In the ever-changing real estate market, tenants need an advocate partner and proactive approach to negotiating, evaluating, and managing their physical space needs.
SITUATION: When the COVID-19 pandemic disrupted Chicago-based technology company’s operation, it faced some difficult decisions with 18 months left on its current lease. The company was considering whether its operations required the same amount of physical workspace, and needed to assess the impact that a reconfiguration of its office environment might have on its upcoming lease renewal negotiation.
SOLUTION: The growing tech business turned to CBIZ Gibraltar and the Tenant Advisory team worked to evaluate its current lease agreement, staffing projections, collaboration needs, support space requirements, remote work arrangements, and other operational needs to determine how best to meet its demand for space.
The team developed a workplace configuration strategy, performed an analysis of real estate financials and engaged the company’s current landlord, along with competing buildings, to leverage concessions in the lease negotiation.
OUTCOME: The result was a successful competitive lease renewal that yielded short- and long-term cost savings for the company, while minimizing disruption to its operations. The technology company shaved 3,000 SF off its physical work environment, which is now better suited to its current and future needs.
The Gibraltar team also negotiated extensive tenant improvement allowances and secured a generous up-front rate abatement upon lease renewal. The smaller footprint and successful negotiations ensure long-term cost savings for the client.
CBIZ Gibraltar Real Estate Services helps organizations make informed business decisions about workspaces. Whether you are considering a renewal in your current location, expansion, contraction, relocation or consolidation, our experienced team will walk you through every step of the process. From needs assessment, market analysis, site selection, development of an RFP, continuing through proposal negotiation and finally, lease negotiations, our team listens to your needs and objectives to create a strategy that generates results.