LEASING

Lease Justification Process

A Lease Justification is required for all leases. The Justification is submitted to the users Vice President or Dean, Associate VP for Business Services and Treasurer, and the Director of Real Estate and Insurance Services for approval. The Justification will become part of the audit trail for the ensuing lease or occupancy agreement. In order for Virginia Commonwealth University’s Department of Real Estate and Insurance Services to submit the Lease Justification, the following information is needed:

1. Program Need: Please provide a concise description of the program and the reason(s) for leasing space for the program.

2. Facility Need: Describe the type of space needed to support the program using the attached space guidelines for state agencies leasing real property. Describe special requirements such as special equipment and fixtures, build-out not normally provided, computer rooms and any other features which are not typical for the type of space.

3. Location: Describe the area within which the space must be located.

4. Alternatives: Discuss alternatives considered, including location in existing state owned space, co-locating in existing space controlled by Virginia Commonwealth University, co-locating with other state agencies and build or buy options.

5. Annual Cost/Funding: Estimate the annual lease costs, including the cost of maintenance and any ancillary costs associated with the proposed lease and state the source of funding.

6. Complete Appendix – Office Space Questionnaire.

7. Upon receipt of the above requested information (Items 1-6), and the approval of the Lease Justification Package, Real Estate and Insurance Services initiates the search for lease property.