A Graduate's Guide to Tenant Representation
November 13, 2023
After completing four years in Property Economics in TU Dublin, I started the Graduate Scheme in CBRE in September 2022. The prospect of starting my career with the world’s largest Real Estate firm was an opportunity I was eagerly anticipating.
Life at CBRE began with a weeklong induction which gave the incoming graduates time to settle into new surroundings through team bonding exercises, meeting directors and gaining an insight into their business line. We were given a chance to spend time with our team at different stages throughout the week and get an understanding of what our role would entail, in my case it was the Office Tenant Representation team.
Previously, I completed internships within Property Management and Industrial & Development, acting for landlords in each department. I was excited to experience the occupier side of transactions to gain an insight from an acquisition perspective. As the COVID-19 pandemic was, and still is influencing the Dublin office market, I quickly learned that every day I was going to face different challenges.
Roles & Responsibilities:
My initial task within my new team was to quickly start building my network and connections with other agents within the industry. Building a network with other agents is imperative as you may work on various projects together and can be your main source of information. This included meeting agents for coffee, attending networking events and seminars on all aspects of the property market to further my knowledge of the wider market and to grow my profile.
My daily tasks and responsibilities varied and included client update calls, issuing client requirements, compiling availability reports, conducting office tours, pinpointing potential options, breaking down proposals, analyzing leases and taking part in legal calls with solicitors.
I joined the Tenant Rep team during a transitional phase in the Dublin Office Market. Client requirements have become more focused on fully fitted ‘turn-key’ options, rather than having to undertake a full fit out, with a growing preference for more flexible lease terms to include more frequent break options and shorter lease terms, similar to other European countries. Existing occupiers are also now assessing their existing portfolios to better reflect their space requirements, with an increase of “grey space” now available in the market for sub-lease/assignments. This includes Linkedin’s Wilton Terrace office as well as Meta’s Fibonacci Square office in Dublin 4. This is part of the impact COVID-19 has had on the Dublin office market as these leases were signed pre-pandemic and having assessed their office footprint, concluded it was surplus to requirement.
As time went on and my responsibilities grew, the need for having an in-depth knowledge on the wider Dublin office market became apparent. The more knowledge and experience I gained allowed me to have an opinion and express that opinion confidently to our clients.
The aspect of Tenant Rep that I found the most exciting was dealing with clients across various sectors. From dealing with clients within the Professional Services, Tech, Renewables, Construction and Asset Management sectors, it enabled me to learn how their business’ functioned and how our service providing would benefit them.
For anyone commencing a career within Tenant Rep, my first piece of advice would be to be outgoing as you’re dealing with clients and industry colleagues daily and good strong communication is essential. My second would be to be organised. When conducting office tours with clients, you are sometimes working to a tight schedule. You need to ensure you organise efficient tours with the correct route and time allocations, so you are making best use of time with clients to view all suitable options.
Thus far, my experience in CBRE has been a learning curve and I’m excited for what the future holds as I have rotated into the Valuations department for a year where I will continue my endeavours to complete the APC and become a member of the SCSI.