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TRS 2011 Newsletter
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IndependentlyNegotiating Space
TenantRepresentationServicesSYDNEY MELBOURNE BRISBANE
www.tenantrep.com.au
Recent Projects Inside
NEGOTIATION
Tenant Representation Services ("TRS®") is a performance based independent firm that only acts on behalf of commercial tenants - we do not represent landlords, agents, institutions or developers.
We represent tenants from 150Sqm upwards providing:
Transaction Management (Leasing) Services
Construction Probity (Fit Out Management) Services
TRS protects tenants through property searches and lease negotiations to coordinating your design, fit-out and make good.
Red Bull JAL Hunt&Hunt Lawyers
Campari (Sydney)Advent 7 (Sydney)FSA Group (Sydney)Red Bull (Alexandria)Smith & Nephew (North Ryde)Russell Investments (Syd / Melb)Lindt (Botany)Red Cross (Sutherland / Parramatta)Dimension Studies (Syd / Melb)AAM Hatch (Syd / Perth)Hunt&Hunt (North Ryde)Kawasaki (Rydalmere)SISS (Sydney)World Bank (Sydney)
Tenant Help Inside
Economic Outlook
Tenant’s Market
Negotiation Improvements
Contact Details
Latest Projects
Your Benefits
www.tenantrep.com.au
Enables us to act in your best interests and gain the highest lease and construction savings for your business.
Independence
100% Market CoverageHigh level competition through open market property listings from all property companies and landlords as opposed to only a limited market through one or two property companies.
Market KnowledgeThe latest market knowledge in lease transactions and fit-out negotiations, current incentives and construction costs.
Track RecordOur experience in delivering services to a range of tenants within various industry sectors including global multi-nationals, government departments and small companies.
Our ability to integrate transaction management and construction probity services providing total solutions.
Integrated Service
Professional DisciplinesA team of experts qualified in property, design and construction.
Tenant Tools (OPEX©)A range of lease and space evaluation proprietary software tools specifically designed by TRS to help tenants make the correct decisions.
Services
www.tenantrep.com.au
Transaction Management Construction ProbitySelecting the most suitable properties for your business and the negotiation of lease costs, terms and conditions to a successfully executed lease agreement in your favour.
New leases Lease renewals and surrendersSubleasing and assignments Market reviews
Whether you wish to remain within your existing premises or relocate to new premises, TRS guides you through:
How much space you require Identifying locations and property needs Incentive strategies Property searches through ALL landlords and agents Collation of financial proposals and counter-proposals Short-listing and inspections OPEX / CAPEX appraisals Negotiations to final lease execution Make-good negotiations
TRS applies proprietary software models including OPEX©® and OPEXSpace©® to help tenants define their financial and area requirements.
Selecting the most suitable design and construction teams under open market tender and the negotiation of costs, contracts and coordination of all parties to the successful completion of your new fit-out.
Whether you wish to re-plan your existing layout or fit-out new premises, TRS guides you through:
Project timeframes Estimated budgets and Quantity SurveyingOpen market selection of contractors and consultants Negotiations of costs and contracts Building Services ReportsOrdering schedules Risk control Auditing of progress claims Managing all contract team meetings Obtaining all certification Defects management
Tenant Help
Economic OutlookAs Europe, the US and Japan continue to struggle with mounting debts and slow recovery, China’s continuing investment in infrastructure and resources is good news for the Australian economy in 2010 and 2011.
In 2009 TRS experienced: 60% increase in lease transaction negotiations and 35% decline in office fit out activities
Tenants opted to bargain hunt and took advantage of high market incentives opting either to remain in their existing premises or relocate to vacant fitted premises.
Vacancy levels throughout Australia’s CBDs and peripheral locations represent approximately 9.0% of total supply. Take up is low and these indicators are spearheading an aggressive Tenant’s Market
Negotiation Improvements
Mark McGrath MRICSManaging Director
Tenant Representation Services
www.tenantrep.com.au
2010 and 2011 will continue as a Tenant’s Market. A wide range of opportunities exist for tenants to review their operations and to seek financial reductions coupled with space rationalisation.
High market vacancy and low take-upIncreased negotiation leverage and high incentivesCompetitive fit-out costsLease re-negotiation opportunities
Tenant’s Market Continues….
Throughout 2010 tenants should be aware of the following key improvements in the market:
2010 to 2011 will continue as a Tenant’s MarketIncentives will remain at the highest levels in the marketAcceptance of Insurance BondsIncreased fit out competition in the private sector as the
Government reduce construction stimulus spending in the public sector.
www.tenantrep.com.auFor more information on leases, fit-outs and what Tenant Representation Services can provide please visit our website or call 02 8243 6700.
www.tenantrep.com.au
Red Bull wanted something different to accommodate their growth.
Alexander Creative Park offered two grain silos and an adjoining
warehouse that were converted for commercial office and research space.
Transaction Management: TRS
Agreement to Lease Negotiations: TRS
Fit-Out Contractor: neathdesign
Transaction Management9 Months
Construction Probity4 Months
Red Bull
Building Photo
Reception PhotoOther Photo
www.tenantrep.com.au
Transaction Management14 Months
Construction Probity8 Months
Harley-Davidson
Harley-Davidson wanted a new stand-alone property complete with offices and workshops that expressed their
culture and technology.
They chose 1 Sirius Road in Lane Cove.
Transaction Management (Base Building): TRS
Construction Probity (Building and Fit-Out): TRS
Fit-Out Contractor: PHG
www.tenantrep.com.au
Mitsubishi Australia
Transaction Management6 Months
Construction Probity5 Months
Mitsubishi sought a cost-effective transaction for their trade and commodity businesses.
They opted for 50 Bridge Street that offered a qualified financial and design solution.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: MPA
www.tenantrep.com.au
Transaction Management9 Months
Construction Probity4 Months
Hunt&Hunt Lawyers (Melbourne)
Cost value leasing in an efficient building and the implementation of new design standards were the key
drivers for Hunt&Hunt who relocated to 385 Bourke Street.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: Built
www.tenantrep.com.au
Hunt&Hunt Lawyers (Sydney)
Transaction Management7 Months
Construction Probity3 Months
Restructuring an expanding business into modern office premises with ample car parking and storage.
1 Innovation Place provided all requirements.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: PHG
www.tenantrep.com.au
Transaction Management11 Months
Construction Probity3 MonthsWith Partially Fitted Premises
CIT Group
Opted for increased building and design efficiencies with greater flexibility for future expansion.
CIT Group relocated to 141 Walker Street which also offered partially
fitted premises.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: Built
www.tenantrep.com.au
JAL
Transaction Management7 Months
Construction Probity1MonthWith Fully Fitted Premises
The objective was consolidating the business from three levels in their old premises to one level in a new property.
100 Pacific Highway provided all requirements.
Transaction Management: TRS
Construction Probity: TRS (Existing Fit Out)
Fit-Out Contractor: FDC (Minor Changes)
www.tenantrep.com.au
Transaction Management7 Months
Construction Probity4 Months
Pernod Ricard (Orlando Wyndham)
16 Byfield Street in North Ryde was the best option for Pernod Ricard who
wanted to consolidate warehousing and office accommodation within one
facility.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: Built
www.tenantrep.com.au
Mortgage Choice
Transaction Management9 Months
Construction Probity3 Months
The objective was consolidating the business from three levels in their old premises to one level in a new property.
100 Pacific Highway provided all requirements.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: FDC
www.tenantrep.com.au
Transaction Management10 Months
Construction Probity6 Months
Medtronic
In conjunction with an advanced technical environment offering wet /
dry labs, training facilities and warehousing, 79 Waterloo Road, North
Ryde offered the ideal solution.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: FDC
www.tenantrep.com.au
Iress Market Technology
Transaction Management5 Months
Construction Probity4 Months
Iress in Sydney, Melbourne and Perth required new premises in properties that offered quality services and infrastructure to support an expanding high-tech environment.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: Blueprint Commercial
www.tenantrep.com.au
Transaction Management3 Months
Construction Probity2 Months
Sojitz
Sojitz required a right-sizing solution and opted to relocate to MLC Centre.
TRS provided Construction Probity services and delivered the project under
budget and on-time.
Construction Probity: TRS
Fit-Out Contractor: Odyssey (Formula Interiors)
www.tenantrep.com.au
Ninemsn
Transaction Management11 Months
Construction Probity4 Months
Ninemsn wanted a fresh new environment.
They relocated to Australia Square which provided good quality staff amenities and an efficient open plan environment.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: FDC
www.tenantrep.com.au
Transaction Management5 Months
Construction Probity3 Months
Visa International
Visa’s wanted a design efficient environment with the opportunity to
expand in the future.
They chose 50 Bridge Street under a cost-effective transaction.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: Elan
www.tenantrep.com.au
Abbott Tout (HWL)
Transaction Management13 Months
Construction Probity5 Months
Seeking a consolidated environment offering lower Occupancy Costs were the key drivers for Abbott Tout.
Australia Square proved to be one of the most cost-effective transactions in Sydney.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: Built
www.tenantrep.com.au
Transaction Management3 Months
Construction Probity3 Months
Tullett Prebon
Tullett Prebon wanted to remain within 60 Margaret Street.
They leased a higher level in the same building with a new advanced dealing floor with high-level technical support.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: PHG
www.tenantrep.com.au
Quintiles
Transaction Management7 Months
Construction Probity4 Months
Quintiles opted for location change to 67 Albert Street, Chatswood.
The premises were to offer good internal staff amenities, efficient floorplates and good access to trains and buses.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: PHG
www.tenantrep.com.au
Transaction Management8 Months
Construction Probity4 Months
Logica
Logica sought a new fresh image within a property that offered good
quality services and staff amenities.
They relocated to 100 Pacific Highway which provided all requirements under
a cost-effective lease.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: FDC
www.tenantrep.com.au
Andrew West (CMC Markets)
Transaction Management7 Months
Construction Probity2 Months
Andrew West wanted to select a property that offered high-end technical back-up combined with good client support and amenities.
123 Pitt Street met all requirements.
Transaction Management: TRS
Fit-Out Contractor: The Patterson Group
www.tenantrep.com.au
Transaction Management5 Months
Construction Probity2 Months
Audrey Page
123 Pitt Street (Angel Place) offered Audrey Page excellent tenant
amenities combined with a high density office fit-out providing
training, canteen and office facilities.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: FDC
www.tenantrep.com.au
ISS
Transaction Management5 Months
Construction Probity3 Months
ISS needed a multi-functional property offering office, warehousing, cleaning facilities to house machinery and suitable trucking access.
They opted for 12 Mars Road in Lane Cove.Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: PHG
www.tenantrep.com.au
The SG Group occupied smaller premises within Lime Street.
As the business grew they wished to remain in the Lime Street complex
and negotiate for more space.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: FDC
Transaction Management3 Months
Construction Probity2 Months
The SG Group
www.tenantrep.com.au
Addisons Lawyers
Transaction Management6 Months
Construction Probity3 Months
Addisons Lawyers sought consolidation from two levels to one level within a new building.
60 Carrington Street provided a one floor solution near good public transport.
Transaction Management: TRS
Construction Probity: TRS
Fit-Out Contractor: PHG
www.tenantrep.com.au
Transaction Management3 Months
Construction Probity1 Month
Stewarts Chartered Accountants
Stewarts wanted to know whether they should stay in 6 Underwood Street or
relocate to alternative premises.
Their existing premises offered the best transaction with a good incentive to assist towards refurbishment works.
Transaction Management: TRS
Construction Probity: TRS
www.tenantrep.com.au
ContactTenant Representation ServicesLevel 4, 234 George StreetSydney NSW 2000
PO Box N524, Grosvenor PlaceSydney NSW 1220
Phone 02 8243 6700Fax 02 8243 6777Web www.tenantrep.com.auAbn 17 097 365 930
Mark McGrathManaging DirectorPhone 02 8243 6711Email [email protected]