Most retail lease negotiations will involve a conversation about tenant improvements or customizations. Naturally, who is funding any necessary retail tenant improvements will be one topic of discussion. The outcome of this discussion is usually the landlord provides a tenant improvement allowance as a way to entice the tenant into signing. However, it's not always [...]
Sometimes the tenant improvement allowance offered isn't enough to cover every improvement or upgrade the space needs. When this happens, you really only have two choices. You can either pay out of pocket to afford the build-out you've envisioned or you can be creative when it comes to getting the most bang for your buck. [...]
A commercial lease's Tenant Improvement Work Letter outlines any renovations needed to customize the space for the tenant's use. This work letter can be structured many different ways. However, it's ultimately the tenant's responsibility to decide whether they or the landlord will manage the design and construction process. There's no right or wrong choice. There [...]
It's important to iron out the details of any work a tenant needs to customize a space to their specific use or needs. Before anything is signed, both the tenant and landlord need to clearly understand who is responsible for what. This is most commonly done with either a Turnkey TI or a TI Allowance. [...]
Nobody thinks of business growth as problematic. But more business generally means you'll need to hire more people. Soon enough, you just may find yourself outgrowing your current office space. Ideally, you'd probably like to pack some boxes and move you and your team into a brand new space with more square footage. However, that's [...]
Small-to-medium sized businesses (SMBs) make far too many mistakes when renting or leasing a commercial space. In this post, we'll outline several key mistakes SMBs make. Rental and lease payments are one of the top expenses incurred by most SMBs. Making a mistake early-on in this process can be devasting to a businesses bottom line. [...]
Millennials are reshaping modern workplaces. In fact, they've ushered in a boom for tenant improvement projects in the Los Angeles area. Modern office spaces are opening up. They're resembling co-work spaces or coffee shops more than yesterday's traditional office. Big desks and row after row of filing cabinets are gone. Replaced by communal work bars, [...]
Disclaimer: This is a monthly summary of Los Angeles commercial construction news curated by H.W. Holmes, Inc. We will cover recent commercial construction projects and news pertaining to Los Angeles, Ventura, and Santa Barbara counties. We have no association with any of these developments unless specifically stated. FORMER ASIAN MARKET ON SUNSET BOULEVARD SET TO [...]
If you're leasing any space, a commercial build out might be necessary to tailor it to your specific needs. A tenant going through this experience for the first time will naturally be overwhelmed. Unfortunately, this also makes them vulnerable to mistakes. Mistakes that can be costly and detrimental to the health of their business. Here [...]
JLL Research recently confirmed that Los Angeles ranks third in the United States for commercial real estate occupied by co-working spaces. Not surprisingly, it's the markets commanding the highest rents where LA co-working companies are setting up shop. For instance, the Westside sub markets, home to the technology sector and venture capital firms, are ripe [...]
