Tenant Selection Criteria

How CIRES chooses its tenants

CIRES' tenant selection process is based upon achieving our mission and goals. Every applicant for space, whether for market or non-market use, is required to complete an Expression of Interest Application that contains key questions about their business model, products and services they sell, and the contributions that they will make to the community in which the unit is located. CIRES will review and consider all applicants and lease renewal requests based upon the blend of community and economic contribution the tenant will provide to the community.

Community Need and Market Opportunities

CIRES intentionally leases the commercial space in our portfolio for both community and market opportunities. Our staff will respond and evaluate every request based upon this blended value purpose. Our approach includes being proactive by seeking out tenants that will intentionally support an identified social or market need in the community. 

Landlord approval of subtenant required

CIRES is the Sublandlord in all of our portfolio leases. After an initial internal review based upon the application criteria, CIRES is obligated to have the building Landlord review and approve all applicants and the proposed uses of the commercial spaces.

Community benefit assessment

Every potential tenant must complete an application process that includes an assessment of:

  • Meeting a community need in relationship to the proposed tenant's use

  • Providing local serving goods and services

  • Potential employment from the community
  • Engaging in local and social procurement

  • Information on financial sustainability

Social benefit covenant

Every CIRES new and renewing tenant is required to sign a ‘social benefit covenant’ as a part of their lease agreement. This mutually developed covenant describes the social value the tenant will create and outlines the social value annual reporting requirements. Much of the content for the covenant comes from the tenant’s Expression of Interest Application.