This is a calculation based on the tenant’s proportionate share of common areas of the building (restrooms, lobby, corridors, etc.) that is added onto the usable square footage of the lease space to calculate the rentable square footage.
The landlord typically pays commissions to both the landlord’s representative and the tenant’s representative based on a percentage of the lease value (commonly 2% for the landlord’s representative and 4% for the tenant’s representative).
The timing of the commercial real estate leasing process can vary greatly, between a few weeks, and it can take upwards of a year with more complex transactions. We recommend beginning strategy discussions with your real estate representative a minimum of six months before the requirement target date.
Generally, once a contract has been executed by both the buyer and seller and deposited with the title company, there is a 30 +/- day feasibility period for the buyer to further review the property with closing occurring approximately 30 days following the end of the feasibility period. Please note that these time period can vary greatly, in particular for land transactions.
A Brokers Opinion of Value (BOV) is a Broker or commercial real estate salespersons profession opinion of valuation of a property based on their experience and research. The real estate professionals at ECR are available to provide Brokers Opinions of Value.
Providing construction that is turnkey means completely built-out based on specified plans. Specifically, all electrical, mechanical, lighting, fixtures, flooring, paint and other cosmetic items are to be included in the turnkey construction. While negotiable, it is common for turnkey construction to be provided at the landlord’s expense according to plans and specifications previously agreed upon by both parties, unlike an allowance where the tenant pays for all construction costs in excess of the allowance amount.