How Technology Stole the Show at Fashion Week

As fashion week participants create shows that are increasingly geared towards consumers, all sorts of technology is being used to make sure the designers and their creations reach as broad an audience as possible. While in the past the fashion shows were more of an insider affair, now many design houses are trying to reach out to a broader demographic and, of course, trying to boost sales. More and more, clothes are being offered for sale there and then, with some fashion houses offering a full brand range in a see-now, buy-now capacity – everything from the make-up to the accessories to the shoes. Technology now plays a huge role in all our lives and nowhere is this more evident than at the fashion weeks, where technology really stole the show, in some ways at least.

See-Now, Buy-Now

While most of the see-now, buy-now options were offered through each house’s existing e-commerce site and their physical stores, while Temperly London paired up with social app Vero to allow consumers to buy three of their fashion week looks right now.

Snapchat and Instagram Stories

While which of these will win their ‘format war’ remains to be seen, both were used fairly extensively at Fashion weeks. Misha Nonoo used Snapchat to slowly unveil her collection, while J Mendel documented his entire collection with Instagram Stories. Industry experts seem to think that Instagram Stories is the perfect medium for sharing fashion week with the fans.

Chatbots Taking Over

Shopability was a big thing this season and both Burberry and Tommy Hilfiger introduced AI run chatbots as a new user interface. With chatbots taking over our fashion shopping experiences, we better hope that they do not develop artificial intelligence that becomes smarter than we are!

Virtual, Mixed and Augmented Reality

Even the excitement of the shows themselves was not enough, it seems. Many shows had an element of alternative reality to them. For example, in New York fashion week, Intel worked with several designers to broadcast their shows in virtual reality, powered by Voke’s GearVR app, so viewers could feel as though they were right on the front row. Rebecca Minkoff worked with augmented reality, working with shopping app Zeekit to allow customers to upload a picture of themselves and see what they would look like in their favourite outfit from the show. Meanwhile, real innovation came in the form of mixed reality space, where an audience could wear Microsoft Hololens headsets to see an extra layer over reality. Soon, perhaps people all over the world could be watching a fashion show in their own living room and feel as though they are really right there.

One thing is certain, technological change is swift and fashion is not going to want to be left behind.

Commercial Agents – Rental and Leasing Strategies for Commercial or Retail Property Today

When it comes to renting and leasing commercial property today, the ultimate target should be to establish a stable and professionally prepared lease that encourages cash flow on the property over future years. Every landlord will have a different focus points and ideas relating to their investment. It is important that the lease matches the intentions of the landlord. The commercial agent needs to understand what the landlord wants to do and how the plan should work.

So when you find a tenant today, it is critical to know the lease terms and conditions that will be presented to the tenant. Hopefully you will have advised the landlord at an earlier stage so that the critical decisions here are well understood and have been set.

The different types of rental strategies to consider in commercial property include the following:

  1. The outgoings for the property should be identified and quantified. It is possible that the landlord will want to recover some of those outgoings from the tenants within the premises. This matter becomes more complex when it comes to multiple tenant occupancy in large premises such as shopping centres.
  2. The property type will have set trends and averages in the local area when it comes to lease procedures and rental levels. Ensure that you understand the factors here so that any advice that you give to the property owner will be accurate and correct as it relates to the property market at the moment. Market rentals change frequently, so speak to a number of other property agents and property valuers who can advise you of the recent benchmarks and new property deals locally.
  3. There is a significant difference between gross and net rental. The main difference is the recovery of outgoings and how it will occur. When it comes to a gross rental, the tenant is only paying one amount of money so the landlord has to gross up the rental to include the outgoings component that they would have normally recovered in a net rent situation. When it comes to net rental, the landlord will set a base rental above which the tenant will contribute towards particular outgoings relating to the tenancy and or the property. Clearly some decisions need to be made here before a tenant is located.
  4. When a lease is under negotiation, the factors of lease option come into discussion in cases where the tenant wants to remain in occupancy for an extended period of time after the first lease term. Options are useful property investment strategies although they do have limitations and frustrations from a landlord point of view. One option may be acceptable to the landlord after the initial term, but numerous options of three or four years for multiple renewals are to be discouraged. Multiple options remove the control of the property from the landlord and this can be a negative factor at the time of renovation or relocation. Options of this type also impact the property at time of sale.
  5. The rent reviews to be set for the growth of rental over the lease term should be discussed with the landlord prior to the location of the tenant. It is preferable for the landlord to set their own rules regards rent review processes rather than let the tenant dictate lower levels of rental escalation.

The rental strategies in commercial property are complex and critical to the future of the property. Take time to carefully consider the rental strategies with your client the landlord, prior to undertaking any special marketing campaign relating to leasing and tenant location.

Commercial Agents – Tips to Qualifying Commercial Tenants Today

When it comes to leasing commercial or retail property today, the selection of tenant will be fundamental to the quality of the outcome for the landlord. This says that not all tenants will do or be acceptable when it comes to leasing vacant commercial premises.

So the commercial real estate agent has to qualify and understand the tenant that is enquiring on the vacant property before matters proceed. Some questions need to be asked to get the correct match of property.

When fewer properties are selling, the lease activity tends to be higher. Successful businesses still need to operate from quality commercial or retail premises. This is an opportunity for commercial property agents that specialise in commercial leasing.

So let’s go back to commercial property leasing and the elements that should be considered when qualifying tenants. Here are some key factors to consider before you start:

1. Understand the capabilities of the property when it comes to tenant occupancy. Things to know will include services, amenities, and size of tenancy, improvements, fitout design, and availability, term of lease, options, rental requirements and type, and landlord plans for the property. The permitted use or legal use of the property should be understood as part of this process.

2. Get a full brief from the landlord as to the type of lease that they will do for the premises. A lease can be varied and negotiated, but you have to have the landlord’s base requirements before you start. Ask the landlord about rent levels, lease terms, option periods, preferred tenant, renovation and maintenance plans for the property. These facts should be in parity to the comparable properties in the local area that are also on the market to lease at the moment.

To qualify the tenant you can take the following approach:

  • Find out where the tenant has come from and if they are moving from another property. It is likely that the timing of the move will have impact on your negotiations and inspections.
  • What does the tenant know about rent and properties in the local area? Have they looked at anything else in the area and if so what? It is best to know what you are up against early in the inspection process.
  • Has the tenant been looking at other property with other agents and are negotiations underway elsewhere on any ‘short-listed’ property now? This will have an impact on your discussions and inspections with them.
  • What levels of rent and lease term does the tenant have in mind? Make sure you find out about the extras of lease occupancy such as outgoings payments, and consumables including electricity, gas, water, and communications.
  • Will the tenant require a long lease term and or an option period for a further term? This may not always suit the landlord.
  • The numbers of tenant staff and the type of business will have impact on the improvements and fitout in the property. Ask questions about things such as car parking, loading and deliveries, office configurations, hours of operation, security, access, customers to the property, and quality of fitout.

So you can do a lot with a tenant before you take them to a property. Importantly this information is captured into your database. As a general rule do not give out any property information until the tenant has told you everything that you need first.

If a tenant is also or has been dealing with another agent, be very careful to check that they have not seen any of your listed properties with other agents earlier.