Speculative suites are the ‘suite’ spot

In an ever-changing world, corporates in varying sizes, shapes, industry sectors and geographical locations are seeking flexibility in their leases with more and more demand in the small to medium sector for speculative suite fit outs (fit out speculatively refurbished by the landlord).

This is not a new concept and has been a market initiative over the past decade and longer, however, with the influence from hotels and residential display houses and apartments, design has stepped up dramatically by interior designers and landlords, looking to push boundaries in the latest ways to entice a tenant into their buildings.

The purpose of a spec fit out is to: a. reduce let up time and b. to offer a walk-in walk-out solution for the occupier. The design is aimed to be generic, catering for the broad business user whether technology, finance, education, healthcare or professional services. Spaces can be built out from 150sqm to a whole floor of up to 1,200sqm+.

With many of our clients looking to reduce not only OPEX but up-front CAPEX, these types of opportunities also take away the process of design and build, especially if time is limited.

Clients are wanting well designed creative and collaborative spaces for their teams including:

·      Open plan workspace - less dense and more open with a combination of sit/stand desks
·      Bench and stool seating
·      Multiple collaborative zones and booth seating
·      Team lounges and huddles
·      Dedicated and multi-purpose VC rooms for zoom/teams calls
·      Multiple enclosed meeting spaces with walk in A/V screens and/or projectors
·      Larger boardroom and multi-purpose rooms with bifold walls to create training areas
·      Large and multi-purpose breakout spaces and town hall/all hands zones
·      Kitchens with multiple fridges, water points
·      Exposed services in communal zones
·      Touch down areas with screens and data connectivity points
·      Diversity & Inclusion – parents/medical/healthcare/faith/reflection room
·      Health & Wellbeing – gaming, chillax, green room
·      Coms – dedicated IT infrastructure
·      Utility zones – printer, mail, bins/waste
·      Centralized storage – lockers, team storage, coats, stationery, merchandise

Overall, the design is key to ensure it appeals to a broad cliental. Designs are typically focused on warm timbers, creative use of glazing and lighting including pendant lighting, soft and neutral colour palettes, exposed services to create height, multiple floor covering types including polished concrete, stone, timber and a variety of functional and vibrant carpet, vinyl and laminate solutions.

Ace your next commercial space: use a Tenant Representative

How often do you move offices or sign commercial leases? Probably not often enough to be an expert. That's where tenant representatives come in. We're experts at finding spaces and negotiating leases because it's our day job. 

A tenant representative works for you – the tenant. Assisting you to secure a new space for your business or renew an existing one. We work with you to understand the needs of your business, then source and negotiate the best deal possible; freeing you up to get on with what you do best. 

Top 5 reasons tenant reps make sense:

• We understand your business. Before you even tour a space, a tenant rep gains a sound understanding of your business, operations, and strategy, to best ascertain your needs now and throughout the term of the lease.

• You see the whole market. A tenant rep has access to a range of data sources and market intel. They know when leases are due to expire, who is moving and what developments are underway.

• A smooth and efficient process. Finding a space is time-consuming, with research, visits, analysis, negotiations and legals on multiple sites. A tenant rep takes care of the work so all you need to do is tour the most suitable spaces, decide and sign.

• Specialised negotiation. Commercial real estate negotiations can be complex and jargon filled, so don’t be at a disadvantage. Engaging a tenant rep restores the balance of power with the landlord and ensure you negotiate the right lease terms for your business.

• A long-term relationship. Good tenant reps don't disappear once the lease is signed. They'll help you take the next steps on the path to your new space and be available for friendly advice over the course of your lease. And should your needs change, your Tenant Rep can help you negotiate the best outcome on your existing space.

At Franklin Shanks our mantra is, ‘Buildings may be brokered; Our clients are represented’. We are proudly independent advisors, meaning we don't get paid by landlords to broker their spaces. With no conflicts of interest, we prioritise your business above all else: securing you the right space on the right terms, every time.  

If you would like to hear more about what we do, grab a coffee, or explore how we can add value to your business, please reach out at [email protected] or give us a call on 02 8006 0734. We love a chat.