What does Active/Potential Requirement & Under Offer mean in CRE?
Was reading an article on London office market by a European RE research shop and realized how broken my r/c skills are. Could anyone please explain what Active/Potential Requirement in the following context? Also, in the same context, what would "Under Offer" mean? Would appreciate any input!
Savills report that there are currently 13.2mn sq ft of requirements targeting London. Whilst this is actually up on 2019 by 16%, the number of active requirements has dropped by 5% whereas the number of potential requirements has risen by 84%
Well, a "requirement" is fancy way of saying a tenant looking to lease space (generally with the added detail of size, general location, quality, etc). I think in this context "active" means the tenant is actively looking (touring) spaces and wants to make a deal (possibly for immediate or near term occupancy). "Potential" likely means tenants seeking proposals from landlords to try and entice a deal, but they could stay put and just renew, it may also refer to tenants with a long-fuse until occupancy is needed (but may do a deal if incentivized to do so).
I am not sure about "Under Offer", is that the British way of saying "Under Contract"? Meaning a pending deal yet to close/leased signed? That's my best guess in context, not a phrase I hear in the US in this context.
“Under offer” is LOI stage I think (terms presented) whereas “exchanged contracts” is our under contract equivalent
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