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Your primary business is
running your company.
How often
do you lease office space? Hopefully, you
don’t have to do so more than every 3 to 5 years or so; the same
with lease renewals.
If you are like most tenants, leasing office, retail or
industrial space is a major commitment. While the cost of
leasing tenant space can significantly affect your bottom line,
it also has many other consequences. Some of these include
employee satisfaction and productivity, growth constraints and
corporate image.
Location,
Location, Location:
Take advantage of our personal assistance and knowledge of the
various markets. Whether you are relocating your firm,
starting a new company or expanding a business, we can
make a huge difference in the
successful outcome of your search for lease space.
A tenant leases business space only
a few times in their business life, while landlords lease space
over and over again. Level the playing field by working with a
good tenant representatives like Terry Barone or Mike
Federighi.
Job Growth:
Professional and business services created
12,000 new jobs over the last 12 months, reports the state
Department of Employment, Training, and Rehabilitation. The
leisure and hospitality industry created 16,500 new jobs, and
construction generated 18,300 positions over the past year.
Clark County averaged a seven percent month-to-month job growth
during the last 12 months, with unemployment hovering around
four percent. It's an impressive feat considering the Las Vegas
Valley grew by 94,589 new residents during the same time.
Various
Space Users: We
recognize that business users with space requirements vary. As
vacancies have dropped around the Las Vegas area and markets are
tightening, the competition for premium space to lease is heating
up, making making our company an essential part of your planning
team. Our smaller tenant users are provided with emails
of possible locations to consider. Review the information
and select locations you want to drive by for further study,
Locations that seem to meet your need in terms of price and
location will be plotted out, listing agent contacted and an
appointment made to see the space and have the leasing agent
answer any questions you may have.
Meeting the needs of the larger
tenant requires a thorough understanding of the market and the
players. Our in house special analytical and research skills and
services will assist you with your site selection by providing
critical demographic information to assist in the decision
making process at no extra charge.
Have a site already selected or want critical
leasing information on the surrounding area before you renew
your lease? For a small consulting fee, we can provide you
the necessary information to assist you in your lease decision
OR work with us as your tenant representative and site
locator and our fee is usually paid for by the Lessor.
Read
about the upcoming 5 year expansion boom!
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Why use Prime Source
as your representative?
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Tenants' General
Rules of Thumb For Space Planning
The general rule of thumb is to allow
175 to 250 usable square feet per person
depending upon the type and style of the
business. This figure can vary based
upon special needs such as extra-large
conference rooms or storage
requirements, but will include normal
amenities within a general use office.
For an accurate determination of space
requirements, a space planner should be
consulted.
These standards may be helpful in
estimating the amount of usable space
required for your business.
Typical President' s office or
Chairman of the Board
250 to 400 sq. ft. (4 to 5
windows in length)
Typical Vice-President' s Office
150 to 250 sq. ft. (3 to 4
windows in length)
Typical Executive' s Office
100 to 150 sq. ft. (2 widows in length)
Partitioned Open Space
Clerical Supervisor or Manager 80
to 110 sq. ft.
Open Space
Clerical or Secretary 60 to 110 sq. ft.
Conference Rooms
15 sq. ft. per person: theater style
25 to 30 sq. ft. per person: conference
seating
Mail Room
8 to 9 ft. wide with 30" counters on
either side. Length depends upon amount
of usage
Reception Area
125 to 200 sq. ft. Receptionist and 2 -
4 people
200 to 300 sq. ft. Receptionist and 6 -
8 people
File Room
7 sq. ft. per file with a 3' to 4' aisle
width
Library or Computer Room
Allow 12" for bookshelf width
175 to 450 sq. ft. with seating for 4 -
6
Lunch Rooms
15 sq. ft. per person, not
including kitchen. Kitchen should be 1/3
to 1/2 of seating area
Clerical Pool Areas
80 to 100 sq. ft. per person
Corridors
20% to 30% of the total usable
area
Coat Closets
1 lineal ft. for 4 coats 3 per person
Water Coolers/Drinking Fountains
1 unit per 75 employees
Suggested Column Spacing
28' to 30' per bay
Suggested Window Mullion Spacing
4'6" to 5'. This determines office width
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Estimated Leasing
Process and Timing |
1. Define basic
space requirements:
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Size and layout
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Expansion and
option space
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Price and term
based on market
Info &
availability
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Image and
quality
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Geographical
area
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Intangibles and
goals
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2
days |
2. Selection /
interview with
support team:
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Prime Source
Leasing Agent
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Space Planner
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Interior Design
(if desired)
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Attorney / CPA
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1 to 7 days |
3. Determine
alternatives
available:
- Review
available sites
provided by
email by agent
General market
knowledge of
space available
Search of
database
and plotting
possible sites
Tenant drive
locations and
narrows search
Verification of
terms and
conditions
by agt
Review list of
alternatives
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7 to 30 days |
4. Narrow
down locations:
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Drive by
Inspection of
likely
possibilities
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Selection of 2 -
4 best locations
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Coordinate with
agent for
interior showing
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Selection of top
1 - 2 locations
- Prepare
Letter of Intent
for
top
site or sites
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7 to 14 days |
5.
Analysis of
proposals and
alternatives:
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Financial
analysis
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Space layout
considerations
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Tenant
considerations
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Customer access
and business
visibility
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Intangibles and
goal analysis
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1 to 7 days |
6. Final
selection:
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Choose top
locations
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Establish terms
required
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Prepare and
present
Letter of Intent
(LOI)
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Approve,
re-negotiate, or
select other
alternative
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Review lease for
business points
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Have attorney
review lease for
legal points
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Re-negotiate any
final ease terms
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Sign lease
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7 to 30 days |
7. Tenant
improvement
build-out:
- Hire space
planer or
contractor
Submit plans for
approval
Report progress
Final walk
through check
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30 to 120 days |
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Time to
Allow |
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Before Tenant
Improvements |
24 to 103 days |
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Including Tenant
Improvements |
54 to 194 days |
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Lots of
variables make this process difficult to
calculate such as plan approvals for
renovations or hiring a contractor and
scheduling work or just getting the
equipment you ordered at the location on
time to open for business. If it
can go wrong, it will. Whatever
your budget, prepare to increase it.
Whatever time you allow to be open for
business, give yourself extra time.
We are here to
assist in your site selection &
negotiations of a favorable lease for
you & your business. |
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