Commercial Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago,
Office Space - replying to a Request for Proposal ("RFP")
As a landlord, I recently received a Request for Proposal ("RFP") from a non-profit that is seeking office space. I have never responded to a formal RFP before so this is all new to me. Tenant is requesting the landlord do the tenant improvements. Their RFP indicates the tenant is requesting 5000 square foot yet at the same time it also requests # of rooms along with the requested minimum size of each room. I multiplied the room sizes by the number of rooms and I am coming up with a figure of close to 4250 square foot NOT counting bathrooms, hallways, and any other issues that may pop up. I have a vacant unit that is 5250 square foot. So at first glance, I think (or thought) that I am in good shape. But after considering these other factors (bathrooms, hallways, ADA compliance), I am concerned that I'm unable to provide what they are asking. It is too close for comfort.
In cases such as this, it seems that an architect/draftsman is needed. Do landlords/property owners hire their own architect/draftsman to simply to create a submission not knowing if they will even get a signed lease? The potential tenant has, I'm sure, sent out RFPs to other property owners in the area. If property owners are not using an architect at this stage, are they simply making a submission based on an educated guess as to how much it will cost to provide the space needed?