Plotting a course of action under an extremely short timeframe, and building in contingencies for the just incase scenarios.
The Situation…
A longtime client and mentor was meeting with his estate planning attorney who expressed he was going to be in the market for a new office. Upon hearing this the client passed along the referral to me which I quickly followed up on. During that initial discussion, I learned we had to overcome the challenge of a short timeline, as well as a very significant list of physical and geographical criteria, all to be negotiated within a certain budget.
The Action Plan…
Over the course of 8 weeks including the year-end holidays we;
– Diligently analyzed the current on and off market options,
– Identified lease and sale options,
– Negotiated and assessed tenant improvement needs,
– Pivoted course due to TI cost & re-assed options,
– Negotiated on new space,
– Closed.
The Results…
I was able to meet my client’s needs even though it took an additional three weeks to relocate the existing tenant from the space by repeating this accelerated process. This is only possible by working in a market every day allowing a broker to react quickly and effectively to meet their client’s needs. However, I do recommend clients begin the process six months before lease expiration to avoid unnecessary stress and to maintain negotiating leverage.