A Five Step Guide to the Tenant Buildout Process

November 30, 2023

One of the most common questions asked by office tenants during the leasing process is how to proceed with evaluating the costs associated with tenant improvements and how that expense factors into their negotiation and decision-making process. After all, you can’t be entirely clear on the cost of the lease without understanding the expense associated with any improvements that will be needed. With the proper planning, strong representation, experienced contractors, and some insight, you can manage this process in a way that is effective and results in a clear understanding of your costs!

To begin, hone in on what your needs are versus your wants for the space and narrow down your search to the top two to three options. Having a short list will help to simplify your ability to compare and contrast your total cost for each space.

A space plan is a detailed layout or design that shows the contractor how you intend to use your space. The best way to do this is to hire an architect or work with the building architect. Sometimes, a tenant will create a space plan without an architect, however, this can cause inefficiency. Ideally, your space plan will reflect the most current floor plan, along with details about the finishes, plumbing and electrical changes, and which walls would be removed and where new construction would be needed. The more detail included enables the contractor to provide the most accurate estimate, which prevents inflated estimates and surprises later.

Read More

October Closed Transactions

November 7, 2023

While volume remained steady with 17 closed transactions for October equating to more than 420,000 square feet, we had an exceptional month in terms of the size and significance of the transactions that were closed.

The Sheeran-Semon Team of Dan Sheeran Sr., Dan Sheeran Jr., and Mike Semon had both of the largest transactions of the month with a lease signed by TP Mechanical Contractors at 1675 Watkins Road. TP Mechanical will use the 290,573-square-foot space for fabrication and distribution.

Reading Rock signed a lease at 2646 Morse Road. Cincinnati-based Reading Rock will use the 11,668-square-foot building to establish its first location in the Columbus market.

The Office Brokerage Group of Matt Gregory, Andy Dutcher and Philip Bird had the largest office transaction of the month with a new lease signed by Revolution Mortgage at 579 Executive Campus Drive in Westerville. The team also completed 52% of the month’s transactions.

Overall, office transactions accounted for 52% of the month’s transactions, while retail accounted for 24% and industrial about 18% of the transactions.

Read More

Navigating the Commercial Inspection Process

October 24, 2023

Commercial inspections may seem like a mundane detail in the process of buying a property, but they are an extremely valuable and important tool in gauging your risk when making a purchase. At first glance, it may seem as if all commercial property inspectors are the same, but we spoke to the experts and discovered that commercial inspections are impacted by several factors and criteria that impact the value you receive from them. From how to choose a commercial inspector to what you should expect, this is what you need to know!

Think of inspections as a “snapshot in time” says Kevin Nally of Linkhorn Inspection Group. The purpose of a commercial inspection is meant to give you an idea of what’s working in normal conditions based on age and usage and what’s going to be an expense to you in one, three, five years and in the future, he continued.

Inspections help to mitigate risk because once you purchase the property, the liability is 100% yours. Even if the building owner has provided details on the work that has been done, and provides a capital budget, an inspection provides the most current picture of the property, he added.

Additionally, a commercial inspection can be a tool in negotiating the purchase price.

Read More