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Mastering the Art of Business Space Preparation: Five Key Steps for Success

Ensure your building is ready for prospective tenants or buyers with these essential steps. From making sure your space is clean and code-compliant to understanding your market value, this guide covers it all. Learn about tenant improvements, due diligence for potential tenants, and negotiation strategies that benefit both parties. Get tips on preparing your space, assessing its worth, and fostering successful business relationships. For more assistance, contact Deb Ersland at Redevelopment Resources.

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Mastering the Art of Business Space Preparation: Five Key Steps for Success

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  1. Business RecruitmentFive Key Steps Deb Ersland Redevelopment Resources 608-729-1802 dersland@redevelopment-resources.com

  2. Overview • Is your space or building ready for prospective tenants or buyers? • What is your space or building really worth? • Tenant Improvements – what are they and who pays for them? • Do your due diligence regarding the tenant or buyer • Understand the transaction from both sides of the negotiating table

  3. #1 Is your space or building ready for prospective tenants or buyers? • The space is cleared and cleaned completely. • All lighting works. • White paint if necessary. • Wash all windows. • Remedy any code issues. • The parking lot is debris free. • Well prepared marketing signs with readable contact information.

  4. #2 What is your space or building really worth? • Know what else is available in your market. • Garner information on recent transactions. • What is, or isn’t included in the rental rate. • Talk to bankers regarding their underwriting policies. • What you “need” doesn’t equate to what it is worth!

  5. #3 Tenant Improvements- what are they and who pays for them? • What needs to happen to the space in order to open for business? • Are the improvements infrastructure issues or cosmetic? • Are the improvements code related? • Are the improvements recyclable, or specific to this user? • Get down to the nitty-gritty with itemizing issues. • Can you finance the improvements and amortize the costs?

  6. #4 Do your due diligence regarding the tenant or buyer • Are they experienced? • Do they have a business plan? • Does their financial plan make sense? • Have they adequately anticipated all occupancy costs? • Are they prepared to personally guarantee a lease? • Do they have an established banking relationship? • Are they qualified buyers?

  7. #5 Understand the transaction from both sides of the negotiating table • Which way is the market tipped? • This is a business transaction – keep your emotions in check. • Approach each negotiation with the intent of making a deal. • Market knowledge is power! • Price isn’t the only factor. • Flexibility can offer reasonable solutions. • Utilize a written letter of intent. • Get professional opinions or assistance.

  8. Questions? • Deb Ersland • Redevelopment Resources • 608-729-1802 • dersland@redevelopment-resources.com

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