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Entries Tagged as 'Office Space Negotiations'
Apr 11
Determining your priorities is a key to finding the right office space for your company. A full needs analysis is critical in the beginning of the process to make sure you are looking for what you need. Abacus Office Finder in the UK has been doing an ongoing survey to determine what matters most when selecting office space for rent. Here is what they came up with:
- Location 57%
- Value 25%
- Image 16%
Based on my 30+ year of experience in the business, it is pretty accurate.
If you want to go into more depth in analyzing your needs, we provide an Office Space Planning Checklist on our site so that you can make sure to consider all the major considerations when starting the process of finding you office space. In addition to the checklist we also offer an Office Space Calculator that allows you to determine the amount of office space you will need. Lastly, but not least, if you are considering an executive suite office rental, we offer an Executive suite vs Conventional Space Comparison Calculator that will reasonably accurately compare the cost of the two office rental alternatives.
All that said, the best way to make sure you get your office needs met is to engage the services of a local office tenant representative, like the ones at OfficeFinder, to make sure you consider all the factors you need to in your market. Every market has slight nuances that need to be considered.
Find Office Space
By: James Osgood
Executive Suites , Office Leasing Tips , Office Rental , Office Space , Office Space Design , Office Space Negotiations
Mar 21
One of the office lease clauses tenants should pay attention
to is the assignment clause. The basic idea behind the assignment clause to
allow the tenant to assign the entire lease to a sub-tenant, the assignee, if
need be. Typically, an assignment will require the landlord's approval in
writing. The assignee must be qualified and the assignment is made without the
release of the assignor’s liability. What this means is that you, the original
tenant, will still be financially responsible to pay the rent in the event the
assignee fails to make payments. This can add quite a liability on your
financial statement.
There are ways to try to get around this. The first and
foremost important requirement is that the assignee's financial statement is
comparable or better to that of the original tenant’s. If that is the case very
often you can negotiate with the landlord to a release after a period of time
in which the assignee has paid rent on time and that the assignee is never in
default of the lease during that time period. Another way to achieve a release
is through a buyout option. If the subtenant is creditworthy you could offer
the landlord a sum of money to release you from any future obligation.
Of course, the best way to go about this is to engage the
services of a tenant representative when you anticipate the need to assign the
lease, whether it is to downsize or to upsize. Tenant reps not only are
intimately familiar with the market in helping you relocate, but also
knowledgeable about the landlords in the area and what they may be willing to
negotiate. If the tenant rep has brought other tenants to the building, the
landlord may be interested in staying on their good side, in order to bring more
future business.
Find Office Space
By: James Osgood
Office Leasing Tips , Office Rental , Office Space Negotiations
Mar 19
Despite—or perhaps because of—the slow economy, the office vacancy rate
across the nation declined slightly in the last quarter of 2012, to 17.1%,
according to the real estate analysis firm Reis,
Inc. This is because new office construction is virtually at a standstill in
this economy, so businesses must find office space within the existing supply.
What does this mean for you? It means that you will need to be aware of some
trends when finding office space for lease in this tighter
market.
- Asking and effective rents
grew by 0.8% in the last quarter, meaning that it could cost you more to
rent that new office space than it would have last October. This is also
the ninth consecutive quarter in which rents have increased, meaning that
while the economy is still generally sluggish, there is some recovery for
commercial real estate.
- The sharing of office space
is becoming increasingly popular. Small startups and shrinking businesses
are sharing space, and rent, in an effort to save money. This can work,
and if you find the right fit, it can even be synergistic for
complementary businesses. However, there are also pitfalls to avoid, in
terms of assumptions and expectations, differing company cultures,
and—most important—making sure that you get the parameters of the
relationship in writing.
- Leased office space per
worker continues to shrink. According to the Memphis
Business Journal, “Leased office space averaged 600 square feet per
worker in the 1970s, but that number had dropped to 176 square feet in
2012.” Companies continue to find efficiencies, push for collaboration,
and re-engineer existing space to accommodate more workers. This trend
will doubtless continue in the face of increasing rental rates.
So how can you address trends such as these when seeking leased office
space? We suggest that you start with us. Our tenant representatives are very
familiar with these trends, and with local office trends, which vary from one
metropolitan area to another. They will help you find the best possible options
for leased space in your city, at no cost to you. Contact
us today to get the process started!
Find Office Space
By: James Osgood
Flexible Workspace , Office Leasing Tips , Office Rental , Office Space , Office Space Negotiations , Tenant Representation
Mar 12
It’s March, and St. Patrick’s Day is right around the corner, so we thought
we’d focus on thinking green today. When you are seeking office space
for rent, you might not always remember to consider our environment, but
thinking green can also affect your very real costs for heating, cooling,
water, etc. So here are some questions to ask and things to consider if you
want to think green when seeking office space.
- Is there any active or
passive solar built into the construction of the building? Active solar
would be solar collectors for generating electricity or heating water.
Passive solar is building construction that takes into account the building’s
orientation, so that the sun’s effects (such as heat and light) are
minimized in summer and maximized in winter. Buildings that have a central
atrium built into them also make a big difference for bringing light into
the entire building, thus lessening your portion of the cost to light
common areas in the building.
- If you are looking at a newer
building, ask if it is LEED certified. According to the US Green Building Council, LEED
buildings lower operating costs, reduce construction waste, conserve
energy and water, reduce greenhouse gas emissions, and qualify for tax
rebates, zoning allowances and other incentives in cities around the
country. LEED certification also is better and safer for tenants, because
of healthier indoor environments.
- Find out if your prospective
office building is paying attention to their use of water. Do they have
low flow toilets and faucets? Do they have reclaimed or grey water
systems? These will take water from sinks and filter it for use in toilets
and landscaping.
- Ask if they are doing
anything less common in the area of green building, such as a vegetative
roof, which increases insulation and helps filter pollution. (If there is
one, find out if tenants can eat their sack lunches on the roof!)
So think green! Contact us and let us know that you would like us to add
green factors as a part of our checklist as we help you search for office space
to rent. You and our planet will be glad you did!
Getting your Office Space Green
Find Office Space
By: James Osgood
Green Office , Office Leasing Tips , Office Space Negotiations
Mar 7
If your business is new or growing, you need to save money everywhere you can. There
are many expenses associated with starting or growing a business and they're not all
planned expenses. Wouldn't it be nice to have an even bigger cushion of
funds than you planned on originally? That's entirely possible when you
work with a professional to find your office space for rent.
One of the biggest mistakes business owners make is in choosing the first
location for their business. Maybe it's because they're so excited and
eager to get things up and running that they don't take the time to choose
carefully. Or, perhaps it's just lack of experience that results in a
need to upgrade to a new property sooner than they thought they would.
For many, however, it's not knowing what the rental market is like for
businesses like theirs. That's why working with a professional office tenant representative is really importnant.
If you're not familiar with the office rental market in your area, it's easy to pay
too much for a space that's nowhere near big enough for you. There are also tons of other costly mistakes you can make. Even though paying too much is a common mistake, that doesn't mean it has to be one that you make.
When you work with OfficeFinder, you'll find our professional services to
be second to none in our industry. We've helped countless, businesses
just like yours, find the perfect property that's the right size and the right
price.
If there's one thing we've learned in this business, it's that it's
important to have someone you trust on your side. You need to have an
advocate working for you, who has your best interests at heart. That is what a tenent representative does for you and all at no cost to you.
We'd love to talk to you about your business.
Where do you see yourself in a year? How about five years?
Why not contact us today, and find out how we could help
you find a great deal on the perfect location?
Find Office Space
By: James Osgood
Lease Negotiations , Office Leasing Tips , Office Relocation , Office Rental , Office Space Negotiations
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