Get to Know… Franklin Shanks
Our monthly “Get to Know…” posts provide the opportunity to learn more about our member firms – what sets them apart as best-in-class in their markets, the expertise they offer their clients, and the value they provide during every stage of their clients’ journey to find the perfect space for their business.
Have real estate needs in Sydney? Consider the experts at Franklin Shanks.
- When was your company founded? Franklin Shanks was founded in 2014, and the founders, Mike Franklin and James Shanks, have been working together for over 15 years.
- How long have you been a member of Exis? We’ve been a member of Exis for 2 years. For us, it was important to be working with a collection of best in class firms to service our clients with their global real estate needs.
- Are there specific areas of focus/expertise that Franklin Shanks practices? We do a lot of work with fast growing firms, particularly in the tech industries. For them, it’s important to get flexible lease terms right, as well as acquiring the best possible office spaces from a talent attraction and retention standpoint. In addition, we are often brought in by clients to mitigate their make-good obligations. We also handle portfolio management for clients with large numbers of individual leases, as often management isn’t getting the level of control and visibility over the portfolio that they expect. Finally, we’ve seen increased demand for our advisory services as clients are taking more strategic approaches to property; everything from bid management for site acquisitions to location advisory for retail roll-outs and relocation recommendation reports which quantify the qualitative costs to a business of moving.
- What is the current size of your team? 5
- Amount of square footage secured in 2017: 337,000 sqft
- What are some of the skill and characteristics you look for when hiring your team – to ensure you offer the highest quality service possible? Simply put: professionalism, drive, determination, consultative approach to relationships, and listening skills. In fact, to bring different dimensions and viewpoints to the business, we actively hire professionals from outside of the property industry. We value expertise, of course, but it’s important to our clients that we’re able to look at situations from their perspective, not solely through a “property industry” lens which can often be quite transactional in nature.
- What are Franklin Shanks’ core values as a company? Integrity, delivery, fun, flexibility
- How would you describe the CRE atmosphere in Sydney? The pendulum has swung very much in the landlord’s court due to the amount of redevelopment going on in Sydney. 28 new buildings over 30 stories are coming online by 2022, but in the interim, there is a high degree of competition for space with non-prime vacancy below 3.5%. Given the then-impending supply boom expected for 2021, there’s an odd scenario where some landlords now will only offer 5-year leases because they don’t want any tenants renewing in 2021 when rents and vacancies should relax.
- Most valuable advice you can give a client in today’s overall CRE atmosphere: You always need more time than you think!
- What are some upcoming trends in the CRE industry that you feel will affect how companies do business? IFRS 16 and how leases are recognised, the ongoing conversation about centralising and outsourcing vs. insourcing. Big data will also play a major role in changing how companies (and landlords) interact with their office space and do business within it.
- Why is exclusively representing tenants important to you? It’s the only way to give your clients absolute certainty that you’re acting in their best interest.
- Most valuable feedback you’ve received from a client: We once had a client hire us after they previously had negotiated against us in a sublease situation. Their conclusion was that if they couldn’t beat us, they’d hire us.