The Value of a Good Tenant Criteria

I'm often asked what a Tenant Criteria Manual is and if a Retail Developer really needs to develop one for a specific project. The answer is yes, absolutely. They are a really valuable tool that is referenced in the lease and therefor becomes a legal agreement between the tenant and the landlord. It is the landlord's only opportunity to get all the overall requirements of the tenant in writing without taxing Lease Admin (they have enough particulars to add as it is). I look at the Tenant Criteria Manual as serving three purposes. 1. to inform the tenant of their Scope of Work. 2. to inform the tenant of all Existing Building Conditions 3. A VALUABLE MARKETING TOOL:

1. Tenant scope of work. This is obvious - You do this -We'll do that.

2. Building Conditions. The more information that is provided the tenant the better equip they will be at the onset of their construction documents, the less comments will be on the drawings, which means less revisions, and the faster the drawings will be approved, (now your getting the picture), the faster the tenant will open, the sooner you can collect rent! The power of this document often goes completely unnoticed, but trust me, you can shave weeks off a tenant's schedules by getting this step right.

3. Critieria Manual as Marketing Tool. As a developer you want to put your best foot forward when starting a project with the Retail Design Team of a any Tenant. You want them to classify your development as an "A" Mall at a glance. National tenants and franchises often have "A" and "B" concept (not always, but often) so if a tenant can get away with a cheaper design, you may not get the best design available. BUT, if you put a really cool Tenant Criteria Manual in front of that same design team they will have no doubt what they can get away with. And as a developer, if you just spent millions of dollars to renovate your mall you want to make sure you are getting the best designs possible. A good Tenant Design Reviewer with a lot of design experience will know the latest concepts and how to get best design out of their tenants (but that is for another post).

Welcome!

Well it's a great day to start a new project, mine being this blog. We have a new President and hopefully America's confidence will turn the tide of this economic decline. I am focusing on building a website and getting the word out about what I can offer developers and tenants. I will add posts about Retail Developement, Tenant and Landlord relations, and Tenant Coordination issues. I hope you like it and will Follow Me or Subscribe to the blog and join in to comment.
Thanks,
Tricia