webster
3.
4. Primary Objective
• Review business plans, facility needs and
real estate market opportunities
• Determine the client’s short and long term
real estate requirements
• Prepare a “business case” which will be
the basis for comparing and evaluating
alternatives
5. Define real estate requirements Determine project team structure
• Short and long-term business and • Identify internal stakeholders
organization needs
• Define areas of responsibility
• Time constraints
• Establish reporting and decision making
• Quantity and quality of space required protocols
• Location requirements and preferences • Establish Single Point of Contact and
Steering Committee
• Financial, accounting and operating
parameters
• Internal and external communication
strategies
6. Determine other services that may be Examples of third
required throughout the process party services:
• Identify existing third party service providers • Legal
• Recommend qualified candidates • Project management
• Develop and submit RFP for services • Design
• Evaluate proposals • LEED consultant
• Assist in contract negotiations • Move management
• Define responsibilities • Information technology
7. Review existing lease documentation
• Identify critical dates
– Lease expiry
– Renewal dates and provisions
• Make good provisions/restoration obligations
• Deferred maintenance obligations
• Expansion rights and provisions
• Terminating rights
• Operating costs and management fees
• Assignment privileges
8. Functional Program
• Growth projections
• Current work place and accommodation standards
• Infrastructure requirements
• Corporate design standards
• Industry benchmarking
• Alternative workplace strategies
• Furniture requirements
• Environmental initiatives (LEED for Commercial
Interiors)
• Project budget
11. Potential Alternatives
• Renew existing lease
• Consolidate in other owned or leased space
• Lease new space in another building
• Purchase
• Built-to-suit (own or lease)
12.
13. Primary Objective
• Identify all logical alternatives
• Develop a “short list” for a more
comprehensive evaluation
• Examine current market conditions to
evaluate client’s position
15. Examine the market to determine a Apply selection criteria and reduce to
comprehensive list of alternatives a “short list” of alternatives
• Existing • Evaluate and rank alternatives
– Direct or sublet – Location, access, public transit
– Off market opportunities – Demographics
• Planned or future – Site plans
• Under construction – Floor plans
• Development sites – Financial analysis
– Target developers – Local economy
– Target investors – Identify rights and privileges of
existing tenants
16. Identify alternatives for property tour
and prepare tour schedule
• Identify tour participants
• Review tour objectives and activities with client and
property owners
• Specify additional information required for
evaluation
Conduct property tour and follow up with debrief
meeting
17. Review all market information and
alternatives
• Strengths and weaknesses of each
alternative
• Apply selection criteria to each
alternative
• Preliminary conclusions and
recommendations
Establish action plan for Phase II and a
preliminary project timetable
18. Submit a comprehensive RFP that may
include, but not limited to:
• Base building condition • Options: expansion, renewal,
cancellation, contraction, purchase
• Method of measurement
• Assign and sublet rights
• Lease term and commencement date
• Use of premises
• Rental rate and escalation
• Moving allowance
• Free rent • Landlord policy for capital expenditures
• Tenant inducements and expenses
• Taxes and operating expenses • Security of building
• Non-disturbance
• Audit rights
• Competing tenants
• Security deposit
• Building amenities
• Warranties and building code
compliance • Building owner and lender
19.
20. Primary Objective
• Complete a comprehensive evaluation of
selected alternatives
• Reduce the number of alternatives prior to
commencing lease negotiations
21. Evaluation of Alternatives
• Analyze preliminary site and floor plans for each alternative
– Functional programming
• Layout efficiencies
• Expansion capabilities
• Analyze and compare financial and accounting implications
– Prepare comparative cash flow analysis
– Evaluate lease versus buy option
– Evaluate incentive packages
• Evaluate lease terms and conditions
• Rank each alternative using selection criteria matrix
• Select finalists according to strategy
• Obtain initial approvals to proceed with negotiations
22.
23. Primary Objective
• Select alternative which best satisfies the
client’s needs
• Negotiate terms and conditions
• Create leverage for client
• Finalize lease documentation
24. • Refine negotiation strategy
– Identify specific points of leverage
• Draft offer documentation
– Letter of Intent
– Offer to Lease
– Agreement of Purchase and Sale
• Evaluate counter proposals
• Coordinate legal review
• Verify assumptions
25. • Develop refined construction plans indicating adherence to client specifications
• Review final plan relative to both short and long term growth requirements
• Review final plan to maintain maximum flexibility and efficiency
• Review construction program bidding procedures
• Review construction program phasing
• Review construction program requirements
• Establish program cost budget (design and construction) with preliminary estimates
• Develop program schedule for project development from design through
construction and occupancy
• Establish move-in schedule
• Finalize and execute lease agreement
26.
27. Primary Objective
• Commence final design and construction
activities
• Monitor construction progress and cost
schedule leading to a completed move on
time and on budget
28. • Complete design per program development schedule
• Review construction documents throughout design phase
• Monitor construction schedule and adjust accordingly
• Obtain necessary client approvals
• Supervise construction-bidding program
– Pre-qualify general contractors, construction managers and subcontractors
– Assist or develop bid packages
– Obtain bids
– Review cost proposals and conditions
– Recommend appropriate construction participants
– Determine contract forms and negotiate agreements
• Administer project progress meetings, payment applications and change order reviews
• Assist in move coordination and project close-out
29.
30. Primary Objective
• Consolidate key documents
• Summarize key future action dates which
will be monitored on an ongoing basis
• Tenant completes an evaluation of the
broker’s performance
31. • Prepare summary of key action dates in the lease
• Building rules and regulations
• Certification of building and premises measurement
• Lease memorandum
• Consolidate all key documents
• Evaluate landlord’s compliance with lease provisions
• Evaluate performance of the brokerage
32. • Understand your overall business objectives and/or investment goals, as well as your
short and long-term real estate needs
• Align your real estate requirements in order to support and enhance your bottom
line
• Provide unmatched market knowledge, in order to make sound real estate decisions
• Use market knowledge and experience to create leverage for you to achieve the best
possible outcome
• Develop a strategic negotiating platform that ensures your requirements are met,
while applying a “win-win” approach with the landlord whenever possible
• Provide additional value-added services such as project management, financial
analysis, research, marketing, and more
