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Suite Availability Status

how to change the status (availability status) of a suite

J
Written by Jake Ragusa
Updated over 2 years ago

There are four (4) types of suite availability status that cover nearly all situations.

You CANNOT change the status manually. It is a derivative of other inputs.

  1. Direct (from Landlord) Available Now - The easiest of them all. Create a new suite. The suite availability will default to this status. It assumes that the suite is vacant and available immediately. You only need to create a Suite for availability status to exist.

  2. Direct Availability in the Future - If you know a suite will be available at a future date, then you will need to create the Suite and you will need to create a Lease. Be reasonable about how you define "future". If it's 30 or 60 or even 90 days, then that is available immediately as far as any reasonable timeline is concerned in commercial real estate unless you're dealing with coworking. However, if you've identified a suite that is coming available in a year and the Landlord is marketing it now because they know the existing tenant is not going to renew, then here's what you do:

    1. Create the Suite

    2. Subsequently, create a Lease. There are seven (7) data fields that must be completed on the Lease:

      1. Building - This will auto-populate for you. Nothing to do.

      2. Suites - This will auto-populate for you. Nothing to do.

      3. Tenant - You need to input this. If you don't know the tenant, figure it out. Leasing agent. Google. Etc. If you can't figure it out, there is a work-around but you'll have to keep reading to find it. Let's see how hard you're willing to dig.

      4. Lease Status - You need to input this. It is IMPORTANT. There are three (3) options:

        1. Done - The intention for Done Lease Status is that you have the full comp information (base rent, escalations, abatement, TIA, etc.). Don't use this status unless you have every data field in the Financials section filled out.

        2. Proposed - The intention for the Proposed Lease Status is that you have received a proposal from the Landlord for this space. In that situation, similar to Done, you would have every data field in the Financials section filled out. Don't use this one otherwise.

        3. Place Holder - The intention of the Place Holder Lease Status is to handle any other situation! YOU WILL USE THIS ONE THE MOST! Direct Availability in the Future is one them. Sublease Availability is one of them. Updating stacking plans is one of them.

      5. Transaction Type - You need to input this. Pick the type that is most applicable. Only really matters in Done & Proposed, otherwise you'll probably be selecting "Existing".

      6. Rent Type - You need to input this. Pick the type that is most applicable.

      7. Lease Expiration - You need to input this. If you don't know it, figure it out. If you know the future date the space is going to be available (say June 1), then it's probably a safe assumption that the lease expiration is May 31. Catch my drift?

    3. Select the check box option to the right "Direct Availability". A new data field will magically appear..."Direct Availability Date". Add the future date the space will be available.

  3. Sublease Availability - Everything that applies to the Direct Availability in the Future above, applies here. However, you select the box "Sublease Eligible" instead. When you select this option, three new data fields will magically appear:

    1. Sublease Eligibility Date - Any date entered that is prior to today will display "Now" as the availability date. If you add a future date, the future date will display.

    2. Sublease Rent Type - This overrides any Suite Rent Type.

    3. Sublease Quoted Rental Rate - This overrides any Suite Base Rate.

  4. Under Construction or Proposed - When a Building is under construction, the Suite Availability Status is derived from the data provided on the Building level so Edit Building to change it.

    1. Under Construction

      1. Expected delivery date - This field will appear if the Building Status is Under Construction. This will inform the Suite Availability Status.

    2. Proposed - Speculative Development

      1. Select "Speculative Development" for the Proposed Type if the developer is going to build the building regardless of preleasing (aka speculatively).

        1. Estimated Delivery Date - This field will appear and informs the Suite Availability Status.

      2. Select "Preleasing Contingency" if the developer is waiting for a certain level of preleasing before beginning construction.

        1. You can then add the % Preleasing threshold and the expected construction timeline which will inform the Suite Availability Status.

    The work around for an unknown tenant is simple. If you use this method, remember to come back and modify this when you secure better information. Your team will appreciate you. Your future you will appreciate you. The work around is: create a tenant called "place holder tenant". You could create a tenant called "spec suite" if that's the situation you're waiting to play out.

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