LEASING

With the significant growth of VCU in the past several years, it is often necessary to search off-campus to fulfill the department’s additional space needs.  Real Estate and Insurance Services (REIS) prioritizes and coordinates requests from University department heads and other personnel for off-campus space.  Preparation of a lease justification and office space questionnaire documents the department’s needs and accurately determines the amount of space needed.  Space is located by receipt of written proposals or informal discussions with area real estate brokers.  The requesting department, broker and REIS personnel tour the available space choices.  REIS prepares a lease analysis chart showing the cost of each space to assist the department in selecting a new site.  The lease is negotiated while keeping in mind that it must comply with state procedures and laws.  Submissions for the approval of the VCU Board of Visitors and/or the VCUREF Board of Directors are prepared for leases, when required. REIS also monitors the tenant fit-up, move-in process, and the accuracy and prompt payment of the rent.