Today our Commercial Department, along with Petra Construction, hosted a panel to teach the ins and outs of tenant fit-up costs, procedures, time lines, and taxes. Tony Santore from Beers Hammerman was our guest accountant.
We had a good turnout, and the group asked lots of questions. It's a big issue for us, since many deals now fall apart over the costs of tenant fit-up. The big lessons: Most people don't start early enough, or leave enough time; he who has the cash is king, and there's never been a better time to build; learning the tax ramifications, and getting your accountant involved early in the process, can save you a lot of money; and Realtors, developers, and construction professionals should all work together, even before the land is purchased or the lease is signed.
After the panel, guests were treated to two presentations, one on BIM (a new way to visualize the space before it's built) and the other on estimating. All agreed that it was a great morning, and those of us in the real estate business look forward to helping our clients understand the questions to ask, and when to ask them.