OS Colliers Office tenant guide

Office tenant leasing guide

Denmark

Accelerating Success.

Colliers

Occupier Services

3 steps to the right office 1. Determine your property needs 2. Evaluate market alternatives

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Contents

Getting started What are my options? Why should I relocate? How much will it cost? When should I start? Who should I involve?

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3. Committing to premises

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Translating the lingo

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Glossary of terms

Relocation checklist

18 19

Preliminary

Top 10 tenant mistakes

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Pre-move general Moving day Post move

The office leasing process

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3 Danish peculiarities

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Colliers

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a. Tenant protection under the Danish Business Lease Act b. Area requirements and definition of lettable areas c. Turnkey

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Who is Colliers?

Full range of property solutions Why tenant representation?

Contacts

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Colliers

Occupier Services

The office leasing process

Getting started Making an educated decision about your office accommodation

This step-by-step guide shares Colliers’ knowledge of the leasing process and potential pitfalls.

This is an essential handbook to help you make a major business transition and – whether your decision is to stay or relocate – will help ensure that the transition runs with minimum disruption.

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A lease is often the second-greatest expenditure for a business after payroll, so it must be more than a cost centre – we strive to make your real estate a competitive advantage.

Ulrich Reckert Senior Director Partner Colliers | MRICS

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CASE: Toldbodgade 33

What are my options? Renew The initial option to consider may be to renew your existing lease agreement; this will be the base case. Your future busi ness needs and goals will allow you to determine whether the amount of space occupied may

Consolidation If you occupy multiple sites, you may wish to review the potential to consolidate opera tions to a single location to take advantage of operational efficiency and reduced space.

Relocate The expiration of your lease could offer you an exciting opportunity to transform your business and create new efficiencies by relocating to new premises.

Operation split If you occupy a large area at one location, you may wish to consider the potential to split front and back office opera tions. This may allow you to take advantage of lower rents for back office operations outside of the CBD.

remain as-is or if it should increase or decrease at the existing location.

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Colliers has played an important part in advising on Netcompany’s future domicile.

Why should I relocate?

Claus Jørgensen CEO/Partner, Netcompany

Netcompany

Employee satisfaction and retention

Entrepreneurial businesses will consider the many positive flow-on benefits that companies receive in repositioning their business and their people into better accommodations. Increases in staff morale lead to increases in staff productivity, and increases in staff produc tivity lead to increases in the bottom line finan cial performance of any business. Market conditions Should you be lucky enough to find yourself in a ‘tenant’s market’, i.e. a market where land lords are dropping rents, increasing incentives and offering more flexible terms, an office move would allow you to renegotiate your lease to re move unfriendly clauses, move to a better build ing and reposition your business in the market.

Business needs If your current space is too small, too large or inflexible relative to the way your organisation works, new or re-engineered prem ises can act as a springboard for improved productivity and op erational cost savings. Additionally, market conditions, the lo cation of clients, suppliers or traffic conditions may create cost benefits supporting the business case for relocation. Your organisational brand The quality of the building you occupy and the fit-out in your ten ancy speak volumes about your organisation. A revitalised fit-out or new premises can strengthen your employees’ sense of brand as well as communicate your core values to customers and oth er stakeholders.

CASE: Netcompany Colliers re-designed common areas in a 24,000 sq m office in an architect-designed property located at a great harbour address in Copenhagen.

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How much will it cost?

When should I start?

CASE: Phillips-Medisize

Plan plan plan Considering business continuity is important when exploring your of fice leasing options, and having the right knowledge is the key to deciding whether your office should move or not. Allow sufficient time to ascertain your current situation, review other op tions, assess the marketplace context and negotiate with your current landlord to ensure that you optimise the end result. Timing The period required to conduct this process ranges from three to six months as a bare minimum, and upwards of two years or more for larger organisations. The timeline is dependent on several factors. These include the stipu- lated notice period of your intention to renew or terminate (mentioned in the lease), the size of the space occupied, the market conditions and the nature of the asset.

Colliers found and negotiated a flexible full-scope office solution so that Phillips-Medisize could focus on hiring staff and ramping up operations of the new innovation centre.

Operational cost The negotiability of rents and incentives are dependent on the equilibrium in the local market. In certain markets, the deve- lopment cycle has created favourable circumstances for tenants considering relocation. Conversely, in certain markets landlords hold the cards. To understand conditions in your local office market, contact your Colliers consultant for the outlook in your location. If you require a regional overview or have requirements in multiple markets, Colliers’ team of regional experts in the Occupier Services depart ment can offer a single point of contact and strategic advice for your various needs. Fit‑out and reinstatement costs Your entry into and exit from a lease contract can greatly affect the real cost of your commitment. Workplace design and fit-out costs should be viewed as an organisational opportunity; a well- planned and executed fit-out will adapt to your organisation’s growth and changing needs and will minimise churn costs. Therefore, balance between your fit-out costs and the benefit it yields to your organisation is critical.

Who should I involve?

Your internal steering committee should be chaired by a senior employee, supported by decision makers and influencers, including HR, IT, divisional heads and staff. You may wish to conduct a survey among your staff to determine their needs, preferred working style and location. Colliers has a proven in-depth tenant needs analysis survey available to assist in this step. Professional real estate advice is a critical part of the project team skill set. This will arm you with insight into the office market status quo, your alternative options and the financial implications of the stay vs. go scenarios.

In addition, reinstatement commitments have the potential to af fect your cashflow when exiting a lease.

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Colliers Top 10 tenant mistakes

Occupier Services

06 Not clearly understanding space metrics

01 Running out of time

In Denmark, space is measured in a specific way, different from other markets. All areas of a building are lettable areas, allocated across all tenants and leaseholds in a building via the common area factor. It is important to understand exactly how much usable space you are paying for, so that you can compare options on an apples-to-apples basis. Be sure to understand and compare the different offers and determine the most suitable and space efficient option. Not ‘pre-selling’ the plan internally Multinational firms often have very long, drawn out corporate approval processes. Landlords will not always hold a space while waiting for approval from HQ, so we often see tenants losing their preferred option to another company which is able to move faster. We recommend anticipating the corporate approval process and ‘pre-selling’ the project internally to key decision makers at regular intervals during the process. This gives them the opportunity to ask questions before the end of the transaction and ensures that obtaining the final approval is quick and just a formality. Relying on the landlord’s word Too often we see negotiations carried out in good faith, with certain issues being verbally agreed to. Either through an oversight, lack of time or simply because of an assumption that the landlord’s word is good, items are not incorporated into the lease. Even if the landlord’s word is good, people move on from one

Serving notice without having secured a new lease − beginning a renewal or relocation too late

This is the biggest mistake we see corporates make. Danish office leases turn into open leases with a rolling break. There is no need to terminate until a new lease is secured, and you risk having to move out at the end of the lock-in period. Further, landlords are unlikely to offer you attractive terms for you to stay and you will be forced to accept whatever they put on the table.

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Not considering business goals before implementing real estate strategy

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Ultimately, the space you lease is there to allow you to focus on your core business. Before making a real estate decision about whether to renew or relocate, it is crucial to understand your business goals. Speak to the end users who occupy the space and ask about their goals: increasing sales, locating the office closer to their target customers? If staff retention is a concern, would it help modernising the office or relocating to be closer to amenities or public transport? Only considering the financial impact It is important to understand the cost of a particular option, but the cheapest solution does not always equal the best solution for you and your business. Savings from being in a cheaper building can quickly be

company to the next, and memories fade. Ultimately, if it matters to you, get it in writing. 08 before you run out of time and have no leverage. 09 10 Not understanding the elements of value and design Accepting that clauses are non‑negotiable because they are ‘standard’

eliminated if your operations are negatively impacted by being in that location. 03 Too many cooks will lead to delays and can derail the transaction. 04 05 Not considering future growth needs

Too many cooks! A stay or move decision will impact all staff, even if only because of a change in commute time. Clearly, it makes sense to get opinions on what is important to the various business lines and stakeholders occupying the office. Once the key selection criteria have been determined, it is important to identify a project leader. This person will have overall ownership of the stay vs go decision and will make the final recommendation.

This is what landlords might tell you; however, there is really no such thing as a standard lease. Leases are negotiable, clause by clause; just make sure that you negotiate what you want before anything is binding or

Factor in anticipated head count growth and potential changes to the business’ needs during the lease term. With lease terms that allow the company to expand, downsize (or even relocate within a landlord’s portfolio) as circumstances dictate, businesses can avoid unnecessary headaches, loss of business and relocation costs.

Even if two options appear comparable on an apples-to-apples basis, usually there will be a reason for one option being cheaper than another. Among other things, be sure to ask questions about location, accessibi- lity, s pecifications, facilities, design, management, environmental factors, sustainability, wellness, certifica tions, ownership and tenant mix. All of these can drive up or hold back rental rates.

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The office leasing process 3 Danish peculiarities 3 steps to the right office

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a

Tenant protection under the Danish Business Lease Act

3 Danish peculiarities

b

Area requirements and definition of lettable areas

c

Turnkey

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3 Danish peculiarities

b

The amount of space required is determined by three key factors: 1. Employee welfare in Denmark has led to de manding workplace regulations such as outside views from all desks, distance between desk, chair and surroundings, minimum width of walkways, fire safety and space for lunch. 2. Building regulations are adding more demands, chief of which are two alternative escape routes and 3% daylight on desks. 3. As a main rule in Denmark, all areas in the building are considered rentable. For this reason, all tenants pay for a proportional share of common areas, such as atriums, lobbies, entrance areas, canteen and meeting facilities. Area requirements and definition of lettable areas

Typical NIA metrics therefore have to be multiplied by 1.4-1.5 to allow an apples-to-apples comparison.

As a consequence ... • Danish office buildings typically have oblong shapes, approximately 12-16 m wide. • Desks are stacked a maximum of three rows deep, and meeting rooms are confined to the core of the floor plate. • Cubicles and raised floors with underfloor cabling are not commonly used in Denmark.

a

Tenant protection under the Danish Business Lease Act A Danish lease typically has a lock-in period of three-five years for the tenant; twice as long for landlord. After ended lock-in period, the lease stays in force in definitely, until one of the parties terminates.

Tenants, however, are heavily protected under the Danish Business Lease Act, and landlords may only terminate if:

• the tenant defaults rent payments • the building is destroyed • the use of the building changes • the landlord can demonstrate own use of the building.

Building efficiency

Office type

High

Medium

Low

Open space very dense

15-18 18-20 20-22 22-25 25-30

18-20 20-22 22-25 25-30 30-35

20-25 22-25 25-30 30-35 35-40

CASE - EY Modern and built-to-suit workspaces that support EY’s business.

medium dense

spacious

Semi-open Cell offices

Note: Danish Gross Lettable Area (GLA) per workplace, including common areas (sq m).

Turnkey In Denmark, leases are typically delivered in a turnkey state and condition by the landlord, based on ten ant requirements. Generally, the handover condition will include floors, demising partitions with doors, meeting rooms, ceilings, wiring, ambient lighting, kitchenettes, bathrooms and access control to the leasehold. Delivery of sprinklers and HVAC ducting depends on building standard and fire strategy. Fit outs may include cabling, so be sure to define this clearly with your landlord and your designer. Reasonable fit-out costs are baked into the rent. You will mainly pay for final adaptations.

c

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1

Determine your property needs

• Understand business needs, identify decision makers and confirm critical time path • Conduct accommodation requirement evaluation • Produce real estate brief

2

Evaluate market alternatives

3 steps to the right office

Renew • Consider existing premises as possible opportunity • Brief existing landlord • Reconfirm accommodation requirement evaluation • Design consultant to re-evaluate space efficiency • Begin offer/counter-offer

Relocate • Reconfirm accommodation requirement evaluation • Brief preferred landlords • Confirm development sites/existing building options and assess via inspections • Begin offer/counter-offer process • Shortlist options, design consultant to evaluate space efficiency

3

Committing to premises

• Commit to new (or existing) premises • Complete new (or variation of) lease documentation

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1 st step

CASE: Toldbodgade 33

What should be in your brief? • Size of space • Location • Security and access • Environmental considerations Nothing was more obvious than having Occupier Services find the new office space for Colliers’ ‘main office’ in Copenhagen after its expansion in 2019. An old, centrally located warehouse was found in one of Copenhagen’s finest areas, and it was all set up and furnished as a modern, spacious office.

Determine your property needs Taking your requirement from idea to execution Skipping the planning stage makes the top 10 mistakes most commonly made by office leasing tenants list. It is crucial to understand your business and workplace and, thus, property requirements through a process of evaluation and forecasting. Involve key internal decision makers Assemble a team with a variety of skills to drive the pro ject. Consider involving your experts in IT, HR and fi nance. They will be familiar with specific future trends that may influence your requirements and decisions. Involving them from the outset will help clarify and focus your brief and achieve internal buy-in. Be sure to appoint a project leader to liaise with your internal stakeholders as well as your consultants.

The workplace brief The organisational briefing process will result in the docu mentation of your workplace requirements: • Growth projections

Organisational briefing – confirm your business plan objectives

• Fit-out needs • Car parking • Office hours • Timing • Other unique needs.

Leasing decisions should be considered with a medium to long term mindset, with most leases running for three years plus a renewal option. Therefore, your property de cisions should take a view of your company’s future re quirements as well as today’s needs. Guided by a profes sional workplace strategist/designer, the organisational briefing process will develop answers to a range of ques tions, including: • Is your business growing or shrinking? • What are your brand values? • What are your preferred work settings? • What type of employees will you have in the future? • What will your technology requirements be in three years? • Are you considering acquiring or merging with other firms? • What effect will moving have on your customers and staff? Only by adopting this ‘concept-planning’ phase will you achieve the maximum benefit (both financial and strategic) in a relocation or re-engineering of your business accommodation. Only minimal gains are possible if the workplace design focus is restricted to purely the design and construction phase post-signing.

• Space standards • Cost parameters • Space budget • Organisational vision and objectives.

Your brief should be documented and used to evaluate options. Consider ranking each factor in terms of impor tance, as you may have to compromise on some items, depending on the options available. Know your local market and commitments During this phase, you should familiarise yourself with lo cal office market conditions and existing lease commitments. By knowing the market vacancy rates, sup ply projections and indicative rentals, you will be in a bet ter position to evaluate various proposals. Your Colliers consultant can provide you with an office market presentation detailing these factors.

The real estate brief A well-prepared real estate brief will synthesise the work place brief and translate them to your property require- ments. The brief will expedite your decision-making process: You will save a considerable amount of time by only inspecting and reviewing suitable properties, and you will also have a framework with which to assess and compare your options. An important element in develop ing this brief is to audit your existing premises; your real estate brief will document your desired situation.

06.

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2 nd step Evaluate market alternatives

It’s not all about cost When evaluating your property options, do not forget to consider the non-financial costs and benefits for each property option. Colliers’ Workplace Advisory experts can help you evaluate each option’s impact on factors such as staff productivity and communication, corporate iden tity, IT and communications performance as well as your customer base. If appropriately engaged at Step 1, your Colliers Workplace Advisory expert will have maximised their ability to positively influence the workplace brief. In today’s challenging business environment, it is critical that organisations extend beyond the traditional view of office accommodation and the measurement standards nor mally applied. It is now a fundamental requirement that the office ar chitecture supports the intellectual work demanded of employees and facilitates an organisation’s continuous improvement strategies. It must also contribute to the de velopment of team networks and organisational learning systems. In addition, the office systems must support or ganisational change efficiently, effectively and with mini mal redundancy. Test fit the options to determine workspace efficiencies By conducting a design ‘test fit’/site audit of the shortlist ed options, your workplace designer will determine the workspace ratio efficiencies for each property. This pro cess produces sample fit-out designs prior to your agree ing to terms. This process helps determine your fit-out costs and will also enable you to compare your premis es options on financial (e.g. fit-out costs) and non-finan cial (e.g. optimisation of the workplace brief) criteria more effectively.

Your workplace designer will provide the following services during this critical evaluation phase: • Assess items suitable for reuse in the new fit-out • Prepare a test fit to see if a selected site can fit your requirements • Prepare preliminary concept designs • Manage the pre-design process, including a review by the landlord • Provide a draft proposal outlining approximate costs.

Your renewal option should include expansion/contrac tion costs as well as potentially reconfiguring or com pletely refurbishing your workspace. Aim for a shortlist of three-four properties. Evaluate options against your brief, ensuring that the property options match your stated business objectives. Colliers has developed a range of decision models and matrices to assist in the decision-making process, thus enabling shortlisting a wide range of options. These tools dramatically improve efficiency in the evaluation process.

Financial analysis There are several ways to compare leasing financials, including: • Net effective rent per sq m • Gross face rent per sq m • Gross/net rent per sq m • Total occupancy cost per employee.

Inspect and evaluate your options Release your brief to the market to avoid having to deal with multiple consultants. You can request that your Colliers consultant approach the market on your be half. With intimate knowledge of the market along with a well-established network of agents and owners, Colliers will act as a single point of contact while still sourcing all space opportunities. Colliers will also assist in negotia tions with your existing landlord regarding renewal op tions. Inspect and evaluate alternative premises options, your current premises and prepare a shortlist When analysing alternative premises, consider timing, financials, whether to lease or purchase and other incentives that may be on offer.

Further details on these measurements are provided in the glossary of terms. Look beyond the square meter rate on offer. Some office space is highly efficient, enabling you to seamlessly accommodate your employee quo ta in less space. For example, you may require 500 sq m to accommodate your staff in one building, whilst anoth er may be able to house them comfortably in only 400 sq m. In this instance, it does not make sense to compare the two options based on their rate per gross sq m, as a lease analysis model that factors in the building efficiency should be used instead.

Lease conditions such as renewal requirements can also impact the attractiveness of a particular option.

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3 rd step Committing to premises Workplace design issues When a leasing agreement has been entered into, the workplace fit-out process needs to be activated immediately. At this stage, you should have completed: • a needs analysis • space budgets • a test fit • the fit-out description. This will enable you to engage a designer with accu rate information regarding your organisation’s re quirements. The sooner a designer is engaged, the better the outcome will be. It is vital that this stage is viewed as an investment in the organisation’s future and not merely a new fit-out. The fit-out should be linked with the organisational strategy and will con tribute to the transformation of the workplace into a collaborative and dynamic working environment.

Compare your options using a lease analysis model

It is critical that all aspects of the fit‑out are assessed to determine their contribution towards the overall objec tives. The identification of positive and negative compo nents through the audit process provides the opportunity to maximise the effectiveness of the final plan and poten tially minimise the cost of the fit‑out.

Colliers has developed a lease analysis model designed to compare leasing options on a finan cial basis, using an apples-to-apples approach. The model allows the comparison of lease pro posals from multiple lessors, demonstrating the cost of the financial offer (taking into considera tion incentives, rent and term) over the life of the lease. Fit-out costs Fit‑out costs can be defined as all construction costs incurred from the handover to the move-in. In Denmark, leases are typically delivered turn key, based on tenant requiremtens. Generally, the handover condition will include floors, demis ing partitions with doors, meeting rooms, ceil ings, wiring, ambient lighting, kitchenettes, bath rooms and access control to the leasehold as well as delivery of sprinklers and HVAC ducting. It is important to also mention that the fit‑out can in clude cabling, which needs to be firmed up with the landlord. It is crucial to understand exactly what you are paying for as part of the rent so as to really be able to compare on an apples-to-ap ples basis.

Lease negotiations In Denmark, it is customary to work in parallel with draft leases and fit-out descriptions to finalise the par ticulars. The parties work directly in the different ele ments of the lease bundle and agree upon terms and conditions. If required, a heads of terms document will be used to brief internal stakeholders and lawyers to prepare the final lease agreement. A letter of intent document is only infrequently seen, as it is generally not legally binding. Since both parties invest internal and external resources, the increased commitment is accepted as mutually obligating.

CASE: Rambøll Esbjerg

Colliers identified an 11,111 sq m bespoke and flexible office, located on a landmark site. This enhances corporate branding, secures talent attraction and staff retention.

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Translating the lingo

Glossary of terms

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Glossary of terms

The process of transferring both the rights and obligations under a lease to another party. This is one of your options to get out of a lease early, but it requires the landlord’s approval.

The percentage of the gross area that you can actually use. It is important to understand the building efficiency in order to make sure you are comparing options on an apples-to-apples basis.

Remaining in occupation of a space after the lease has expired. This is sometimes allowed and mentioned in the lease but is almost always subject to a significant rental increase during this period.

. A Assignment

. E Efficiency rate

. H Holdover

Escalation

HVAC

An offer by the tenant to the landlord to renew the lease early and combine the remainder of the term to the new term, thereby giving the landlord a longer commitment in exchange for a rene gotiated (reduced) rent. Determining when to use a blend-and extend strategy requires a company to confirm that the existing building and area are a strategic fit for the long term. Commercial buildings are typically categorised into different grades: A, B and C (although in certain markets, a distinction is made for the very top buildings, these are referred to as ‘pre mium’ grade). While there is no legal definition for each grade, it is generally accepted what constitutes a Grade A building in a certain market. The ‘carpet area’ plus the thickness of the outer walls and a balco ny (if applicable). The ‘super built-up area’ is the area that a tenant normally pays rent on. It is the ‘built-up area’ plus the tenant’s proportionate share of common areas.

The fixed amount or percentage by which the rent increases on a pre-agreed regular basis. In Australia, for instance, it is common for rents to have an annual escalation of between 3% and 5%, whereas in Denmark the rent is typically subject to annual index ation in step with the Net Price Index (NPI), often with a stipulated minimum and maximum uplift.

Heating, ventilation and air-conditioning.

. B Blend and extend

Building Grade

The quoted rent in the lease. This does not factor in any landlord incentives or any rental escalations.

An inducement from the landlord to the tenant to make its building more attractive. In general, incentives can be taken as a rent-free period, a rent abatement over the term or as a contribu tion to your fit-out costs (or a combination of these).

. F Face rent/ base rent

. I Incentive

Built‑up area/ super built‑up area

Facilities management (‘FM’)

The tenant.

FM is the integration of processes to maintain the services of a building. These may among other things include building main tenance and repair, janitorial services, vendor management and security.

. L Lessee

Lessor

A common term used in India. This refers to the area enclosed within the walls where you can actually lay a carpet. See also Net area.

This is the total area that you typically pay rent on. It is everything within the premises, measured from the outside of the walls (including wall thickness). It also includes a proportionate share of the common areas.

The landlord.

. C Carpet area

. G Gross area

Lock‑in period

Common area maintenance (‘CAM’)

Gross rent

The period of time during which no early termination is allowed.

See Management fees.

Rent and management fees combined.

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A strata-titled building is a building in which multiple landlords own different units. Most MNCs will choose not to be located in a strata building, as it makes discussions surrounding growth in the building more difficult.

In addition to the rent, tenants typically pay a portion of the costs associated with managing and maintaining the building.

In almost 100% of cases, a tenant is required to hand the premises back to the landlord in the condition in which it received it. This means that all of the furniture and partitioning you put in when you took possession needs to be removed. For this reason, it is im portant to factor reinstatement costs into your budget. Generally, higher spec buildings will cost more to reinstate.

. M Management fee/service fee/ CAM

. R Reinstate ment/make good

. S Strata‑titled

Renewal option/option to renew

Sublease

The actual useable area inside your premises. This is measured from the inside walls and does not include any common areas or any internal structures such as supporting columns. In some markets, this is referred to as the ‘carpet area’.

The tenant’s right to renew the lease for an agreed period of time.

A lease by a tenant of part or all of a leased premises to another party. That party becomes the subtenant and the original tenant the sublandlord. The key distinction between a sublease and an assignment is that under a sublease, the original tenant retains the rights and liabilities of the original lease and continues to pay rent to the landlord as before.

. N Net area

Net effective rent

Rent review

Uninterruptible power supply. This allows critical systems to keep operating for a short time, even if there is a power cut.

The actual amount payable after factoring in all the landlord’s incentives such as rent-free periods. The calculation for the net effective rent is the total incentive provided by the landlord divided by the lease term subtracted from the monthly rent. It is important to note that on a monthly basis you are not paying the net effec tive rent, you are paying the higher ‘gross rent’.

A provision in the lease that allows the landlord to adjust your rent during the lease term. The rental adjustment can be made back into line with market. The frequency of rent reviews and the structure of the increases are predetermined before the lease commences.

. U UPS system

Net rent

Rental cap

The rent payable excluding any management fees.

A ‘cap’ is the maximum amount by which your rent can increase when you renew your lease. It is not always possible to negotiate caps into lease agreements, but good real estate advisors will try to have them included in order to make more certain your maximum rental liability for more than just the initial term. This is particularly important when lease terms are short and the parties will likely be looking to amortise their fit-out over more than just the initial three years.

A specialised service aiming to leverage space, technology and HR policies to support the changing nature of work, increase produc tivity and save costs.

. W Workplace strategy (‘WPS’)

PM is the discipline of initiating, planning, executing, controlling and closing the work of a team to achieve specific goals and meet specific success criteria. In the real estate world, this generally re lates to the management of the fit-out construction when moving into new premises and then managing the reinstatement when moving out.

. P Project management (‘PM’/’PjM’)

Rental collar

The opposite of the rental cap. A ‘collar’ is the maximum amount your rent can decrease upon renewal.

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Preliminary

Pre‑move general

Relocation checklist

Moving day

Post‑move

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Pre‑move general

Moving day

3 Arrange with the building manager to have the air-conditioning in operation during the move 3 Remove computer equipment (server) and phone system prior to arrival of movers and commence reinstallation at new site 3 Draft an emergency contact list for vendors, such as lift maintenance, building management, utilities, telecommunications and moving company

3 Pre-book lifts and loading docks for moving day

3 Credit account and credit cards/ insurance companies

3 Tender and award moving contract

3 Accounts receivable/payable

3 Tender and award telephone and computer cabling

3 Newspaper and magazine subscriptions

3 Inventory existing furniture

3 Hold a meeting at new premises three weeks prior to move. Bring all parties involved (design/ construction/mover/cabling company/ IT specialist) to ensure all details are covered off and all responsibilities clear 3 Schedule public relations effort, including plans for news releases, articles, ‘office-warming’ parties, etc. 3 Change locks/access codes on new premises as close to moving day as possible to secure access

Preliminary 3 Finalise lease for new location

3 Code furniture/equipment on a colour-coded floor plan

3 Pre-order any new office furniture and equipment

3 Notify present landlord of termination date

Post‑move

3 Order new stationery

3 Advise staff of date and location of move 3 Engage designer for new premises (if required)

3 File change-of-address forms with post office and forward mail

3 Reinstall and test telephone system

3 Distribute new phone list and map showing location of departments

3 Check your insurance coverage for the move

3 Decide on security procedures for the move

3 Reinstall and test all computers

3 Confirm the certificate of occupancy and any other required permits or licenses have been obtained 3 Advise specialty suppliers (telephone, bottled water, coffee service, etc.) of new address 3 Moving notices to banks and financial institutions, clients and customers, clubs and organisations, telephone company, etc.

3 Arrange for listing on lobby directory

3 Do a detailed walk-through of the premises and report any damage to moving company

3 Transfer your insurance to the new location

3 Obtain certificates of insurance from your insurance company

3 Reconfirm the termination of old leases and the return of security deposits 3 Collect parking passes, security cards and keys for the old facility as well as confirm the return of any deposits held by the landlord for these items

3 Photocopiers

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Retail

Valuation & Advisory

Colliers We offer a full range of property solutions

Capital Markets

Office

Investment

Industrial & Logistics

Occupier Services

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Who is Colliers? We are enterprising. Colliers is an industry leading global real estate company with more than 17,000 skilled professionals operating in 63 countries. What sets us apart is not what we do, but how we do it. Our enterprising culture encourages Colliers people to think differently, share great ideas and create effective solutions that help clients accelerate their success. Colliers is the advisor of choice for many of the world’s most innovative and successful companies. Colliers delivers a full range of services to real estate occupiers, owners and investors across all sec tors worldwide, never competing with clients, preferring instead to remain the ultimate and unbiased choice in global real estate services.

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We wish to give our greatest thank you to the Colliers Occupier Services team particularly for their tenacity in finding us our new office in an extremely tight and competitive market. Their knowledgeable and honest approach have given us the much needed reassurance and guidance throughout this journey.

Client / Confidential case

Which services does Colliers provide for occupiers?

Our Occupier Services team represents the interests of national and multi-national corporate and government tenants and occupiers. Our clients rely on us to provide successful outcomes by aligning their real estate needs with their core business plan and local market conditions.

We provide you with class-leading, end-to-end real estate services, all underpinned by corpo rate solutions expertise across the full range of industry sectors.

Colliers provides clients tenant representation with specialist expertise within the workplace commissioning of our occupier services platform. Our service can be commissioned within a strategic review of your workplace needs, possibly in collaboration with your in-house leader ship as a strategic execution.

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Colliers

Occupier Services

Research

X

Advisory services

X

Occupier services

X

Office letting

X

Valuation services

X

Expatriate services

X

Capital markets and investment services

X

Industrial and logistics services

X

We deliver specialised real estate services globally to help our clients accelerate their success

Retail services

X

Hospitality

X

Project management

X

Facilities management

X

Real estate management services

X

Workplace strategy

X

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Colliers

Occupier Services

Workplace services

Workplace advisory

Why tenant representation?

Portfolio assessment

Workplace strategy

We are an award-winning team of office leasing profes sionals with intimate knowledge of the local, regional and global leasing markets. We bring in-depth understanding of business needs and the leasing process. We are committed to helping you create a real estate solution that meets your organisation’s business needs. Now and in the future. We appreciate that your office space is more than just an address; it is where you make business ob jectives a reality. Our consultants are equipped with the skills, knowledge and tools to intel ligently assess your space requirements. We ensure that your leasing deci sion – whether to stay or relocate – is reached after both an effective assess ment of your needs and a thorough evaluation of the market. Colliers’ culture of knowledge sharing gives you access to our suite of skills, enabling you to make informed leasing decisions, and gives you access to commercial real es tate experts. Working with Colliers Occupier Services will save you the confusion of deal ing with multiple agents, landlords, advisors and consultants. Our structure al lows you to work with one leasing professional to seek out all suitable options in the market. Our comprehensive database contains information on office buildings, land lords and consultants, so that we can search the market to find the right op tion for your business, regardless of who the landlords and landlord consultants are.

Technology consulting

Workplace monitoring

Leasing services

Corporate real estate strategy

Facility management

Change management

Lease administration

Portfolio optimisation

Tech management

Tenant representation

Flexible workplace services

Leasing/ acquisition

Project management

Project services

Transaction and advisory services

Design management

Transaction management

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Copenhagen Toldbodgade 33 DK-1253 Copenhagen K

Colliers Occupier Services

colliers.com +45 70 23 00 20

Transactions

Emma Neergaard Project Coordinator

Jeppe Heien Madsen Senior Consultant MSc in Public Administration +45 24 67 06 45 jeppe.madsen@colliers.com

Ulrich Reckert Senior Director Partner | MRICS +45 31 60 90 53 ulrich.reckert@colliers.com

Andreas Liebmann Manager

Sandra Weichardt Consultant HD Finance +45 24 66 10 35 sandra.weichardt@colliers.com

Joakim Nordstrøm Consultant AP Graduate in Financial management +45 24 59 22 37 joakim.nordstroem@colliers.com

Legal Secretary +45 24 66 05 58 emma.neergaard@colliers.com

Master of Laws +45 42 83 86 38 andreas.liebmann@colliers.com

Workplace Advisory and technical projects

Tine Mouritsen Director MA in Architecture +45 40 26 04 13 tine.mouritsen@colliers.com

Mette Vinther Jensen Workplace Consultant MA in Design +45 61 39 18 77 mette.vintherjensen@colliers.com

Mahmut Murat Avci Project Manager

Lotte Palmus Stig Bertelsen Senior Project Manager MA in Architecture +45 24 67 24 13 lotte.bertelsen@colliers.com

Emma Neergaard Project Coordinator

BSc in Architectural Technology and Construction Management +45 30 62 36 85 mahmut.avci@colliers.com

Legal Secretary +45 24 66 05 58 emma.neergaard@colliers.com

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