Louise Norton, responsible for Broker Support at JLL, explains why it is in a landlord or developer’s best interest to ensure that their vacancy schedule is as comprehensive as possible.
Potential tenants want detail and they want it now. An efficient vacancy schedule can support prompt decision-making and quick turn around on a seamless deal. On the flipside, minimal or incorrect information is viewed as unprofessional and could prompt a future occupier to look elsewhere.
The answer is to ensure your vacancy schedule is as specific as possible.
Does your schedule tick these boxes?
- Physical building address
- Gross rental: this means the number must include nett costs, operating costs, rates and taxes at the very least.
- Breakdown of costs, including:
¨ Net rental
¨ Operating costs
¨ Rates, taxes, refuse, etc
¨ Parking costs
¨ Generator fee
- TIA (Tenant Installation Available): expressed as a per m2 amount, this is important for
tenants to know what contribution the landlord is prepared to make for any changes to the
The amount can differ per lease term.
¨ Total space available: list the floor space available and its location in the building, i.e.
- Parking available: how many parking bays per 100m2
- Building features: Notes on any specific highlights to focus on. For example, two-storey,
premium grade office park with excellent visibility and signage opportunities. Mention if the
space is sub-divisible. With the current economic challenges in the market in mind, it is
useful to mention if the office is white-boxed or has an existing fit-out.
- Keys: very useful to have this information close at hand to set up a viewing. List the name
and contact number of the relevant person.
- Escalation rates: it is valuable from a budgeting perspective to have an idea of these
anticipated costs, particularly over three/five-year lease terms.
It’s also handy if the information is displayed in spreadsheet format so details can be gleaned at a quick glance. Make sure the data is regularly updated (monthly is good); it’s highly likely that a property schedule that is 6-months old will not be included in a presentation for possible space consideration. It is wise to view it from a real estate broker’s perspective – remember that often property presentations to clients need to be compiled and distributed in a very short space of time. An incomplete vacancy schedule quite often steers the broker to favour properties gathered from detailed, efficient, more ‘user-friendly’ vacancy schedules.
Remember an incomplete schedule can account for lost business opportunities as it could mean that a property does not get the opportunity to be presented to clients with the result that it stands zero chance of even making a client’s shortlist.
No vacancy schedule, no rental!
It is worthwhile to take the time to list all the details. This provides brokers with greater market knowledge which promotes client service efficiencies and leads to informed real estate decisions. A win-win situation for all parties involved.