After years of working on adaptive reuse and complex development projects throughout the Twin Cities, we have learned that successful projects don’t happen unless you embrace the idea of possibility.
We bring a development mindset to our leasing work that helps to ensure successful projects that fulfill our clients’ goals. The depth of our development and project management experience means that we are ideally suited to guide a client throughout the entire process, from leasing through construction. While each project is different, our approach to collaborating with clients is the same:
OUR LEASING PROCESS
Element’s typical brokerage process follows the same six steps regardless of the size of the project. The overall process is shown graphically below, which is based on a typical 5 -7 month process for securing a new space. This process can be shortened or lengthened depending on a tenant’s parameters and timeframe.
Our process would begin with establishing the vision for your space. This would likely include a detailed meeting with your leadership group to identify and prioritize the basics of the lease requirement (location, size, future growth, amenities, aesthetics, price and lease term). The phase where we explore options can be as efficient or extensive as the team wants to make it. The type of space you are looking for will determine the factors that will influence the ultimate success of the space search:
It is important to understand how your team works – we have found that your office culture is the number one factor for determining the type and size of space you need for a successful space. It is especially critical to understand your growth projections – how much and how fast you plan to grow – as it will determine how important potential expansion space will be and how we structure future lease terms from a right of first offer/refusal to early termination rights.
Site selection for retail locations is most successful when you can clearly articulate a detailed customer profile including age, gender, where they live, where they shop, income, education, etc. With that in hand, we can provide enhanced location selection services by utilizing GIS tools to map where your customers live to improve your ability to reach your target market for this and any future locations. Part of the visioning process will also include discussions of what your business needs in terms of signage, parking, column spacing, ceiling height, and aesthetics, as well as any noise or vibration concerns that might limit whether you can locate in a mixed use building.
It is important to understand how your business operates – how you store receive, store, and distribute products – as this will determine the size, configuration, clear height, column spacing, loading dock configuration, and size parking lot you will need for a successful and efficient space. It is especially critical to understand your growth projections – how much and how fast you plan to grow – as it will determine how important potential expansion space will be and how we structure the initial lease term as well as any right of first offer/refusal to early termination rights. We can also offer enhanced location selection services by utilizing GIS tools to map where your current or future employees live or the most efficient routes between you and your customers.
PLAN EARLY, AVOID COSTS
We use an integrated design approach as tenant advisors. By investing in developing a vision, exploring alternatives, thoughtfully evaluating options, and then negotiating the best deal, we can deliver the vision while avoiding unexpected changes that result from poor planning.
We always evaluate total project costs for each option prior to sending initial counters to landlords, which helps to avoid major surprises. We feel that your best opportunity to influence cost and quality is early in the leasing process.
Element will work closely with you and your firm 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 as your owner representative, but we can also support your team behind the scenes if that is preferred.