At Found Advisors, we approach all projects and clients with a fresh mindset, because we realize not all clients are the same. Depending on how much time each client has and how far along in the real estate process they already are, we work with them at various stages of the Project Life Cycle to find them the best space on their best terms. Get to know the steps in our process, and know that we’re here to help every step of the way.
1) Strategic Planning
This is the initial stage of the process. We sit down with members of your organization and walk through/talk about your current space. This allows a discussion for how functional the space is. By talking to various departments in the organization we can determine key components that should be incorporated into the new space. This allows us to plan and set benchmarks/goals for the process as a whole.
2) Project Timeline
Ideally, we suggest starting a year to a year and half before your lease expiration date. This will allow adequate time for every step in the project life cycle. By setting a timeline every step in the process can be planned for and measured throughout the process.
By looking at a scattergram of where your employees are coming from it allows us to pick desired locations for the next office.
4) Market Survey
A market survey provides available space in buildings in the area(s) decided upon after reviewing the scattergram. The search allows your organization to see available space of the desired size, location, building class, floor, amenities included in the building, proximity to major highways, etc. After reviewing the survey, a short list is determined in which we will obtain floor plans, flyers, pricing, and other relevant information about the buildings
5) Building Tours
When all information is obtained for the short list, tours are set up for the desired buildings. This allows your organization to actually see the physical space as well as observe the surroundings and get a feel for the space.
6) Space Utilization
Space utilization is the process of determining the number of offices, cubes, benches, conference rooms, etc. based off of previous conversations. This step helps in determining the actual size your space will need to be and shows how the space will lay out.
7) Request for Proposal
When the shortlist is narrowed down to 3 to 5 solid options we will request a proposal from the building. This allows your organization to start a conversation with the Landlord detailing the term, rent structure, tenant improvement allowance, parking, expansion rights, termination clause, renewal options, and various other negation points – every organization is unique in their needs.
8) Financial Analysis
A financial analysis is performed by Found Advisors in order to evaluate the cost of all buildings. That allows your organization to examine all costs associated with specific buildings ‘apples to apples’ to assist in the selection process.
This stage allows your organization to determine what finishes, furniture, carpet, paint, etc. to be determined and brings together what the space will ultimately look like.
10) Construction Bids
When a final design is determined, the work will be bid out to a few contractors. This allows you to choose who you want to finish your space based on price, relationship, and timeliness.
11) Letter of Understanding
The letter of intent approval of all business terms that were negotiated in the proposal. This indicates that you have selected a building and are ready to go to lease.
The final stage of the project life cycle is the lease. Final details are ironed out and when all items are agreed to, the lease is executed.