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Leasing Cycle

Commercial property leasing cycle, (C) 2003 Parallel Directions Ltd, all rights reserved. To help explain the stages and critical break points of commercial property leases, we have developed a model of the cycle that leases go through. We'll discuss it in depth as part of our work with you, but here's a brief explanation...

1. Strategic Lease Planning
To do with the future, i.e. new office space; the next lease. Typically occurs in the period prior to searching for new premises (i.e. at 9 o'clock on the diagram), and at other times as part of the normal corporate strategic planning process.

2. Site Selection
The process of identifying and documenting your exact requirements (Specification of Property Needs), briefing real estate agents, evaluating alternatives, and selecting the right premises.

3. Negotiation
Landlord negotiations obviously follow site selection when looking for new building or office space, but also occur around rent reviews, lease renewals, disputes and lease terminations.

4. Design, Build, Fit-out
Designing the fit-out for your new premises, selecting contractors, managing the project, and then moving you in!

5. Make Good
Occurs at the end of a lease when you are required to return the premises to the condition specified in the lease document. Some nasty obligations can kick in at this point, and many are caught unaware. (Not our clients though!)

6. Operational Lease Management
Represented by the blue inner circle. To do with the present, i.e. current premises; the existing lease. Occurs throughout the lease cycle and encompasses landlord negotiations, site selection and make good, as well as stay or move decisions, space management, etc.

7. Disputes
Represented by the yellow inner circle. Disputes can involve breaches of contract (by either party; usually unintentional but often catastrophic), or what we call smooth water disputes (surprisingly common).

 


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