CARNM Commercial Source: Make or Break Your New Real Estate Acquisition by Carl Grending, CCIM

Today’s workplace is vastly different than five years ago; the next five years will change even further. Gone are the days of calling the local real estate agent, touring a couple of properties, making an offer, signing a lease/purchase agreement and then making the furniture fit in the space. Today’s needs require a team of people that can help you through the whole property search process.

Choosing Your Team

Your team should include a commercial real estate broker, a real estate attorney, an architect, and a furniture space planner. With a strong team, they can ensure the cost of the real estate stays within budget, the legal language reflects your needs today and in the future, any improvement costs are calculated up front and the space has the right mix of options for your employees. In short, your space should reflect who you are.

Real Estate Broker & Attorney

The first person on the list to call is a commercial real estate broker. Managing the real estate acquisition process requires a commercial broker that understands the intricacies of the process, like brokers that have earned the CCIM or SIOR designation (Certified Commercial InvestmentMember or Society of Industrial and OfficeRealtors®). A good real estate attorney that specializes in real estate law is the next important member of your team. Since real estate is a unique asset, trying to save money by hiring a less experienced attorney could be one of the largest mistakes someone can make. Your attorney will work closely with you and your commercial real estate broker throughout the process.

Architect and Designer

Next on your team is a having a good architect. A good architect will have good communication skills, show a strong sense of design, is able to problem solve, believes in collaboration and has a good sense of business. They will help with the design of the space and the human occupancy of the space. This individual will work very closely with the commercial broker and the space planner to ensure that the space meets all the governmental regulations and has an overall good sense of design/functionality. The last person to add on your team is a good designer/space planner. A good space planner understands that companies are shifting greater proportions of the workforce into more open and progressive settings that require lower capital and operating costs. Your space planner will work closely with the commercial broker and architect to make sure your space reflects whom you are.

Team Advantages

With the projections of shortages of knowledgeable workers in the near future and the demand for flexible work spaces, it is imperative to have a good, strong real estate team that understands the intricacies of real estate. Preparing for the future through planning now can save time and money. As usable square feet (USF) per employee decrease from 156 square feet per person today to 125 square feet per person over the next five years, your real estate team can help plan for those changes through space planning, selection of flexible furniture, lease language that gives you the flexibility to change as your needs change, and construction cost controls. Today’s real estate transactions are more complicated today than ever before, so make sure to get a good team of real estate professionals that can help you plan ahead for the changing environment.

By: Carl Grending, CCIM, Advisor at SVN/Walt Arnold Commercial Brokerage, Inc. (HomeStyle Magazine by Albuquerque Journal)