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Foundations of Real Estate Management
TM
BOMA International ®
Module 2: The Well-Versed Real Estate Manager
Tenant Improvements and Capital Projects
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
2
Objectives
Explain the steps of a tenant improvement process from leasing negotiations between the landlord and tenant to payment of contractor’s retainage invoice
List three methods construction manager uses to ensure construction bids reflect “apples to apples” comparisons
Describe how to integrate recycling into construction process
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
3
Tenant Improvements
Lease negotiation Type and scope of TI
Turn key v. construction allowance
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
4
Space Planning
Programming meetings
Space design
Goal: A drawing of tenant’s general space layout for pricing construction
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
5
Before Construction Starts
Budget bidding Goal: Determine costs for TI project
Work letter
Construction drawings Architectural Mechanical, electrical, plumbing (MEP)
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
6
The Bid Process
Soliciting bids Standard bid form Add alternates; deduct
alternates Evaluating bids
Cost Construction schedule Quality Other
Choosing a general contractor
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
7
Construction Vendors General contractor
Construction subcontractors Non-construction
subcontractors Systems furniture Tenant cabling Office equipment Security Movers
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
8
Putting it Into Practice
Work with your instructor to create a
PERT chart in accordance with your workbook exercise
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
9
Finishing Up the TI Inspections
Types of inspections Use and Occupancy Certificate
Changes and clarifications Change order Requests for Information (RFI) Submittals
Punch list
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
10
Paying for the TI Payments and liens
AIA construction & payment docs Retainage Liens
Lien release Partial Final
Tenant-run TIs
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
11
Other Considerations
Building standards Building’s construction rules and
regulations Green considerations
LEED®
Materials Recycling
Foundations of Real Estate ManagementModule 2: The Well-Versed Real Estate Manager
TM
12
Capital Improvements
Change or upgrade that improves the asset value Common areas Restrooms Roof HVAC
Similar to managing tenant improvements