Does your Space Make the Grade?
Tenants are often not aware of the enormous impact that building standards can have on their occupancy costs and the functionality of their premises. This is especially true when spaces need to be rebuilt, extensively renovated, or adapted to allow for an increasing number of employees and workstations.
Not taking building standards into consideration can result in significant financial and operational repercussions, especially if any construction work is involved.
Here’s how a Real Estate Advisor Can Help:
- Conduct a thorough analysis with engineers and architects and assess to what extent the building meets your requirements
- Evaluate your building standards requirements
- Negotiate improvements with landlord
- Assist with preparing budgets and projections of construction costs
The key benefits of a Building Standards Analysis include identifying building requirements, managing risk, reducing financial exposure, and minimizing costly surprises down the line.
Critical Areas to Investigate
- Can the Heating, ventilation, and air conditioning (HVAC) system accommodate the number of people occupying the space? Fresh air capacity, for example, can be limited and the addition of supplemental systems (for a conference center or a server room) may be complex and costly.
- Will the electrical capacity of the space meet present and future requirements?
- Do the base building components – such as light fixtures and ceiling finishes – meet the standards for your future premises?
- What is the condition of the building slab? Will it accommodate future finishings and does it have sufficient load-bearing capacity?
- Do you have access to the building’s generator? Is this a requirement for your business’s operation?
- Is the landlord planning on making any major improvements to the building in the near term?
- To what extent is the landlord willing to negotiate the costs of bringing the premises up to the required standards?
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