Is this a retail space? If so, we have given $10/SF for a "vanilla" shell, which includes some HVAC (3.5 tons for every 1,400 SF). I have heard that some LLs, locally (Jacksonville, FL), were offing up to $25/SF for TI when delivering a cold-dark shell.
I have mixed feelings about which way is better to go, because while it may appear save the LL money to deliver a cold-dark shell, it also take the tenant more time to open for business and you are asking them to handle matters, that for local shop space tenants, usually aren't equipped to handle.
In the end, I guess it depends on how much you want this tenant. Are they a national that could bring in more traffic and improve your outgoing cap-rate?
Justin Clark, CCIM
Jul 30, 2012