keeping score helps you find the best location

Published: Tue, 01/17/17

Lease Intelligence

Keep A Scorecard When Searching For Properties
 
One of the messages I always convey to new clients when embarking on a search for a new location for their business is that it is a process; that is, the search itself serves to bring into focus what is important to them and that it is OK to shift their priorities along the way.  Nothing brings must-haves and deal killers to the surface better than actually touring several properties and their respective neighborhoods. 

Sometimes several of the tenant's stated priorities are in flux and I find it helpful to keep track of the properties we have viewed with a scorecard that rates key criteria on a scale (I like 1-5; 1-100 or even 1-10 risks everyone getting lost in the weeds.)  Here is a list of criteria I rated for a client recently:

  • Budget – budget often evolves from the tenant’s original rent target.  When it comes to the economics of a given space, employee satisfaction and productivity trump rent.
  • Parking – abundance and security were key parking considerations for this client
  • Proximity to neighborhood amenities – the client wanted to be in a walkable neighborhood where their employees felt safe and where there was an array food and personal services available.
  • Proximity to client’s manufacturing facility – as our touring progressed, neighborhood amenities moved ahead of being close to the industrial submarket where they manufacture their products and this slid down the priority list.
  • Proximity to other business in the same industry and industry-supporting services – this matters when you are in the fashion or media industry but not so much if you are an accounting firm.
  • Building and premises image and functionality – they valued a creative office environment and lots of natural light.

 When I introduced the client to the scorecard I made it clear that it was not intended as a tool to choose a property based on the overall highest score; rather, it was a way to consciously take stock of their shifting priorities and steer clear of confusion that can derail what is always a complex decision

In the end, the tenant got the location they wanted and just as importantly, knows how they got there.



Do you have your own lease challenges that you would like to discuss?  Feel free to call me directly or send me an email.

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Aaron Weiner, CCIM, CPM, LEED AP | aaron@tenantgroup.com | Office: (424) 652-6313