In this episode Mike Ball and Marc Hausmann, SIOR, CCIM discuss the reasons for rising construction costs and how this impacts tenants and landlords. In this discussion, they explain how tenant improvements affect lease terms and what can be done to mitigate costs.
Episode Description
Intro (0:00)
Construction Environment Pre 2009 (3:10)
How Supply & Demand Has Impacted Construction Costs (4:40)
Construction Environment during COVID (5:07)
Who Pays for Space Build-Out (6:20)
Typical Lease Term with Tenant Improvements (7:20)
How Understanding the Client's Needs Can Reduce TI Costs (9:03)
Office & Medical Office Improvement Costs (10:31)
How the TI Allowance Impacts the Landlord's Profits (13:30)
Tenants Are Getting Creative to Reduce Costs (14:45)
The Building Permit Process (15:11)
Predictions on When the Construction Environment Will Change (16:20)
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