Last Friday I visited with a client that moved into new office space in Burlington during the month of August. They said they were very happy with their new suite and things were working out fine.
The process: Over the past 6 months we toured multiple offerings in Burlington and negotiated with many landlords to secure space. Lease rates offered for class B; B+; and A- office space ranged from the high $ teen’s to the mid $20’s. Improvement allowances varied from the space being offered “as is” to “full build-outs”. Lease terms offered ranged from eighteen month subleases to Landlord direct three-year and five-year leases. Concessions varied depending on landlord motivations – subsequently uncovered during the RFP process.
From the tenant perspective, in this instance, (1) considering many alternatives and (2) being flexible in modifying existing space configuration buildouts combined with a proven negotiations process proved to be successful in securing cost effective space.
The leasing process works best for new companies and/or relocation companies when the requirement is well-defined, the prioritized geographic location clear, and a decision maker is granted the authority to commit to new space. Also, for this assignment, I was able to recommend a cost effective IT wiring installer; new and used office furniture vendor, and an office equipment source – all employed to help in the process.
As it is said many times in the local construction industry: “Job completed on time and on budget” – and it was a lot of fun!