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Working Group

Decision Makers

Over the hundreds of transactions that we have seen, establishing a working group and decision-making structure up-front is instrumental in ensuring that the occupancy process is effective and ultimately successful. We recommend the following roles/steps, some or all of which may be conducted by the same person in a small or start-up firm:

The Ultimate Decision Maker
(i.e. the President, the CEO, the founder) should be involved in establishing all of the initial parameters for the space including size and the rationale for timing, the square footage sought, budgeting, location and aesthetics, among others. The initial buy-in is key to avoid wasting time. This individual should be kept apprised by the day-to-day person in charge of the process and be included on the short list site tours and be provided a reconciliation of all sites reviewed.

The Financial/Budgeting Decision Maker
(the CFO, Controller, the founder) should be apprised of the financial impact of the square footage sought. As an initial estimate, review current market pricing and do a budget range based on your estimated square footage range. The estimate should be a range of potential best case and worst case cost both on annual and up-front cost bases. Caveat the estimate because once you have narrowed your choice to a few locations, the price can vary based on a variety of factors. In particular, telecommunications costs can vary widely depending on whether the building is fully wired, if your firm is a heavy web user, or the space you ultimately choose requires significant work with few landlord dollars offered.

The Day-to-Day Decision Maker.
We have seen a variety of individuals in this role from the office manager, the heads of facilities or human resources, to the CFO. This person should gain acceptance from the working group of the general parameters of the space sought and be responsible for selecting sites to tour and developing a short list of sites. There are a variety of tools in TenantWise which will assist this individual in keeping up with the real estate occupancy process.

In-house Counsel.
If your company has in-house counsel, this individual should also be included in the working group. Depending on the size and complexity of your company's real estate requirement, your in-house counsel may want to retain a specialized real estate attorney.

Phase 1-10,000 Sq.Ft. 10,000 to 50,000 Sq.Ft. 50,000 to 100,000 Sq.Ft.
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