Meaning on Full Build-Out Lease
Saw a space that said $8/Sqft/Yr Full Build-Out. Does that mean the rate includes the landlord finishing the space?  It doesn't look like it needs any remodeling unless they finish the warehouse space.

If you say you'll take it as-is, the rate would be lower?
[{"id": "fo81lgm", "text": "Why don't you call and ask.", "replies": [{"id": "fo836m0", "text": "I guess so I know what I'm talking about when calling :)", "replies": [{"id": "fo84okh", "text": "$8/Sqft/Yr Full Build-Out is kind of ambiguous.  Who pays for the build out?  Where this is would have helped too.", "replies": [], "depth": 3}, {"id": "fo8nkwx", "text": "Don\u2019t be afraid to ask very specific questions even if you feel like you sound new.  This is a legal document and meticulously going through the details now, before signing, could save you lots of time money and frustration down the road.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fo84ac2", "text": "It probably means they\u2019re willing to provide a tenant improvement allowance (TI), or it means they\u2019ll be willing to do a build out (usually capped at a certain dollar figure). What kind of space is it?  If you take the space \u201cas-is\u201d then you should be able to get a lower rate or more rent abatement (free rent).", "replies": [], "depth": 1}, {"id": "fo85nbv", "text": "Yes it means they're offering it with TI included. Generally I give the best deal to someone that A) Doesn't have an agent B) Will take the space as-is and C) Can move in right away", "replies": [{"id": "fo88v37", "text": "Genuinely curious, why would you give your best deal to someone who isn\u2019t represented?", "replies": [{"id": "fo89fi1", "text": "If someone has an agent I just add 5% to my asking price. Technically I'm paying the agent in a commercial transaction, but in reality I'm just passing along that expense to the tenant.", "replies": [{"id": "fo8cv1z", "text": "What type of product are you leasing? \n\nThe reason I ask is when we have someone call us who is unrepresented, we know it\u2019s going to be at least twice as much work.  Further, they never get the best deal because they don\u2019t negotiate leases for a living and on top usually agreeing to an above market rate, they will usually execute a very LL favorable lease with little pushback.  We aren\u2019t screwing anyone over, but my fiduciary duty is to my client...\n\nSwitching on my tenant rep hat, if I saw you bump up your asking rate 5% after I called you on behalf of a client, that would be a big red flag and we would fortunately have a frank conversation very early in the process. \n\nPoint being, I can\u2019t see any situation where a firm is in a better position without representation.", "replies": [{"id": "fo8xe41", "text": "I generally agree that unrepresented tenants are going to probably get screwed in a lease - but I read a part of the other posters comment in a different way than you did. When you said:\n\n&gt; Switching on my tenant rep hat, if I saw you bump up your asking rate 5% after I called you on behalf of a client, that would be a big red flag and we would fortunately have a frank conversation very early in the process.\n\nI think they are suggesting that they would give an unrepresented tenant a 5% discount on their asking price. Like passing on the savings of not having to pay the tenant rep. Not necessarily bump their price over asking if the person is repped. That wouldn\u2019t be unheard of.  It\u2019s definitely not what they said - but that\u2019s how I imagine it would actually go down.", "replies": [{"id": "fo943gx", "text": "I hear what you are saying but in a business transaction, why would anyone do that?  \n\nI\u2019m guessing OP is a LL who is handling leasing personally and doesn\u2019t like paying brokers.\n\nI\u2019m not trying to throw shade, Im just sharing a different perspective.", "replies": [{"id": "foahr7t", "text": "Yes we generally handle leasing in house and no I don't like paying brokers. Not that I don't do it, but in commercial RE I find they don't being much value for the cost. We provide turn key leases and we GC all of our own projects. We also manage our own portfolio. The tenant deals with me from start to finish. \n\nLeases are generally modified gross, in the $35-45/ft range. It's high end space in a very hot market. I don't have a problem finding tenants, we run 2-4% vacancy. We're in an inner ring suburban market so buildings are not huge, avg. size maybe 15k sq ft. so I'm dealing with a lot of smaller tenants. 2-5k sq ft tenants in the usual. \n\nI would love to work with experienced CRE brokers that bring a lot of value I just don't run into them much. Probably 25% of the time it's a residential broker that happened to answer the phone when someone called his office. He/she has no idea what they're doing. More than once I've ran into brokers that didn't know which side paid the commission in a commercial deal. \n\nIn another comment you talked about how an unrepresented client gets a lease that is very LL friendly but even the CRE brokers I have dealt with don't deal with that at all, that's on their RE attorney. I would never advise a tenant to not have an attorney. They are worth their weight in gold when negotiating terms.", "replies": [{"id": "fod14bu", "text": "I appreciate you providing context.  While we operate in very different markets and typically different clients/customers, I understand your position.  Particularly regarding realtors or \u201cresimercials\u201d as we endearingly call them.\n\nWe had a sizable tenant brought to us by one of theses guys.  He showed up for the first tour and we never heard from him again.  We worked both sides of the transaction and held his clients hand the whole way through.  When the deal closed and we handed him a six figure check, his eyes popped out of his head.  He said it must be a mistake.  We told him it was not and  \u201ctechnically, you earned that, so good job I guess...\u201d  It was painful.\n\nI\u2019ve spent a lot of time representing tenants.  It is my favorite work and I\u2019m proud of the value I add for them.  It\u2019s rewarding to help a business grow and/or become more efficient.  \n\nWhile I am not inserting language into a lease (that would be illegal) I have a massive library of tenant friendly language from over the years and I work in tandem with my clients council to reduce their exposure to legal costs.  If a client of mine declines to have a RE attorney review the lease, I make sure they do that in writing to me for my files.", "replies": [{"id": "fofigcv", "text": "I run into guys like you and I would be happy to hand you a check. I'm sure guys like you exist in my market but they're probably putting corporate tenants in big suburban office parks and doing retail strip centers. I do kind of weird adaptive reuse urban infill stuff. Price per square foot is very high but spaces are fairly small. I probably run into the \"resimercial\" guys a lot more than the average developer.", "replies": [{"id": "fofket9", "text": "You sound like a very reasonable guy who I would have no issues working with.  While I go to bat for my clients, I\u2019m not unreasonable and my objective is for everyone to come away happy with the results.\n\nYour projects sound very interesting!  Wishing you the best.", "replies": [], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}, {"id": "foagkq7", "text": "Yeah sorry I can see how I worded that weird. We would give a discount to someone without a rep.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fo8frrm", "text": "I assume it means \u201cturn-key\u201d buildout...", "replies": [{"id": "forxfbn", "text": "It may also mean that the space is already built out. $8 is a very low rent to include the landlord\u2019s cost to build out the space", "replies": [], "depth": 2}], "depth": 1}]