CREJ

INSIDE B uilding owners and prop- erty managers have dozens of things to consider when generating space for new tenants. From an operational standpoint, things such as build- ing rules for contractors, product standards and design criteria for architects and engineers, minimizing impacts to existing tenants, com- munication plans, and coordinat- ing system shutdowns/startups are top of mind. From a turnkey leas- ing perspective, ensuring design and construction costs align with newly negotiated lease rates through diligent tracking of building stan- dards versus tenant extras is essential to protecting profit- ability projections. However, the mar- ket is changing rapidly and perhaps the largest risk building owners and property managers face today is from an industry partner relationship perspective. In today’s market, there exists: 1. An abundance of investors and a change in the American workforce, which are generating more projects then the market can support. 2. Material suppliers and building trades that call the shots when it comes to costs and timelines. 3. Lease rates that haven’t adjusted to the rise in construction mate- rial and labor costs and increases in timelines. 4. Teams of architecture, engineer- ing and construction professionals who must choose projects that allow for adequate profitability to prevent getting squeezed out of business. Building owners and property man- agers must consider maintaining Tips to help you overcome the challenges of bringing roof decks to existing buildings Building upgrades New 2019 EPA refrigerant reporting regulations shift the onus to owners and operators Regulation changes PAGE 14 Four ways virtual and augmented realities are serving property managers Virtual reality uses Please see Page 21 April 2019 Key considerations when generating new space for tenants Brendan Adams Vice president, 8020 Builders PAGE 18 PAGE 11 8020 Builders Completed speculative space, such as this spec suites for Soma Capital Partners in the Lab Building on Platte Street, requires juggling many conflicting components and competing costs.