In this article, we'll discuss the Spaces/Units object and touch on several peculiarities regarding its relation to other objects, and how it can be utilized within the Rethink ecosystem.
An important distinction to note is spaces/units are dependent on properties. In other words, a space/unit (the 'child') cannot exist without a property (the 'parent') in Rethink. Thus, if a property is deleted, any associated spaces/units records will be deleted as well. Bare this in mind when modifying any property records. Additionally, note that double-clicking any record within the space/unit record will redirect you to the parent property record.
What type of information is stored in a space/unit record?
In the Spaces/Units object, we can find information such as space type, record type, tenant, rent amount, lease expiration date, etc. Below is a list of available fields along with a brief description of what they are used for.
The Property column provides information regarding what property is associated with the space/unit.
The Space/Unit Name column contains the labeling or naming convention for that space/unit.
The Space Type column will help you identify if the space or unit is Retail, Industrial, Office, etc.
The Record Type column will help you identify with the record is a space or a unit mix
The Space/Unit Status column stores information regarding whether the space/unit is leased.
The Tenant column stores the name of the company or contact currently deemed as the tenant for that space/unit.
The Rent Amount column depicts a currency pricing for the rent amount.
The Rent (Unit of Measure) column displays the following types: Amount/Month, $/SF/Year, and $/SF/Month
Lease Expiration Date column displays the date which the lease will expire.
Creating a New Space or Unit Mix Record
New space or unit records can be created by clicking the "+ New Space/Unit" option from the drop-down menu (1) or by clicking on the "New" button within the navigation bar (2).
Next, you will be prompted to complete the fields available to you. See below list of space/unit fields that are standard in Rethink.
Space - available fields by section
Subsection - Space details
Space/Unit Name (required) - naming convention
Property (required) - property associated with this space
Floor # - Floor Number
Space Type - Classify the space type is it Office, Retail, Industrial, Multifamily?
Suite - a naming convention for the suite
Space Subtype - This will vary depending on the elected Space Type. Ex. if you pick Office as a space type your space subtypes will include traditional, tech/creative, executive suite, coworking space.
Space Size (RSF) - space size square footage
Space unit status - here you can mark whether the space is leased or vacant.
Subsection - Lease Details
Tenant - tenant name or company name
Lease Commencement Date - Lease Commencement Date
Rent (Amount) - currency value for the amount of rent associated with that space
Lease Expiration Date - the date the lease is expected to expire
Rent (Unit of Measure) - allows for the following values: Amount/Month, $/SF/Year, and $/SF/Month
Lease Term (months) - Terms of the lease, such as 6 months, 4 years, etc.
Rent Escalations - a lease provision in which the landlord requires the tenant to pay a higher aggregate rent by adjusting the annual base rent by an agreed method during the term of the lease agreement.
Renewal Option(s) - A clause in a lease that outlines the terms for renewing or extending an original lease agreement.
Lease structure - allows for options such as Absolute net, Triple net, Modified Gross Lease, etc.
Landlord Work - is a currency value that depicts a value for how much funds towards improvements the landlord has invested for the space.
Tenant Improvement - is a currency value that depicts a value for how much funds towards improvements the tenant has invested for the space.
Lease Comments - an area to add extra details regarding the lease associated with the space.
Unit Mix - Information
Space/Unit Name (required) - Naming convention associated with the Unit Mix.
Property (required) - property associated with this Unit Mix.
Floor plan - a naming convention for the type of floor plan associated with the unit mix.
# of Bedrooms - Numeric value for how many bedrooms are available.
# of Bathrooms - Numeric value for how many bathrooms are available.
Total # of Units - Numeric value for total amount of units available.
Avg Unit SF - Numeric value for the average square footage per available unit mix.
Rent (Amount) - Currency value for the rent amount associated with the unit mix.
Rent (Unit of Measure) - allows for the following values: Amount/Month, $/SF/Year, and $/SF/Month
Viewing Spaces/Units
Similar to other objects within Rethink (Contacts, Properties, Companies, etc), list views can be manipulated and modified using the filter option:
All of the previously mentioned fields are accessible for filtering and narrowing your list to your liking. Much like any other object you can also save list by adding filters to them then cloning the list and saving them under a new naming convention.