Space Acquisition Process (Leasing)

The space acquisition process is affected by numerous factors, particularly the property type and parties involved; making every deal unique. Even in situations where two similar tenants, i.e. law firms, are looking to lease similar space (office) in the same market there exist factors that create distinctions between them. One firm may be more financially strong, the other may have more aggressive growth projections, etc. While each lease negotiation has its own characteristics there is a general process that can be compartmentalized into phases. These phases typically occur sequentially but can overlap. The steps of the space acquisition process for leasing are:

  1. Research the company/tenant
  2. User needs analysis
  3. Market research, including physical tours of buildings
  4. Tenant RFPs (requests for proposal), including initial space plans
  5. Landlord proposals
  6. Proposal comparison and analysis
  7. Proposal and counter proposal
  8. Proposal acceptance and lease generation
  9. Lease document negotiation and execution

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