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5 Necessities for a Successful
Tenant Improvement Project
Review Building Standards Before Signing
While your space is your space, it's still
located in your landlord's building. Most
landlords have specific standards for how
they want spaces to be configured. You
could find your choices of finishes, fixtures or equipment limited.
Additional requirements can apply to your entrance if you are on a
shared floor. For instance, if your corporate standard is to have
double glass doors, and the building standard is to have a single
wooden door with an adjacent window, you might have to
negotiate a solution or compromise your standards.
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Necessity #1
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Negotiate TIs on a Rentable Sq. Ft. Basis
Part of getting what you want is having a
generous tenant improvement
allowance. Simply slipping the word
"rentable" instead of "usable" into the
description of how the allowance gets
figured can easily increase your
construction dollars by 10% or more.
Since you pay rent on your rentable space,
it's reasonable to expect that the rent you
pay entails you to an allowance that
matches it on a square foot basis. However, since you only build
out your usable space, you'll effectively get an extra amount per
usable square foot equal to your load factor.
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Necessity #2
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Involve a Space Planner
Space planners are experts at squeezing every square foot out of
a floor plan. They can help you to design a more efficient
space that works around the specific features of your chosen
space - like the location
of egress points and the
spacing of structural
columns.
An efficient space plan
can also make your
employees more
productive as they have
space that is more conducive to effectively collaborating with
each other. Furthermore, if you're able to make do with a smaller
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Necessity #3
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space or spend less of your tenant improvement allowance, a
space planner pays for himself.
3 Space Planning Tips to Reduce Energy Costs
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Generate Detailed Plans and Specs
The more that you specify up front, the more likely you are to end
up with a space that will match your expectations. When you
leave the details up to the construction crew or the landlord, the
odds are that they will select solutions that either require less-
expensive materials or that require less labor. Sometimes, this
works out and sometimes it doesn't. Specifying exactly what you
want prevents unexpected outcomes.
Before you start any construction, take the time to evaluate your
needs now and possible needs in the future.
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Necessity #4
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Leave Ample Time for “Punch List” Completion
It's unreasonable to expect that your
space will be finished with no issues,
right on time. Punch lists are a fact of
life. To manage the impact that punch
list items have on your operations,
leave yourself some extra time at the
end of your construction schedule. That way, you can get
everything finished with time to spare. While the punch list is
getting worked off, you can also finish testing your systems and
prepare for a successful move.
There's one more necessity for a great TI - expert help. A
corporate real estate tenant representative's job isn't over after
he's gotten you a lease and a tenant improvement allowance. He
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Necessity #5
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can also help you throughout the process of getting your tenant
improvements built out and getting your space ready for your
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Basic Tenant Improvements
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