Help Center : How to create a new Closed Deal: Part 5 - Space

This tutorial will go over the process of selecting or creating a Space for a new lease deal.

Instructions

If the Property you selected already has one or more Spaces associated with it, they’ll be listed here with current tenancy details.

You can either select one of those spaces by clicking on it, or you can select the option to create a new Space if you don’t see the space you’re looking for in this list.

If you see a Space but can’t select it, that’s because that Space is currently marked as Available, meaning it has an active listing associated with it. Since that is the case, you must create your lease deal by closing that active Availability.

Before you can finish creating a new Space, you’ll need to define the Space Type.

There is also an option at the bottom for associating this deal with the entire Property. We recommend only using that for Sale Deals if it’s applicable.

Click on Save and Continue to move on to the next step.

You’ll notice that the tabs at the top up to this point change to Lease Location, Lease Building Details, and Lease Space Details, and you can no longer go back and select a different Space or Property for this Deal. That’s because the system has created a snapshot of the Property and Space, which is now permanently linked to this Deal.

So, what is a snapshot and why is it important for Lease and Sale Comps? A snapshot is a separate copy of the Property and Space you just selected for this Deal, with all of their associated attributes, as of this moment. The system will keep those copies with this Deal and allow the original (or “Inventory”) records to continue to reflect the most up to date information, even as it changes over time.

For example, this lease deal represents a lease for office space in a building that was last renovated in 2004. The owner of the building has plans for a significant upgrade to the lobby, with a complete renovation, as well as the addition of a café and several other new amenities. Construction is scheduled to be completed next year, at which time you will change the property details in CoStar Brokerage Applications to reflect the updates to the building. However, you don’t want those changes to affect the Property and Space details for this or other past deals, so the snapshot allows you to keep track of those attributes separately.

You can still click back to those tabs if you need to adjust the Property or Space attributes for this Deal. Those adjustments just won’t be reflected on the original Property or Space anymore. In the next tutorials, we will talk about how the original Property or Space will still be updated to reflect the new lease and tenancy information.

Click here to go to the next tutorial.

Help Center : How to create a new Closed Deal: Part 5 - Space

Instructions

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