Projects and the Role of Leasing and Marketing
This module will discuss what projects are in the context of leasing, marketing and negotiation, and by understanding the origins, we can help to define the issues, opportunities and potential pitfalls that create project success or failure. We will go over the role that leasing and marketing plays in various types of projects and what a property owner should expect to gain from having leasing on the team from the beginning of a project, from site selection, site programming, design and project layout.
The Importance of Leasing and Marketing in Creating Successful Projects
In this Module, we will take a much deeper look into the role of the leasing and marketing team and what makes the difference between basic job performance and truly being a respected leasing professional. We will then talk about how leasing helps with the development cost budget, the leasing assumptions, the project income expectations and the feasibility of projects.
Project Economics and Why Leasing Should Understand the Details
The project economics Module will go into more detail about how project rents are determined as well as how net effective rents are computed. We will begin the process of dissecting various lease terms and conditions and how the negotiation of them can impact value, for better or worse.
Tenant Evaluation and Underwriting
This module will provide students with the necessary skills to successfully evaluate potential tenants and discuss the important process of underwriting. Among the topics that will be addressed are identifying key components of a tenant’s business plan, determining whether or not a tenant has enough business experience and identifying key measures of a tenant’s liquidity and net worth. Students will also identify ways in which the landlord can mitigate a lease’s financial risk, gain an understanding of how various types of tenant uses impact a development project, and learn to define key provisions of a lease guaranty agreement as well as the various types of legal entities tenants may use. In addition, we’ll discuss how to verify entity existence and good standing.
Project Marketing and Brokerage
This module will explore various strategies to help you successfully market an available project. We’ll help you create a marketing plan by answering these questions: What marketing materials are required before you can begin project leasing? What information do you need to gather for your marketing materials? What legal issues do you need to be aware of when preparing marketing materials? What are the methods available for reaching your target audience and are there online sources available for project marketing? We’ll also discuss how marketing materials should be targeted to different types of tenants and their use of the project. In the second half of this Module, we will talk about managing the leasing agents and brokers charged with leasing your development project. We will outline the types of project feedback you should expect from brokers and discuss broker and agent interaction with the development team, in addition to identifying the written information you’ll require brokers and agents to provide throughout the development process.
This first module regarding negotiations will describe and examine the various types of leases and lease structures, examine the importance of use clauses and their key components as well as the assignment clause and its key components and issues. Students will learn the difference between assignment and subleasing and gain familiarity with anchor and co-tenancy clauses in retail leasing. We’ll also discuss the importance of a tenant opening requirement, tenant go-dark provisions and recapture rights and define the key elements of a tenant relocation provision. Other topics that will be addressed include how to handle no build and tenant control area requests and understanding the importance of defining trade names within a lease.
The leasing process presents many legal issues for those involved in leasing a property. In this Module, we’ll define subordination and non-disturbance agreements, discuss the various types of tenant and landlord insurance requirements, identify the key elements of a casualty provision and explore the lease issues that arise from condemnation. Students will also learn the key language that is required in letters of intent, how to control the lease negotiation process with legal counsel and gain an understanding of lien waivers and tenant estoppel certificates and their significance.
We will spend time examining why the operating expense provisions of leases can be heavily negotiated. In all cases, we will look at what is motivating the tenant to want certain things, and what motivates the landlord to resist.
Negotiations—Part Three Plus Bonus Material
This final module will finish the topic of negotiations with a discussion of the various styles and traits of good negotiators, how to handle different types of negotiations, the importance of preparation and role play. Many tips will be shared and discussed. We will return to the subject of the leasing and marketing team and go into more depth on selecting and managing a listing broker. Students will also gain a better understanding of the importance and key provisions of commission agreements, real estate broker licensing requirements and commission payments. Finally, a number of helpful bonus items will be shared that should provide discussion framework to recap the entire course.
Leasing, Marketing and Negotiations is approved for the following Education Credit:
16 hours credit toward the Certificate of Advanced Study in Commercial Real Estate Development.
15 AIA/CES Learning Units
16 Professional Development Hours (PDH)
1.6 Continuing Education Units (CEUs)
Tuition & Register
Tuition & Register
Payment for a NAIOP on demand course entitles access for one person only to the course and all materials.
How to Register
- Register online.
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- Mail: Send check payments to: NAIOP, CL500060, PO Box 5007, Merrifield, VA 22116-5007
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