During lease negotiations, a landlord will ask the tenant to present financial statements. This is done to ensure the tenant has the resources to carry out lease obligations. In fact, the review and approval of a tenant's financials are contingencies in most letter of intent forms. This covers their rear end. Why not cover yours? [...]
Office design today plays an integral role in a company's branding, success, and growth. Modern offices have evolved from the days of soul-sucking high cubicle walls and horrible fluorescent lighting. The workplace today is all about experimentation and breaking from tradition. Today's employee can be as nomadic as they choose to be - thanks to [...]
Tenant improvement allowances (TI allowances) are a significant expense for landlords. Customizing even a smaller space can often cost a landlord up to six figures. As with anything carrying that kind of price tag, a lot gets said about the true value or worthiness of tenant improvements. Some of what gets said simply isn't true. [...]
Tenant improvement allowances (TIAs) are greatly misunderstood. A TIA isn't a cash advance. It's an agreement between the landlord and tenant where the tenant gets reimbursed for any tenant improvement construction needed. The intent of this type of tenant build-out is to customize a space for their use. The caveat, however, is certain conditions must [...]
As a tenant, most commercial spaces you tour will need some type of renovations to accommodate your needs. Perhaps a substantial facelift may even be necessary. Most landlords are willing to put in the work to ready their space for the right tenant. In fact, most are ready, willing, and able to offer some [...]
Landlords will sometimes try to give a tenant some incentive to lease an office, retail, or warehouse space. One such incentive is a tenant improvement allowance (aka TIA or a TI allowance). This is money they offer to customize the space to a tenant's specific needs. The purpose of this blog post is to help [...]
There's a saying, "out of sight, out of mind" that can be applied to many different scenarios. However, when it comes to renovating an office space, let's just say there's much more than meets the eye. What's above an office's ceiling grid is often overlooked if not completely disregarded. But modifications made below the ceiling [...]
While we are not legal experts, and advise anyone negotiating a lease to seek legal counsel, as commercial builders - we've completed our fair share of tenant improvements. If improvements are needed to turn a space you'd like to lease into a space you can actually use, here are some things to know going into [...]
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. [...]
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. [...]
