05 · 16 · 2018
Defining A Turnkey Relationship: The Landlord’s Perspective
Let’s think about the last turnkey tenant situation you were in for a moment. You were completely responsible for fitting out all the space for your tenant and everything was resting on your shoulders, wasn’t it? Now let’s imagine that same situation. Without delays and surprises in costs, timing and turnaround. Or, without coordinating between architect, general contractor, furniture companies and the tenant. We have created a method at Infinity Group called the Turnkey Tenant Process. It has been designed with you in mind. It solves the complex tenant improvement problems in a seamless manner and also, with a single point of accountability for added focus and clarity. While you might already see how a system like this attracts long-term, happy tenants because they will move in faster and with less hassle, it also means that your property produces income faster on each space and boosts occupancy percentages across your property.
This process we will share with you right now is what allows us to take care of everything for you and your tenant from start to finish and as a result, there are no surprises and no delays. This is important so that you can go into the project knowing precisely what is happening on all levels. You will have a snapshot of the project at any given moment in time. You will know where things are at, where things are going and what has been done. This creates happy tenants as a result. Your tenant’s CFO, for example, will have total clarity because she has the specific investment numbers from start to finish. Their CEO, focused on the vision for the space, will be fully aware of and have influence on that process as it evolves from idea to completion.The office manager and HR that is concerned about who is sitting next to who – will be heard, understood and served.
This doesn’t happen by chance. We will begin by working directly with your prospective tenant. Understanding all their needs. This includes studying their culture, identifying their team structure and clarifying what their teams values and needs are. Since we work directly with the tenant, we are able to discuss where they have been and where they see themselves going. We review their business challenges, that may include team motivation, team collaboration, employee retention or employee attraction.Doing this means your tenant is happier and more profitable, which means longer-term leases and higher occupancy. With this body of knowledge, we incorporate the conditions of the proposed space from an architectural and engineering perspective.
The Infinity Team now starts applying ideas and insight for meeting your prospective tenant’s needs – in your space, clarifying it through the continued perspectives of a method we call F.I.T.D:
This means understanding and defining Function. We look at the space from the perspective of purpose and use. Does the tenant want the space to be a hub for their marketing and sales team? Perhaps it is a place where prospects will come to visit and see product demonstrations. It may be that board meetings, conferences and networking events will happen frequently on location.Whatever the function may be, we take the time to assimilate and detail the core purpose. We then move onto defining the actual and precise Investment.
What is the investment going to be so that everything is covered? No guesswork, no dart-board, no surprises. Just specifics in terms of what it is actually going to cost. If you are budgeting $35 a square foot, we will make sure that happens so that there are no hiccups in the process. Then Timing. What schedule and deadlines can you and your turnkey tenant realistically expect? What can we do to look at the entire situation strategically so that timelines are achieved on time?
Design. What type of design is going to communicate the culture of your tenant’s company, be inspiring to their workforce and an asset to their marketing? Strategic design is going to achieve multiple objectives at a high level and at your budgeted amount. These are the macro perspectives for what we do in defining turnkey situations for our landlord clients.
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