Entries Tagged as 'Tenant Representation'
You simply cannot believe everything that you see. There are people who are out in this world looking to scam others out of their hard earned money. It is a very unfortunate truth and it is even seen in the office for rent market.
There are some concerns being raised about some of the postings that can be found on the Internet regarding office spaces that are supposed available for rent. It is usually smaller sized office spaces. In these postings, the people advertising the space are offering what seem to be great deals on space when in reality they are just looking to steal a deposit.
The problem has become so prevalent that the Santa Clara District Attorney's office has released a warning to consumers. From Abclocal.go.com,
The rental property scams online are a growing criminal trend, with perpetrators running them from within the county and overseas, according to district attorney's office spokesman Sean Webby.
Some who are on these sites posting about the properties do not actually own the properties that are shown in the pictures, nor do they have the authority to offer them up for rent or accept deposits. It is a scam to its core plan and simple.
If any poster is asking to have the deposit wired to them, the potential office renter should not do so. Legitimate landlord's will only accept a deposit that is given to them in person on the property that they are going to be renting out to the new tenant. That is one way to check to see if something is a legitimate offer or a possible scam. Anothrer good reason to have an office leasing tenant rep looking after your best interests.
Finally, it is important to check into the owner or manager of the property to see if it matches up with the name of the person asking for deposit money. It is important to do in order to avoid being taken for a ride.
Contact us if you want to know what else you can do to protect yourself from an office space rental scam.
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By: James Osgood
Lease Negotiations , Office Leasing Tips , Office Rental , Office Space , Tenant Representation
Portland, Oregon has been described as America’s most European city, and has earned several nicknames, including “City of Roses”, “Stumptown”, and “Rip City”. Portland is also referred to as one of the most environmentally friendly, or “green”, cities in the nation because of its emphasis on building public transportation networks and efficient land-use planning.
Portland is a city with liberal political values, abundant outdoor activities, a lively arts and music culture, vast green spaces, and numerous micro-breweries and coffee shops. It is fast becoming a destination for “foodies” because of its robust culinary scene. It has a wide variety of restaurants, catering to all genres and cultures, including vegetarians and those looking for vibrant street food offerings.
Located east of the Pacific Ocean, Portland is a city of many lakes, rivers, mountains, and forests. With a temperate, oceanic climate, it is the perfect environment for outdoor activities such as fishing, camping, hiking, mountain climbing, biking, and walking. Portland’s city park system has been designated as one of the best in the nation.
Tourism plays a significant role in the local economy. Offering beautiful scenic views, vibrant neighborhoods, many historical sites, and a close proximity to both the mountains and the ocean, Portland brings people in from all over the world. Its location makes it beneficial to several industries, including import/export, and international trade. In addition, the metro-area is home to more than 1,200 technology companies, including Intel.
The market for office space market in Portland and teh surrounding area is tight, with only San Francisco being tighter. As things tighten in the Central Business District, suburban markets continue to recover as new developments come on the market. Tenants should be prepared for a landlord favorable market. All the more reason to engage the FREE services of a qualified local office tenant representative, like the ones we have at OfficeFinder.
Avg. Rental Rate $
Class A - 1,008,454
Class B - 772,288
Class A - $25.88
Class B - $21.07
Class A - 138,904
Class B - 451,635
Class A - 439,904
Class B - 1,264,034
Class A - $24.02
Class B - $17.90
Class A - $21.25
Class B - $16.68
Source: Colliers International, The Knowledge Report, Q1 2013
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By: James Osgood
Office Rental , Office Space , Office Vacancy Rate , Portland Office Space , Tenant Representation
Recent reports show a stark contrast in leasing trends for office space for rent in the commercial real estate market. While foreign investors appear to be making a play for prime commercial space, reportedly increasing year-over-year investments by over 83%, office construction has waned by nearly 17%. Why the sharp conflict in data?
Analysis shows that there area opportunities using tools to gain an investment advantage in the market- but this can be challenging for business investors who are focused on building clientele and daily operational management of the company.
Current and Future Space Needs
Whether the tenant will be a small operation or a larger company the basic needs are the same- efficiency, cost effectiveness, room for expansion, and strength of location. A good tenant rental representative can gather the information regarding these needs and complete an analysis upon which available locations can be ranked, investigated, and negotiated. If your company is currently housed in an inefficient space the multi-step processes necessary to keep everyone 'in the loop' can create redundancy and confusion. While a move can be costly, done correctly it can reduce future costs significantly. Would moving from your current location disrupt client service? Or are you able to make a move without affecting the product or service you provide? Then you may consider...
Thorough knowledge of the region including up-and-coming micro-markets can be the key to entering a market segment previously unconsidered. Sluggish commercial rentals have also slowed the rate of construction, so existing space becomes more appealing and potentially more negotiable. Recent reports also state that this shift in the market is creating an increase in tenant concessions and free rent, despite the increase in square foot pricing. Previously untapped commercial properties, or those that may be re-zoned to accommodate businesses, can be an ideal solution to a limitation in new construction. Repurposing of properties is a popular trend and is gaining in favor with clients as well. People tend to be drawn to the historic or recognizable- tourists included- and appreciate the visionary who takes on a forgotten space.
A volatile leasing market creates uncertainties in investing- how can you determine (or try to predict) the rate of return for your rental investment? Or reduce your potential for overpaying? Foreign investors see the potential for future profits in taking a measured risk in office investments. The leasing velocity of a space, which includes knowing historic rental values, re-leasing potential, and vacancy rates all play a role in the final dollar values. Perhaps you are feeling bound to a lease that is just not amenable to your needs, or the structure of your contract is no longer in league with the community averages? A proper representation of your needs, which may even need an overview, can leverage your remaining time in the space and perch you at a better vantage point for future negotiations. More about leasing office space vs. buying.
Due diligence is a necessary factor in renting office space and a strong real estate partner allows you to focus on your business during the negotiations of a transaction. Contact us and allow us to introduce you to the advantages of using a tentant representative while seeking rental office space for your commercial business needs.
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By: James Osgood
Buying Office Space , Lease vs Buy , Office Building Sales , Office Rental , Office Space , Tenant Representation
Renting office space can be exciting and overwhelming all at the same time. In some of those anxious moments, it can easy to get caught up in all the excitement and sign a lease agreement that has unfavorable terms. Since the success of your business largely depends on the right rental terms, you’ll want to check out a few important details whenever you are considering office space for lease.
The type of lease that’s being offered can make or break your business, as some could result in your paying large additional charges you weren’t prepared for. The common types of commercial leases are:
- Percentage lease, which involves you paying a base rent in addition to a percentage of your monthly sales (retail leases)
- Net lease that includes base rent and a nominal charge for taxes and insurance
- Double net lease that requires you to pay rent in addition to the entire cost of taxes and insurance
- Triple net lease which mandates that you pay rent, taxes, insurance and maintenance fees
- Fully serviced lease or gross lease in which the landlord pays for additional expenses and then passes them on as a “load factor and increased from a base year.”
When choosing a fully serviced lease, it’s important to understand what the load factor and base year means. It is essentially a way to calculate the total monthly rent when a tenant has usable square footage in addition to common areas. For example, a business could occupy space in a building where stairways, restrooms and entryways are common space. In this instance, the load factor covers the expense associated with maintaining these areas, spreading them evenly among all who use them. The base year is the year in which you must pay for any excess expenses over the amount for that lease year. You have to be careful that the base year is current or in the future when signing a lease.
Although you may be offered a deal for signing an extended lease, if you’re a startup or growing business, you should be leery about doing so. That’s because you just might find the needs of your business change a great deal over the first couple of years. For this reason, you should consider a short-term lease that’s between one and two years if you are a brand new company.
It’s also a good idea to ask about initial improvement allowances, remodeling or redecorating when signing a lease. Most long term leases will include a tenant improvement allowance. Make sure you know if that is on a rentable or useable square footage bases. It can make a difference of 15% or more. You may choose to build cubicles, add new carpeting or paint the walls once you settle in, so you need to know if this is something that’s allowed. Many times, minor modifications are allowed as long as the structural integrity of the building is not altered in any way.
When it comes to choosing the right office space, the terms of a lease are every bit as important as the location. Your best bet is to have an Office Tenant Representative on your side. There is no additional cost to you, so it is a no lose situation. You will save money and avoid costly mistakes. To find office space with exactly the right terms for you, contact us today.
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By: James Osgood
Office Space , Office Rental , Tenant Representation , Office Leasing Tips , Office Space Negotiations , Office Relocation
A typical property owner has ample experience renting out a space. Do you? As some tenants leave and others come to view a property, the professionals know the ins and outs of contract negotiation. As the prospective tenant, you take on the rental of office space only occasionally. Making this process work for you depends on your knowledge of the rental market and the advisors you choose to help you with the office rental process.
- Make the 12-month commitment. What sets apart and office lease from an office rental is the length of the time commitment. Your decision to rent only commits you to the office space for a short period of one year. If you are not sure that you want to go beyond a year or 18 months with a lease, stick with the basic rental agreement.
- Know the market in your target area. Zoning laws govern the ability to use properties as office buildings. Established office properties are therefore frequently in high demand. Yet sometimes you can find amazing properties that combine residential with commercial usage. If your company would thrive in this type of environment, work with an experienced office finder who can point you in the right direction.
- Understand your space needs. The average worker in your office needs between 125 square feet and 225 square feet of usable space, depending on the tasks that are being performed. Remember to also factor in the space for equipment and file storage as well as conference rooms. A tenant representative can work with you to narrow down your rental space requirements, which can save you quite a bit of money over the course of the rental agreement.
- Negotiation skills are a key element of rental discussions. It pays to have experience in the negotiation of rental agreements. Location, size of the space and available amenities are some of the factors that determine the asking price for an office rental. Outdated technology, needed improvements and hiccups in the spatial design of the space are talking points in your favor. Coming to a mutually beneficial decision on a suitable rental price takes skillful negotiation. Unless you know for certain which talking points outweigh the others, get help from an office tenant rep.
At OfficeFinder, LLC, we know that the rental of office space can be a stressful experience. You have a company to run and do not always have the time to immerse yourself in the study of rental negotiations. Contact us today, and we will do the work for you. Working with a tenant representative is free of charge, and you will love the results.
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By: James Osgood
Office Leasing Tips , Office Rental , Office Space , Tenant Representation