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Confessions of a Recovering Landlord

Confessions of a Recovering Landlord

By Jan Gibbons
The podcast which reveals the inside secrets that commercial landlords wish tenants didn’t know.
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#0051 - 8 Tips for Deciding Whether to Stay or Move?
It is published that 80% of companies stay in the same place and extend their lease when their lease expires.  Why is that?  The main reason is that it's the path of least resistance-it's easier and causes virtually no disruption to the business.  Today we have 8 tips for helping people decide whether to stay and extend their lease or move: Start with the corporate goals and objectives. Evaluate the current space. Zero-based space planning. Client-centric or employee-centric business? What image to you want in an office? What is the budget? Critical features needed in the lease. Create a strategy to execute on this vision.
22:45
May 12, 2021
#0050 - Everything We Thought We Knew About the Office Was Wrong, BEFORE Covid?!?
How much of your office do you actually use?  And I don't mean now but before Covid.  A recent study suggests that office occupancy may not have been used to the extent previously thought.  This study, by VergeSense, found that office spaces were greatly underutilized before Covid.  And not just a little bit.  We're talking only 30% utilized.  As a caveat, VergeSense's business is office utilization and transformation consulting.  So, they may have a dog in this race.  They tracked this info using deep-learning sensors which count people as they move throughout the office.  The study also states that the average utilization of offices in January of 2021 was only 7.9%.  The study claims that office space is now being used more collaboratively since the pandemic with a 15% increase in the amount of overall utilization dedicated to collaborative work.  So, we still need office space just build it out differently?  Utilization and allocation are two different things.  The study points out there is a mismatch between how much space is allocated for different uses and the utilization of those spaces.  The 83% of office space allocated for individual work was only utilized 28% while the 17% allocated for collaborative work was used 35%.  Going forward what is one's advice?  Be careful how you finish out your office space and ask yourself and your team some hard questions-do we want to pay for individual offices and cubes so employees come to work and sit alone sending email to other employees and clients?  What activities can only be done in the office?  Who needs to come to the office to do their job and how many days a week?  Who wants to come to the office versus stay at home, and much more.
11:35
May 5, 2021
#0049 - What You Should Know About Your Commercial Real Estate Broker Part 2
A few weeks ago, we discussed 7 questions you should ask before hiring a broker.  That was episode 45.  Today on episode 49 we'll discuss 8 more questions that you should ask before hiring a tenant rep broker. Current state of the market. Is it better to extend my lease, in the same building, or move? What should I expect for free rent and a tenant improvements allowance? How long a lease should I sign? Should I buy instead of lease?  How do I evaluate both options? How early should I start?  How long should it take to get moved into a new building? What happens if I break the lease? What should I do to get prepared before we start?
25:55
April 23, 2021
#0048 - Covid - Kicking It Down the Road
Covid kicking it down the road is a weird title, but, it's a great concept.  On today's podcast we'll discuss what it is and just how that panned out for one specific REATA client now that the year is expiring.   Last year we recommended to several REATA clients that they extend their leases for only 12 months.  We did this because demand for office space had not only evaporated, but had gone negative meaning companies were giving back space faster than they were leasing it.  At the same time, there was about 8 million square feet of office space still under construction.  So it's the classic supply and demand discussion.  Supply is increasing while demand is not only down, but non-existent.  Therefore, rents must fall. As you might expect landlords hated this.  Short-term leases don't really add value to the building and it gives tenants greater flexibility to find other options whether that's other buildings or going to work from home.  But several landlords agreed to 1-year extensions.  Some said they wouldn't do anything less than 3 years, but ended up agreeing to 18-24 month extensions. In one specific case last year, we were working with a client to expand and extend their lease either in their current building or one down the street.  It was going to be either a 5 or 7 year lease.  When Covid hit we immediately called the client to discuss the situation and we recommended that we halt all negotiations and reconsider everything.  The client had lost a couple of employees just before Covid and they are in the financial services industry.  As you may remember, the stock market fell precipitously in the early days of Covid.  So we made the recommendation to just extend their lease, where they were, for 12 months.  They didn't need to expand right away and needed time to stabilize their employee base as well as their client base. The client was all for this idea - they didn't know that extending for only a year was even a possibility.  So the idea of signing a long-term lease commitment for MORE space right at the time when the future was so uncertain scared them to death - understandably. Listen to the podcast to hear what ended up happening for this client!
11:49
April 14, 2021
#0047 - Alliance of Tenant Representatives
We joined ATR 5 years ago and it has been a hit - for us and with our clients!  Listen to today's podcast to learn all the ins and outs of being global. ATR = Alliance of Tenant Representatives www.alltenrep.com All independent brokerages with no conflicts of interest - no one represents landlords Increased knowledge Increased market knowledge Ability to help our clients grow and expand beyond our region of expertise Strong ethics
10:55
April 7, 2021
#0046 Touring Vari
Bob got to tour VariSpaces yesterday and came back to the office with a wealth of knowledge.  From humble beginnings of a retrofit standup desktop to all their current offerings, Vari is a model to be studied and enjoyed! Fully adjustable desks Chairs Lighting Phone booths Monitor stands Couches Other office furniture Movable walls Spaces for lease
21:05
April 1, 2021
#0045 - What You Should Know About Your Commercial Real Estate Broker
How well do you really know someone before you hire them?  Or better yet, how well should you know them?  What questions should you ask before hiring a tenant rep broker?  Today we'll give you 7 questions you must ask and we'll answer these questions for REATA as well. How long have you been in the commercial real estate business? Are you a tenant rep exclusively?  What about the rest of the firm?  And should I even care? How long have you been a tenant rep exclusively? What is your area of geographic specialty?  And what percentage of your business does this represent? What types of buildings do you specialize in?  What percentage of your business do these represent? Do you have any experience in my specific industry or type of business? Can you provide references?
18:32
March 25, 2021
#0044 The Future of Logistics Real Estate Demand
Most of the time we talk about how to negotiate better office leases on this podcast.  But today, we're going to talk about the Supply Chain - how its reliability became invaluable during Covid-19 and how its weaknesses showed up in a recent winter storm in Texas and how that affected industrial real estate.  When you could no longer go to Wal-Mart, Jeff (Mr. Bezos to you) could bring it to your doorstep.  Well, yes in the first case, no in the second.  Listen to today's podcast to discover 5 forces shaping logistics real estate. Prologis had an interesting article recently about logistics real estate demand and what they see in the future.  Prologis is a large owner of industrial and logistics real estate.  They say that decisions surrounding supply chains are becoming more holistic and data-driven then ever before and that we'll see huge demand for these properties in the future. They are absolutely right-we're seeing the impact of this throughout the DFW area with giant warehouses popping up from Alliance airport in the far northwest to Waxahachie in the south.  Doing a quick search on CoStar for available warehouses with 500,000 square feet or more showed 16 properties that could accommodate that, already on the ground.  But here's the kicker, there were another 12 properties under construction and another 42 somewhere in the planning process.  There is clearly incredible demand for this type of property. Prologis mentioned 5 forces that will be shaping logistics real estate in the future.  They are: The long-term structural growth rate of logistics real estate has risen. Technology and demographics are transforming retail. Logistics best practices are going global. Location matters more than ever for logistics real estate consumers. The price elasticity of demand has decreased. It would appear that the industrial surge will continue to grow in the near and distant future.
20:13
March 18, 2021
#0043 - 12 Reasons and Tips When Moving Your Office From Downtown to the Suburbs
You've probably heard that folks are leaving the big city downtown and moving to the burbs.  With so much good about downtown, public transportation with light rail, restaurants, shopping, hotels, live/work/play, performing arts, museums, parks etc why would anyone want to leave downtown?? While it is the right place to be for many companies, the suburbs may be the better choice for others.   Here are a few reasons/tips: Lower cost - rent?, parking, commuting costs, company subsidizes these Spread out - possible lower cost may allow you to lease more space and spread people, a move gives you the opportunity to redesign the office regardless of where you move, you might even want to consider a different product type like flex or a closed big-box store Closer to home - maybe, map out where employees live, less time in the car, save money and time, easier to recruit Closer to customers - maybe, map this one out too Smaller satellite offices - if employees and/or customers are spread out, maybe your offices should be too Less time in elevators - shorter buildings mean shorter elevator rides and/or taking the stairs Easier parking - fewer parking garages, but out in the elements Amenities - give employees a reason to come back to the office Hire an architect - this will help assess your needs before you start the search Hire a tenant rep broker - especially in today's environment, having a broker to represent you and your office needs is crucial.  Leases are being changed in the way they're written and you need an expert to advocate on your behalf Talk to your employees - be sure you know what's most important to them Move with pros and get insured - just think of all the wasted productive time your employees could have had working instead of packing up and moving, workers comp exposure!  Leave this job to the pros, hire a moving company and make sure they and you are insured
25:58
March 10, 2021
#0042 - A Landlord Creates a Compelling New Reason to go Back to the Office
Granite Properties and Common Desk have teamed up to provide a new solution for post-Covid, return to work, offices. Hub-and-spoke model Lease main HQ in one of Granite's buildings Receive a G.O. Pass which allows employees to use any of Common Desk's 8 co-working locations Flexibility Landlord responsiveness Tenant survey Granite's Evolve platform - a broad collection of customer-centric office solutions assisting companies to adapt to changing business needs Spec suites Menu of options
09:44
March 1, 2021
#0041 - 6 Things to Avoid When Leasing Office Space
1.  Going it alone 2.  Ignoring the neighborhood 3.  Betting on the future 4.  Not using an attorney 5.  Assuming that your employees want to come to the office 6.  Overlooking subleases Listen to Jan & Bob discuss each of these 6 things in detail.  Now, more than ever, is the time to NOT make a mistake in your next office lease.
11:22
February 11, 2021
#0040 - Office Vacancies Reach High Point in DFW
Recently the Dallas Business Journal quoted a CBRE study which claimed vacancy rate, in DFW, at the end of 2020, was 23.4%.  Listen to Bob and Jan discuss if this is good, bad, or even accurate. 23.4% office vacancy rate after 4 quarters of negative absorption CBRE's numbers differ from what CoStar shows Markets hit hardest:  Far North Dallas (-1.44M SF); Las Colinas (-955K SF); and Dallas CBD (-826 SF) Markets which fared best:  Richardson (+241K SF); Preston Center (+123K SF); and Mid-Cities (+55K SF) More coming....4.2 million square feet of new space still under construction Rental rates increasing?? Why aren't rental rates falling? What did the Congressional Budget Office have to say?
13:21
February 3, 2021
#0039 - 9 Trends That Will Shape Work in 2021 and Beyond
In recently reading an article in the Harvard Business Review by Brian Kropp, I enjoyed learning what his 9 predictions for upcoming trends will be in the work force for 2021 and beyond. 1.  Employers will shift from managing the employee experience to much more. 2.  More companies will adopt positions on societal and political debates. 3.  Gender-wage gap to increase. 4.  Companies will be limited in their ability to monitor employees. 5.  Flexibility will shift from location to time. 6.  Companies to provide COVID vaccines and all that will entail. 7.  Mental health support to become much more prevalent. 8.  Renting talent as needs arise. 9.  States to begin attracting individual workers not just large corporations.
27:54
January 21, 2021
#0038 Forget Where's Waldo. More Like Where's the Office?
There have never been so many options available to companies for their office space. How do you decide among them and is your tenant rep able to advise you on all the options? The options are definitely plentiful. Before discussing the best solution, we recommend that companies consider broader issues like  corporate goals,  geography,  control, and  product type Are tenant reps able to guide a company through this process? Are you suggesting a different way of doing business? Does that mean they won’t always get paid with a commission?
13:45
January 7, 2021
#0037 - 5 Advantages to IoT in Your Office Space
The "Internet of Things" is abbreviated to LoT  Simpler compliance with social distancing protocols Improved productivity Healthier, more comfortable work environment A greener workplace with reduced operating costs Streamlined asset management and purchasing Alexa - play Confessions of a Recovering Landlord podcast
12:23
December 23, 2020
#0036 - Three Reasons Why Remote Work Won't Last
1.  Communication issues with partially-remote workforces 2.  Decision inclusion 3.  Optics 4.  Bob's take....loneliness Can these obstacles be overcome?  Absolutely.
16:36
December 16, 2020
#0035 - Intermediary, A Fancy Word for a Really Bad Idea
Fiduciary Intermediary - Dual Agency Sharing an attorney Know who represents whom IABS - Information About Brokerage Services Intermediary, with assignments (still a bad idea) Special documentation Conflicts of interest Don't be unrepresented - on either side of the equation
17:40
December 9, 2020
#0034 - Subleasing Update (because we don't talk enough about it as it is!)
Sublease space available now tops the 9 million square feet mark Available sublease space has increased by almost 50% since January, 2020 Subleases make up 15-20% of all space available in North Texas today Total available sublease space stands at 180 million square feet nationally Landlords just now getting aggressive against sublease negotiations Landlord blocking subleases Subleases, on average, are 15.5% less than for direct lease space Loss of amenities for returning tenants DFW has topped the market in return-to-work tenants
15:42
December 2, 2020
#0033 - What Tenants Need to Know About Property Taxes
Property taxes are paid by the landlord but passed through to the tenant Operating expenses Tenant's prorata share Property tax division Taxes assessed Special assessments Improvement districts Property tax consultants Franchise taxes Sale of building in the middle of the tenant's lease term Protest tax value Controllable expenses cap Tax consultants
13:32
November 27, 2020
#0032 - Don't Let Your Office Lease Kill the Sale of Your Business
Sales/Mergers Assignment/Sublease Right of recapture Terminate Lease Increasing building value Negotiate Add conditions Force the landlord to be reasonable Selling stock of company Publicly traded firms Give notice early Indemnity Other tenants' rights Expect fees Consider future business goals
23:16
November 18, 2020
#0031 - How to Pull off a Successful Office Move
Timeline for moving Considerations of move impact Selecting movers, IT, architects, space planners, etc Budget and tracking expenses Giving notice to current landlord Get acquainted with new location Facilitating employees Planning press releases Certificates of Insurance Walkthroughs - old location & new
36:11
November 11, 2020
#0030 - Evaluating Commercial Real Estate Lease Proposals
Evaluating lease proposals Excel spreadsheets Client goals & objectives Long/Short List RFPs versus LOIs Analysis Best metric Flat rate equivalent Building preference
15:39
November 3, 2020
#0029 How To Create the Perfect Office During a Pandemic
Andy Jones, President, Jones Commercial Interiors is our guest today. Established in 1996, Jones Commercial Interiors is one of Dallas' fast growing and most innovative interior design firms.  JCI's specialty is custom design of tenant spaces including office, industrial and retail.   Growing the business, helping clients during COVID. Retro fitting office space for employee return. Interior designers/architects - what's the difference? Safe separation design. Space plan process. Trivia - Andy is a pilot.
46:14
October 28, 2020
#0028 Lack of Technology Affects CRE's Ability to Hire - Not at REATA!
Commercial real estate, in general,  slow to embrace technology 45% of all CRE employees are 55 or older Only 4% of all CRE employees are 19-24 E-Signatures CRM Databases CoStar REATA is technologically advanced! Come work with us! Looking to hire a Transaction Coordinator Call Jan at 972-677-0028 or email her at Jan@TexasTenantRep.com
13:23
October 22, 2020
#0027 Top things a real estate attorney wants you know about office leases
Our guest on this episode is Steve Potts with the Potts Law Group (www.PottsLawGroup.com). Steve is an attorney and an expert on negotiating commercial leases from the tenant’s perspective. What is the number 1 thing people should do first when negotiating a lease? Why have an attorney in the first place? Once a tenant and their tenant rep negotiate the business terms, isn’t that the time when an attorney should be brought into the picture? One of the most talked about clauses in light of COVID has been force majeure. What is that and how does it work in practice? Landlords are evaluating tenant credit more than ever and it’s likely to increase personal guarantees. What are your thoughts on those? As tenant reps, we review leases and recommend lots of changes. But since we aren’t attorneys, we can’t offer specific language to properly document those recommendations. In fact, there are certain clauses we really don’t read at all. Indemnification is one of those. I almost always see attorneys make changes to this clause. Why? Leases contain many, many time periods requiring tenants to do things by a certain time or something bad happens. Can you discuss some of those? We often see landlords’ insurance requirements stated in the lease, but the actual coverage carried by the tenant doesn’t always match that. Have you seen this discrepancy come back to haunt tenants? Is there a particular clause in commercial leases which causes tenants the most grief if not properly worded? Is there a horror story of when a tenant didn’t take your advice and it ended in disaster? What are the two most important recommendations you have for companies leasing space? Thanks for listening to another episode of the Confessions of a Recovering Landlord podcast. And a big shout out to today’s guest, Mr. Steve Potts with Potts Law Group (www.PottsLawGroup.com). At REATA Commercial Realty, we exclusively serve companies that lease or purchase office and warehouse space. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.
01:00:26
October 13, 2020
#0026 Why industrial space is booming in spite of COVID?
Is there increased demand for industrial space? How is demand affecting new construction? Why is DFW so attractive for industrial tenants? What’s creating the demand? Is the demand primarily from Jeff Bezos and Elon Musk? At REATA Commercial Realty, we exclusively serve companies that lease or purchase office and warehouse space. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.
10:55
September 29, 2020
#0025 11 Ways to Ensure a Healthier Office
1.  Conduct maintenance and updates to HVAC systems 2. Install ultraviolet lighting in bathrooms 3. Remove porous materials, such as carpeting 4. Add signs and visual reminders to promote social distancing and single-direction foot traffic 5. Eliminate communal food and drink offerings such as coffee machines and water coolers 6. Ramp up cleaning with janitorial and maintenance providers 7. Place sanitizing dispensers throughout the office and reception areas 8. Stagger work hours or days to reduce the density of people allow telework 9. Replace elevator doors and buttons with a touchless experience 10. Reconfigure desks, tables, and chairs 11. Install a countertop shield barrier at reception desks REATA Commercial Realty - exclusively serving companies that lease or purchase office and warehouse space. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.
25:32
September 24, 2020
#0024 Hidden costs in your office lease
While rent and common area maintenance are the big obvious charges, there could be many other potential expenses that could surprise you. Rent increases Late fees & interest Operating expenses increases Capital improvements Insurance coverage Parking Remeasurement of the building Above-standard services TI costs above allowance Approval, consulting & attorney fees After-hours move-in Option fees Rent tax Expiration of the lease At REATA Commercial Realty, we exclusively serve companies that lease or purchase office and warehouse properties. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.
35:55
September 7, 2020
#0023 Why commercial leases are getting shorter
Why Commercial Leases are Getting Shorter? How does this impact building values for landlords? What does this mean for tenants? The article to which we refer in this episode can be found here. The Confessions of a Recovering Landlord podcast is brought to you by REATA Commercial Realty. We exclusively serve companies that lease or purchase office and warehouse buildings. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028. Please subscribe and leave us a 5-star rating to help other people find us too. Thanks.
19:34
September 2, 2020
#0022 Insurance - landlords require so much, but it still falls short in COVID
Brian Hutson of Assured Partners is our guest this week to talk all things insurance. Landlords require so much insurance in leases. Why and is that good or bad for tenants? Brian explains it all to us. It sounds boring, but Brian makes it very tangible and interesting. He's the only guy we know with a college degree in insurance. Commercial general liability insurance Auto liability Excess liability/umbrella liability Property insurance Worker's compensation/employer's liability Business interruption Waiver of subrogation Indemnification What insurance protects you in a pandemic? And so much more The Confessions of a Recovering Landlord podcast is sponsored by REATA Commercial Realty, which exclusively serves companies that lease or purchase office and warehouse space. We never represent landlords. Call us at 972-667-0028.
01:15:04
August 26, 2020
#0021 Office Rents Are Headed Lower Because of the Pandemic
No joke, the Dallas Morning News headline read: “Office Rents Are Headed Lower Because of the Pandemic” Key take-aways Bob & Jan discuss in this episode: · Only 2% of commercial real estate firm execs thought office rents would rise · 77% said they expect more lease concessions as landlords try to lure tenants · Office leasing in the 2nd quarter fell by 14 million SF in US · DFW was 2 million SF negative. · Tenants are expected to pause lease decisions for the foreseeable future · They will opt for shorter-term renewals instead · Almost half of the real estate execs expect warehouse leasing to rise Bottom line: If you lease office space, delay long-term decisions if possible. If you lease warehouse space, it's business as usual, for now. At REATA Commercial Realty, we exclusively serve companies that lease or purchase office and warehouse properties. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.
06:25
August 18, 2020
#0020 6 Amenities Tenants Will Want Post-COVID
6 Amenities Tenants Will Want Post COVID-19 #1 - Strong Connectivity #2: Touch-less technology #3: Better ventilation systems #4: Safer materials #5: Traditional amenities with a safe spin #6: Smart cleaning technology Who’s gonna pay for all this? What will it take to get you back in your office? We'd love to hear your thoughts: · Are you currently working from home and is it temporary or permanent? · Do you plan to return to the office and, if so, when? · What will it take to make you comfortable there? · Will all your employees return or will have staggered work schedules alternating between home and office? · What changes do you plan to make in the office before returning? The Confessions of a Recovering Landlord podcast is brought to you by REATA Commercial Realty, where we exclusively serve companies that lease or purchase office, medical and warehouse space. You can find us at www.TexasTenantRep.com or call us at 972-667-0028.
12:29
August 13, 2020
#0019 You Aren't Your Landlord's Primary Client
Why you, the tenant, are NOT the landlord’s primary client…and who is. Who is the landlord’s secondary client and why. Who is the landlord’s third place client and why. How can tenants improve their leverage and influence with landlords to improve where they are in the pecking order? The good news is that users of office and warehouse properties are REATA’s FIRST, most important and ONLY client! At REATA Commercial Realty, we exclusively serve companies and non-profits that lease or purchase office and warehouse space. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.
11:12
August 6, 2020
#0018 Knowledge is Power
In 1597, Sir Francis Bacon is quoted as saying - “Knowledge is Power.” That’s as true today as it was when he said it and it’s our topic today on the Confessions of a Recovering Landlord podcast. Can you think of a single situation in which you’re better off when you know less than the person trying to sell you something? The landlord counts on the fact that you aren’t in the real estate business. That means limited market knowledge. The less you know, the more the landlord can take advantage. It’s especially true when renewing an existing lease. There is a dramatic disparity in knowledge. Professional landlords with professional leasing agents and professional property managers do hundreds of lease deals a year. Tenants usually do 1 or only a few deals every 5 years. Whether you intend on moving or not, you need knowledge from inside the market every time you do a lease. So what’s the best way for a tenant to get the knowledge they don’t have? Is it more important than ever now with the world of COVID-19?!? REATA Commercial Realty, Inc. is our sponsor. Find out more at www.TexasTenantRep.com or call 972-677-0028.
13:07
July 23, 2020
#0017 Your Space, Your Culture - Office Space Your Way
Why is it important to talk about how the office reflects the culture of the company? How do you “create” this feeling? What about an open plan where everyone is on a wide-open floor? What if wellness and health are part of your company's core values? Designs in new buildings Other things that impact culture in the office How does all this change with COVID? Learn more about REATA Commercial Realty, Inc. at www.TexasTenantRep.com or call us at 972-677-0028.
34:24
July 16, 2020
#0016 The Top 10 Issues Affecting Real Estate in 2020 & 2021
The top 10 list was published by Bisnow but was created by The Counselors of Real Estate. No. 10: Environmental, Social and Governance No. 9: Infrastructure No. 8: Technology and Workflow No. 7: Space Utilization No. 6: The Flow of People No. 5: Affordable Housing No. 4: The Public and Private Debt Bomb No. 3: Capital Markets Disruption No. 2: Economic Renewal No. 1: The Coronavirus – Duh! Learn more about REATA Commercial Realty, Inc. at www.TexasTenantRep.com or call us at 972-677-0028.
28:36
July 9, 2020
#0015 What does going back to the office look like? Part 2
In today's episode, we interview Charlene Aldridge of Aldridge Kerr & Associates and Tracy Voltin of CoSource, Inc. They have joined forces to offer companies a process for determining how they plan and implement a return to the office.  Tracy Voltin is President of CoSource, Inc. whose primary focus is office space and fit up strategy and implementation. Charlene Aldridge is the President of Aldridge, Kerr & Associates, Inc., an operational consulting firm that delivers solutions in process optimization, documentation, operational analysis, facilitation, business continuity planning, and change management to improve efficiency and business performance for clients. Fun Fact:  Charlene and Tracy worked for the same Insurance company up until they started their own businesses 24 and 23 years ago, respectively.
39:44
July 1, 2020
#0014 What does going back to the office look like? Part 1
This week Bob & Jan discuss the various ways that tenants of office buildings are dealing with returning to their offices.  Business as usual Split schedules Some at home, some at the office Office for meetings and conferences only Procedures for cleaning On part 2 next week, we'll interview two experts on processes and procedures to consider once you have decided to definitely re-open the office.
25:47
June 25, 2020
#0013 Commercial Lease Credit - What Is It? Why Do You Need It?
Commercial lease credit – What is it? How do you get it? In this episode, Bob & Jan discuss how a landlord underwrites a lease from a credit perspective. Some of the issues/questions they address include: The definition of lease credit. What does that even mean? Is it like a personal credit score? What specifically does a landlord look for when reviewing a tenant’s credit? Examples. The difference between public and privately-held companies. What about flow-through entities like S-corporations and LLC’s? What do you do to get the landlord comfortable with start-ups? Letters of credit, cash deposits, personal guarantees, pre-paid rent, transfer costs to tenants. Does subleasing figure into this in any way? What should a tenant do to get their credit ready when thinking about future leases? At REATA Commercial Realty, we exclusively serve companies that lease or purchase office space. You can find us at www.TexasTenantRep.comor call us at 972-667-0028.
22:51
June 17, 2020
#0012 What should you expect from your tenant rep after the lease is signed?
So you’ve signed a lease and moved in. Will you ever hear from your broker again? What should you expect of your tenant rep after the lease is signed? In this episode, Bob & Jan discuss the following questions: What should a tenant expect from their broker after they move into the space? Does REATA have a special tool or system to handle this? REATA LeaseTrac 5 primary aspects to the REATA LeaseTrac system:   Just the Facts   Safety Check   Lease Doctor On-Call   Expense Hawk   Market Manager Are the landlord’s charges usually accurate? What are the most common mistakes you see property managers make when calculating what the tenant should pay? The Confessions of a Recovering Landlord podcast is brought to you by REATA Commercial Realty, where we exclusively serve companies that lease or purchase office, medical and warehouse space. You can find us at www.TexasTenantRep.com or call us at 972-667-0028.
18:01
June 3, 2020
#0011 Understanding Rentable vs. Usable Square Feet – Does it Matter?
Your office building may be growing and you don’t even know it. How is that possible? Today’s episode takes a deep dive into rentable square footage and usable square footage. What’s the difference and why should you care?  We discuss lots of questions like: How can a building grow? That sounds ridiculous. Can it be true? Who decides how to measure a building? Leases use the terms rentable SF and usable SF. What’s the difference? If a tenant takes a tape measure and measures each room and adds them up, will that equal the usable SF? What’s included in the common area? Is that generally agreed upon in the industry? Are new amenities like fitness centers, conference rooms, tenant lounges, etc. considered common areas? Can rentable and usable be the same number? Is 5,000 SF in a single-tenant building better than in a multi-tenant building because it doesn’t have common area? Once a landlord remeasures a building, can they just change the square footage in the lease unilaterally? How can a tenant protect themselves from the risk of this happening? When a tenant is evaluating buildings, should they be more concerned about rentable or usable? Thanks to our sponsor, REATA Commercial Realty, Inc., which is a tenant advisory firm exclusively representing companies and non-profits which lease or purchase office, medical, flex and warehouse space in the Dallas Fort Worth area. #commercialrealestate #officespace #officelease #tenantrep #tenantrepresentation #officebuilding #office #squarefeet #cad #landlord #tenant #dfw #dallas #plano #richardson #addison #fortworth #irving #lascolinas #mckinney #carrollton #farmersbranch #coppell
21:39
May 29, 2020
#0010 Do You Really Need a Tenant Representative?
If you need office space, or it’s time to renew your current lease, or you want to consider buying a building, should you use a tenant rep? In this episode we address these questions and plenty more! Why should someone use a tenant rep, and, what exactly does a tenant rep do? Conflicts of interest. How can someone know who represents who in a transaction? Can’t a broker represent both parties to a lease or sale? Can’t the agent work exclusively on one deal for the tenant and exclusively on another deal for the landlord? Does a conflict of interest occur only if a broker tries to represent both sides of the same transaction? What does a company have to do to make sure they have a broker work exclusively for them? Doesn’t the landlord’s rep know the building better than the tenant rep does? Shouldn’t companies use more than one tenant rep to be sure they don’t miss something in the market? It seems like there is a lot of specialization within commercial real estate. Why is that? How should a tenant interact with their landlord once they hire a tenant rep? What does it cost to use a tenant rep? What if the landlord offers to pay the tenant the commission if they don’t use a tenant rep? What issues do tenant reps negotiate in addition to the rental rate? So how does someone find the right tenant rep to help them? Many people pick their tenant rep based on who they know from college or the country club. Is that a good idea? If someone has a great relationship with their landlord, should they still engage a tenant rep? Once the lease is negotiated, does a tenant rep’s service end? Thanks to our sponsor, REATA Commercial Realty, Inc., which is a tenant advisory firm exclusively representing companies and non-profits which lease or purchase office, medical, flex and warehouse space.
38:50
May 20, 2020
#0009 Understanding Rental Rates
On today’s episode, Bob & Jan talk about rental rates. How much should they be? How to know if you have a good one? What’s with all the different ways they are quoted? The most important question first: how much does it cost to lease office space? Consider factors such as the size of the space, location, quality of building, length of lease, credit of tenant, and lots of other things. Averages hide the truth. How does someone know if they have a good rental rate? Work the process. If looking at moving... If just renewing... Always make the landlord compete for your business. Rental rates are quoted in many ways – full service, triple net, plus electricity – what’s the difference? Think of rates as being on a spectrum The shell game. Why do some buildings quote rents one way while others quote them another way? How can a tenant know which is the best rate structure for them? Rate structure doesn’t matter – total cost does Compare all options on apples-to-apples basis Thanks to our sponsor - REATA Commercial Realty, Inc. – the experts in guiding companies and non-profits through questions like: Should we stay in the same building or move? Should we continue to lease or buy? Learn more at www.TexasTenantRep.com or call 972-677-0028.
24:14
May 13, 2020
#0008 Is Subleasing Right for You?
As companies lay-off employees or close offices, they don’t need all their office space and seek to sublease it. In this episode, we flesh out why someone would want to sublease and the pros and cons of doing so from the perspectives of both the company disposing of its excess space and the company taking over the space. We’ll discuss questions such as: What’s the difference between subleasing and assigning a lease? When might someone want to sublease their space? When might someone want to assign their space? Will today’s environment (COVID19) will lead to more subleases being available on the market? What are the benefits of subleasing/assigning for the sublessor/sublandlord? What about for the subtenant/sublessee? What are the risks of subleasing/assigning for the sublessor/sublandlord? What are the risks of subleasing/assigning for the subtenant/sublessee? What’s the process to sublease your space? Can the subtenant sub-sublease if they no longer need the space? Thanks to our sponsor, REATA Commercial Realty, Inc., which is a tenant advisory firm exclusively representing companies and non-profits which lease or purchase office, medical and warehouse space. 
38:09
May 6, 2020
#0007 Should I Buy or Continue to Lease
Business owners often ask us whether they should consider buying a building instead of continuing to “throw away money” leasing. Today's show answers that question.  The reasons we hear for why people don't buy usually include:  I don’t want to be a landlord, I don’t have the down payment, I want to keep the money in the business where it will earn a higher return, I don’t want to be “stuck” owning a building (prefer the “flexibility” of a lease), and I don’t know how large the company will get. Are these concerns well-founded? Definitely, but we discuss 8 reasons why buying may make sense for your company. 1. Long-term cost may be less 2. Customize for the long-term 3. Equity build-up 4. Appreciation 5. Low-interest rates 6. Flexibility 7. Multiple Assets 8. Accounting Treatment Learn more about our sponsor REATA Commercial Realty, Inc. at www.TexasTenantRep.com or call 972-677-0028.
25:48
April 29, 2020
#0006 The COVID Legacy on Offices
What will be the lasting impact of the COVID crisis on office space? Bob and Jan discuss many aspects of this including: Office space configuration Flexibility of office needs Landlord preferences - what will they expect differently Insurance considerations - business interruption and new coverages Rental rates Building operating expenses Parking and commuting This podcast is sponsored by REATA Commercial Realty, Inc. - www.texastenantrep.com - which exclusively represents companies which lease or buy office and warehouse space. We never represent the landlord. #officespace #officelease #covid-19 #commercialrealestate #rentalrates #office #warehouse #dallas #plano #richardson #addison #allen #mckinney #frisco #carrollton #irving #coppell #realestate
28:53
April 23, 2020
#0005 Don't Renew - Renegotiate
Exercising a renewal option in a commercial lease is almost always a bad idea. It leaves so many negotiable issues on the table. But there's a better way. Renegotiate. This episode talks about how to go about that.
13:37
April 15, 2020
#0004 Renegotiating in a Down Market
Bob and Jan discuss what options are available to tenants when negotiating lease extensions, expansions or reductions in a market where rental rates are expected to fall.
24:20
April 9, 2020
#0003 Landlords Respond to Rent Relief
In this episode, we explore the ways that landlords are responding to tenants that request rent relief during the COVID-19 crisis.
12:27
March 30, 2020
#0002 - Business Interruption & Rent Relief
COVID-19 has brought this week’s topic front and center in many people’s mind. Learn how to approach your landlord if you need rent relief.
47:07
March 18, 2020
#0001 - When to Start
When should you get started planning for your lease expiration? What are the initial steps recommended?
15:56
February 23, 2020
Trailer
Just a quick description of what Confessions of a Recovering Landlord is all about.
01:35
February 23, 2020