What Is Build to Suit in Oklahoma
In a build to suit arrangement, a tenant will partner with a real estate developer. The developer will be responsible for purchasing the property and building on the land. The developer will work with the tenant and create their space, while the tenant will agree to a longer lease for their area, typically around ten years.
Benefits of Build to Suit in OKC
Benefits for the Developer
While developers will take on the bulk of the upfront costs, they have the security of having immediate tenancy. Additionally, the longer the lease, means that the developer will not need to worry about their property being left vacant.
Customizing a building for another business might not seem like a benefit. The developer, however, will have the advantage of creating a structure with low operating costs and occupancy costs. Addressing this in construction makes it easier to retain or find new tenants when the lease is over.
Benefits for the Tenant
One of the most significant advantages for tenants is financial. The developer is responsible for acquiring the property, construction, vendors, and other aspects of the project. This arrangement removes the financial burden from the tenant, who can enjoy the perfect space without having to pay a large amount of money upfront.
Build to suit in Oklahoma also takes some of the construction-related stress off tenants since the developer will manage the day-to-day aspects of the project. Partnering with the right developer will also allow tenants to relax in the knowledge that the person they are working with understands how to choose and create a site that works for them.
Of course, when it comes to build to suit in OKC, most tenants are excited about having a space designed to fit the needs of their company. The tenant will share their ideas about the design and the construction with the developer, resulting in an area that works efficiently and stays within their brand.
Along with having a customizable space, a build to suit construction will often provide the opportunity for tenants to expand in the future without having to find a new location.
Things to Consider
Before you decide on a build to suit in OKC, be sure to research the business you will partner with very carefully. These leases are much longer than standard commercial leases. Whether you are a landlord or tenant, you will need to find someone you can trust.
At Horizon Commercial Real Estate, we understand the ins and outs of development and build to suite leases. If you have any questions about our development services, please feel free to contact us. Our team will be happy to assist you in finding the ideal property for your company.