CRE Mistake Series:
Staying past the lease expiration date Every written lease should have a start and end date. Sometimes a locations improvement isn’t completed in time, so the start date will shift. Usually a commencement letter is signed acknowledging the new start date. Most leases have a holdover fee clause. ... Read More
25
Oct2018
The starting point of all achievement is desire., - Napoleon Hills
October 25, 2018Lynn Drake
23
Oct2018
CRE Mistakes Series: Built In Furntiure
Sometimes tenants ask the landlord to build in the furniture. I was working with a client who wanted a built-in reception desk, walls and then desks behind the walls. I suspect he thought this was going to be free as it was part of the ... Read More
October 23, 2018Lynn Drake
19
Oct2018
CRE Definitions Series: Request for Proposal
Request for Proposal (RFP) is a written summary of terms for an agreement where one party would be willing to enter into the agreement with another party if the terms work for each party. The RFP is not binding by either party. I always use ... Read More
October 19, 2018Lynn Drake
17
Oct2018
CRE Math Series: Expect Exaggeration
A landlord representative's, also known as listing agent's, job is to sell you the space. They often exaggerate and tell the tenant the landlord will do anything to get them as a tenant. Often these are verbal discussions and none of it makes it into the ... Read More
October 17, 2018Lynn Drake
11
Oct2018
CRE Math Series: Financial Summary for an Industrial Space
If you saw our financial summary for an office location on October 6, 2018, you would notice this has a lot less information. In this situation we are assuming it is multi-tenant building and the landlord pays for all building costs and ... Read More
October 11, 2018Lynn Drake
09
Oct2018
"CRE Mistakes Series: Office Neighbors Once upon a time I was the bookkeeper for a company that sold singing telegrams! We had beautiful offices in a high-rise building. To be hired one had to audition which could be very loud. The neighbors often complained so all interviews had to ... Read More
October 9, 2018Lynn Drake
09
Oct2018
CRE Mistakes Series: Office Neighbors
Once upon a time I was the bookkeeper for a company that sold singing telegrams! We had beautiful offices in a high-rise building. To be hired one had to audition which could be very loud. The neighbors often complained so all interviews had to take ... Read More
October 9, 2018Lynn Drake
05
Oct2018
CRE Definitions Series: Lease Expiration
Most leases have a start and ending date spelled out in a lease document. The last day of the lease should be clearly defined in the lease agreement or an addendum if occupancy didn't start on time. Tenant must be out of the space on the ... Read More
October 5, 2018Lynn Drake
03
Oct2018
Success Story: Michigan Women's Foundation Relocation
THE CHALLENGE:
The Michigan Women’s Foundation had negotiated to buy a building with a developer when the transaction fell through. They approached Compass Commercial 6 weeks before their lease was due to expire for help. Their offices were in Detroit. The landlord, planned on raising ... Read More
October 3, 2018Lynn Drake