Last month I discussed the first step in my Lease Tactics Blueprint.  “Look into your space and determine your space needs”.  After you have analyzed your existing space, now is the time to look at the market. This month, I will discuss the 2nd step which is “Evaluate Market Conditions”. 
 
CBRE has extensive research and prepares quarterly reports on every major market in the world.  Markets can change each quarter and allow certain opportunities. I examine the current market conditions with my clients to determine the best place to start looking for space.  For example; the Deerwood Park area has landed some larger Tenants over the last 6 months and has a less than 10% vacancy rate.  Building owners in this area are not offering many concessions, because the demand has increased and there is less supply.  Right now, there are still deals to be had downtown and in some areas of Southpoint and the Baymeadows area.

 Once you decide on the area of focus and size range needed, I prepare a list of options to compare.  I usually recommend a long list of 10-15 properties.  I review these options and ask the Landlord brokers for floor plans of the spaces that meet your size requirement.  It is important to see the floor plans first and to try to find a space that needs little or no modifications to meet your needs.  Any improvement costs will be passed on to the Tenant, so starting out with a plan close to your needs is best for you and will save you money.  

After you review the plans, then I recommend touring no more than 5 or 6 properties.  Any more than this on a tour is tiring and a waste of time.  If you have done your homework ahead of time, all of the options you tour, should meet your needs.  It is just a matter of narrowing it down to your top 3 to obtain proposals for analysis.  Next month I will discuss the 3rd step which is Analyze and Compare Alternatives.

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