Your Primary Job is Running Your Business!

  My primary job is to find your company the best location at the best price! 

  Tenant Representation  : 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.

  Today, more than ever, the right location for the right price is important.  In this recovering economy, selecting the right location for the right price is key.  

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 representative like Terry Barone, broker .

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.

Why Use Prime Source as Your Tenant Representative?
Market knowledge is a key ingredient making a big difference. Having a grasp on asking rates versus deal rates and negotiating incentives is important to make sure you get the best terms available.

We can recommend several top notch attorneys or CPA's to assist you in your business planning.

We have a good standing with a number of the top landlords and leasing agents around Las Vegas.  We understand the numbers and can help translate data into implications for your business – based on your growth strategy within a particular building or market, for example.

We can assist you with financial analysis to help you select the most cost effective location.

Expert negotiation skills are critical for a favorable outcome. Our representation gives you subtle leverage during negotiations,  As an added benefit, because of past negotiations, we may know the temperament of a particular landlord and/or landlord’s representative, and therefore be able to better negotiate without jeopardizing the transaction. This is a definite advantage when it comes to lease renewals, too.

Familiarity With Lease Documents is a Must
We have a working knowledge of the documents necessary to conduct the transaction. These documents include requests for proposal, letters of intent, lease agreements and carve out's for tenant concessions and vary from market to market.

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

Estimated leasing process and timing

Define basic space requirements – 2 Days

• Size and layout
• Expansion and option space
• Price and term based on market Info & availability
• Image and quality
• Geographical area
• Intangibles and goals

Selection / interview with support team – 1 to 7 days

• Prime Source Leasing Agent
• Space Planner
• Interior Design (if desired)
• Attorney / CPA

Determine alternatives available – 7 to 30 days

• 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 agent
• Review list of alternatives

Narrow down locations – 7 to 14 days

• Drive by Inspection of likely possibilities
• Selection of 2 – 4 best locations
• Coordinate with agent for interior showing
• Selection of top 1 – 2 locations
• Prepare Letter of Intent for top site or sites

Analysis of proposals and alternatives – 1 to 7 days

• Financial analysis
• Space layout considerations
• Tenant considerations
• Customer access and business visibility
• Intangibles and goal analysis

Final selection – 7 to 30 days

• Choose top locations
• Establish terms required
• Prepare and present Letter of Intent (LOI)
• Approve, re-negotiate, or select other alternative
• Review lease for business points
• Have attorney review lease for legal points
• Re-negotiate any final ease terms

Tenant improvement build-out – 30 to 120 days

• Hire space planer or contractor
• Submit plans for approval
• Report progress
• Final walk through check
• Sign lease

Time to Allow

• Before Tenant Improvements – 24 to 103 days
• Including Tenant Improvements – 54 to 194 days
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