The Factorre process of sourcing and managing commercial office premises has proven beneficial for a wide range of space users. Whilst a great deal of activity and attention is traditionally focussed on the transaction phase, we see significant benefit following a process knowledge transfer at the commencement of the engagement and management throughout the lease period.
Planning is critical to the successful implementation of any corporate real estate strategy. Key information gathered in this phase includes:
- Spatial requirements
- Operational requirements
- Growth and divestment considerations
- Financial structuring and reporting requirements
Sourcing options, either to compare against the existing property or to evaluate alternate options is a critical phase of the process, and forms the basis of establishing competitive tension. A preliminary financial comparison is undertaken on market terms, coupled with disclosure of relevant information from the Factorre database of Perth commercial real estate.
Assessment of the options is undertaken in a Gap Analysis format, by comparison with the targeted characteristic of the business with the outcomes of the search phase. Key engineering and architectural due diligence is undertaken following a preliminary shortlisting of options.
This critical phase relies upon a detailed process of analysis and reporting of the benefits and liabilities of each option. It is critical that senior management are kept informed as to the process of selection, and Factorre provides a clear process of reporting from a functional and financial perspective.
Securing the lease ensures the rights of access and occupation are provided to the tenant, and as such a number of key activities are required prior to access being granted, including;
- Documentation and finalisation of leases and any associated licences.
- Finalisation and provision of any guarantees agreed as a precondition to lease
- Preparation and provision of any insurances required under the lease.
Significant changes in business needs occur during the course of a lease, and ongoing management of the Premises and Lease ensure it is maintained to the needs of the organisation and operated in a fiscally prudent manner. Key items for consideration include; Rent Review; Operating Cost Management; Critical Dates Management; Condition of Premises and Building; and Consents and Agreements