Element was built on the belief that the best solutions arise out of collaborations between people with different ideas, perspectives, and skills. Our approach to leasing is the same – we partner with our clients and collaborate with talented professionals to create dynamic and powerful teams. We go beyond real estate transactions to build strong relationships with our clients and partners.
The fact that our expertise goes beyond leasing into development and project management means that we approach deals like an owner. We are highly aware of the need to maintain both the rates and the lease up schedule in the project proforma. We will keep driving until the project is fully leased because we know that the owner’s profit lives in those last few deals.
Element works closely with owners to develop leasing plans that maximize rentable square footage and create a mix of spaces that will appeal to a new generation of businesses and customers. In addition, we will help you develop an overall real estate strategy that renewals, relocations, and other strategies that will help owners successfully reposition their properties.
HOW WE WORK
Element’s typical landlord leasing process follows the same five steps regardless of the size of the project. Our process would begin with establishing the vision for your space. This would likely include a detailed meeting to identify and prioritize the economic goals of the owners in terms of returns, capital outlay, and length of investment. This is typically accomplished during a kickoff meeting, and would generate parameters for future leasing proposals.
Working closely with you, we will evaluate each option in terms of total capital outlays including tenant improvement investment, commissions, free rent, etc., with a sensitivity analysis for differing rent levels and down time. Once completed, we will compare that against your proforma goals to determine which option best fits the financial goals of the owners and use that information to negotiate with potential tenants. We also work closely with ownership and potential tenants to manage the design and bid process, providing guidance and advice to better facilitate a deal and avoid cost escalation that can kill a deal. Finally, if so desired, we can assist ownership in serving as the owner’s representative during the build out of the tenant space.
We utilize all of the major listing services as well as direct contact and personal relationships to market the property, complete tours, solicit proposals, execute LOIs and negotiate the lease/purchase agreement, utilizing our years of experience as landlord representatives to focus on the issues that are most important to you. A specific marketing strategy is developed for each property based on the leasing goals, timeline and owner budget.
We provide regular reports to track deals for each space, providing full transparency for ownership to better understand inquiries, tours, proposals as well as the metrics of deals that are being considered. Our system can also be utilized as an asset management system to track lease roll, options and renewal rights.
Element will work closely with you during the lease negotiation process to ensure that the final document reflects the executed letter of intent, and to offer any assistance to speed the deal towards final execution. After the execution of the lease, our involvement in overseeing the design and construction of the leased space can be as minimal or as extensive as you require. We have the experience to project manage the overall design and construction process for the landlord or the tenant, but we can also support your team behind the scenes.