Many times we are asked by clients what is the difference between a LOI and a RFP and what do the acronyms mean? Generally speaking, both are documents used to negotiate the business terms of a transaction but the manner in which each are used should be strategically considered between you and your commercial Realtor. A LOI is a “Letter of Intent” which is a formal declaration of a tenant or buyer’s intent to lease or purchase a particular property and is in no way binding upon either party. Any lease or purchase agreement resulting from these negotiations will be subject to other terms and conditions of a binding contract that will be acceptable to both parties. A “Request for Proposal” als

Tenant Improvement Period also known as the period of time where your build out will take place after signing a lease. Upon signing a lease, unless a Tenant is leasing a space “as is”, there are usually some improvements or build out that needs to be completed within the premises prior to occupancy. This can range from minor carpet/paint to a complete demolition and rebuild of an office space. Depending on the amount of work that needs to be done it can take 30 - 120 days on average to complete. This includes design meetings, engineer drawings, applying for permits, construction, weekly or bi-weekly status reports, inspections, furniture & cable install and final certificate of occupancy per