Office Space in Milwaukee

Available Milwaukee office space

Office Space in Milwaukee , Wisconsin is going through a major office building shakeup at the moment. A number of major office buildings in the downtown core have recently sold or are in the process of being sold. Wisconsin Avenue, the main street of Milwaukee is at the center of the change. The increase of office building activity on Wisconsin Avenue is part of warming of the national real estate market, with a special Milwaukee slant. Over the last 18 months a lot of investment capital has entered the commercial real estate market.

In announcing the $74.3 million dollar purchase of the 30 story 411 East Wisconsin Avenue building, the new buyers, Riverview Realty confirmed that it will make an additional $18.5 million worth of improvements in order to improve the current 24% vacancy rate in the building. The building was assess-valued at nearly $90 million dollars.

Several other buildings with high vacancy rates have also recently sold. These include The First Financial Center at 700 N. Water Street which was less than one-third occupied at the time of the sale. The Chase Tower at 111 E. Wisconsin Avenue is currently for sale. The assessed value of the building is currently at $22 million, but it was originally purchased for $46 million dollars in 2006. The building is currently 84% leased. The iconic art deco inspired Gas Light Building at 626 Wisconsin Avenue is also for sale. That building is 87% occupied. The 250 Plaza building is being sold as well.

The vacancy rate in downtown Milwaukee office buildings is improving from a high of close to 20% at the end of last year to around 18% now.

The average office space rental is between $15 and $26 per square foot in Milwaukee, based on a quick survey of available rentals.

The Milwaukee area has a population of over two million people. It’s strategically located close to the geographic center of the United States, on the Western shore of Lake Michigan. The city’s centralized location gives it some important business advantages. Great Milwaukee office spaces are currently available at good rates because of the current resurgence in real estate investment in the core of the city. Please contact us for the latest information.

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Special Requirements for Medical Office Space

Medical offie spaceThere are two sides to the search for medical office space. One side is the business side, the other the technical, health and safety side. Because of the special nature of medical practice and high cost of tenant improvements, medical professionals don’t typically locate in new buildings, but look for established locations. Medical practices need to revise most space to meet their special needs. So medical practitioners tend to sign longer leases than other office tenants.

Clearly, a medical office is a business office. In many ways the practice of medicine in the United States is a retail business. As such the location of the office is subject to retail business considerations of cost, location and accessibility.

  • The cost to build out medical office space is much higher than that of conventional office space. Ten year office leases are the norm whenit comes to medical office space, rather than the exception, in order to allow for enough time to amortize the tenant improvements.
  • A medical office has to be in a convenient location, one that is accessible to patients.
  • Most medical offices are located in special locations within retail settings, or in particular buildings widely known to be medical centers.
  • There are also marketing considerations. New medical offices may want to be visible to new potential patients, even locating in small shopping centers.

Medical office space should be structured with some special accommodations that set medical practice apart from ordinary retail business. Medical offices have to organized to meet the health and safety requirements of the Occupational Health and Safety Administration. Medical tenants use hazardous materials and generate biological hazards. The medical equipment like X-ray machines generate radiation hazards in some offices. Accommodation for these special needs have to be part of the lease agreement. Medical offices also have to comply with considerations set out in the Americans with Disabilities Act. The space may need special access for disabled patients, wheelchair ramps and special doors. They may also need access beyond normal building hours, sometimes 24 hours. This extraordinary access may affect utility usage and has to arranged in the lease. Health care providers usually have to limit the landlord’s access to examining rooms and files to protect patient privacy.

Most medical practitioners want the provisions in their lease to prevent the landlord from renting office space within the building to any practitioner with the same practice specialty. In the case of sole practitioners, many want provisions in the lease to allow cancellation of the lease if the physician is unable to practice because of death or disability. Furthermore, constructing the ideal specialized space for medical practice often involves extensive space renovation and plumbing modification. These needed renovations often significantly increase the cost of space.

Finding space for health care practice is almost always especially demanding. Knowledge of the local real estate community can be an important asset. Please contact us to learn more.

 

Photo Copyright: michaelnivelet / 123RF Stock Photo

A Helping Hand in Finding Great Orange County Office Space

Have you recently thought about relocating or growing your business in the Orange County area? Don’t have the contacts or know how to go about finding Orange County office space  successfully? A huge part in relocating or expanding your business, big or small, is moving your company to a larger, more efficient or more convenient office space. OfficeFinder has the expertise to assist you in your endeavor, by providing office space leasing and sales professionals.  Our FREE, web based search, provides easy access to whatever your business needs. From larger, long term office spaces, to smaller executive suites that you may need in the short term, OfficeFinder will represent you well in finding a great Orange County office space.

Orange County Office Space Market Stats

Orange County offers some excellent opportunities to be close to the hustle and bustle of LA, without the immense traffic jams and overcrowded feel.  Orange County incorporates many different cities that have great business location opportunities, with an average vacancy rate of around 17% and average rental rates are in the mid $20 per square foot annually range. There are  over 100 million square feet of office space located throughout Orange county. So, there are lots of options from which to choose.

Orange County Economy

The economy in Orange county is doing well. Unemployment is below the California average of 7.4% falling to 5.1% in September. Falling Unemployment rates lead to more office occupancy and there is a trend toward higher rental rates over the past year and a half as the unemployment rate continues to fall.

OC Unenployment

State of California EMPLOYMENT DEVELOPMENT DEPARTMENT

Finding Orange County Office Space

OfficeFinder provides peace of mind, as being represented by our professionals will put you and your business in the office space you need, without having the hassle of trying to find the right property at the right price, by yourself.  We do all the work for you, whether you need a large space in Irvine, or a smaller suite in Newport Beach.  In three easy steps on our website, you will be able to sit back and relax as we use our extensive network to find the best fit for you and your company. We also provide a great way for you to save money by first searching for these properties at no cost to you.  Then, using our workspace saving technologies, we find the space that you need, for the type of business you have with our great office space design knowledge.

Orange County has immense office space opportunities that could be missed without the proper support. So whether you’re buying, renting or leasing, expand your business more confidently by using a professional rep from OfficeFinder.  Again, our services are at no charge to you and we will put you in the space that your company needs, rather than paying for something that is too big or too small.

Place your company in the helpful hands of OfficeFinder by going to our website or you can contact us here.  Before you know it, you ‘ll be in the Orange County office space of your dreams.

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Leasing Office Space In New York City

NYC Office BuildingsIf you are looking for office space in New York City there are a lot of things you will need to consider. Leasing Office Space In New York City can be very challenging if you unfamiliar with the idiosyncrasies of the office market there. New York is a very popular office space market and the suppliers of office space know it. The office space market in New York City is divided up into several different submarkets that are as large or larger than many other cities office space markets. When you shop for office space you have to be aware of subtleties of these differing submarkets that could end up adding to your occupancy costs. Many organizations looking for office space in New York rely on professional services, like OfficeFinder, to help them negotiate through the complex market. Without an expert on your side, plan on spending more time finding space and count on making a few mistakes along the way that could end up costing you more than you expected to pay for your office space.

First off, it is important to understand that rentable office space is usually not the same as actual usable office space. You may need 3,000 square feet of office space and find a location where that amount of rentable space can be taken for a reasonable cost. What you will find is that you can actually use only 2,500 square feet of that space. The rest of the space may be “loss factor” or “load factor” space, consisting of the lobby and common areas of the building. Knowing the norm for the load factor in leasing office space in New York City can make a significant difference in what you are really paying.

Another consideration you will want to look out for is how operating expenses are passed through to you. Usually they are either over a certain amount or over an amount that occurred in what is known as a base year. Surprising expenses can slip into the calculations of cost. That is where the services of a good office tenant rep come in. They are familiar with which expenses are typically passed through and the determination of what base year should be used to calculate your additional rent. Once again, knowing the norm for how these expenses are passed through can make a significant difference in your total cost of occupancy.

Certified OfficeFinder SpecialistThese are just a couple of the considerations that need to be taken into account to make sure that you get the best deal possible when leasing office space in New York City. Taking all of them into account is where a good office tenant rep, who really knows the New York City office leasing market, will really make a difference.

There are some options as to the kind of office space to consider. There may be a special option that would meet your needs perfectly.

  • Conventional office space is the straight-forward kind of rental or lease arrangement by which the tenant is responsible for all services. In New York, and most major centers, conventional office space arrangements are expensive, some in Manhattan over $100 per square foot, and inflexible and therefor may not be the best choice for young companies.
  • Executive suites and managed office spaces are office spaces where common services are provided for the tenant. Usually several firms are located in office suites in the same area or floor.
  • Coworking space is designed around individuals who are independent, but have some mutual business interests which will hopefully create a synergy in the workplace.
  • Incubator office space is also available for young companies on a less than permanent basis.

We can help navigate the maze of options and pitfalls in leasing office space in New York City. Please contact us to find out more.

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Transitions: Warehouse to Office Space in San Francisco

The curated cloud development community with the less-than-ethereal name of Heavybit Industries has only been in its current office space in San Francisco’s SOMA (South of Market) location since the summer of 2012, but they’ve already changed everything about the way we think of great office space.

When architectural firm IwamotoScott was presented with the challenge of transforming a three-story warehouse at 325 9th Street in San Francisco’s SOMA district into a habitable workspace to be shared by early stage cloud development teams, they knew they had their work cut out for them. The client wanted to retain the heavy urban industrial physicality of the original structure while providing architectural interventions that would impart an open, cloudlike feel to a new development community office space in San Francisco.

The vibe in SOMA (South of Market) is decidedly urban with just a smidge of industrial decay. With interior design conceptualized by the client and executed by IwamotoScott Architecture, the Heavybit Industries office offers a range of remarkable features that include bar-height work tables, a dining area with a Y-shaped tables, a stage, and a public address system. San Franciscans do quite well without cars, thank you, so the glass-and-reclaimed-wood bike room is an addition quite welcomed by the developers who do what they do in this wide open workspace. Innovation and excellence are evident on all three floors of the AIASF award-winning Heavybit Industries building.

With fewer than fifty square miles and much of that residential, rentable, office space in San Francisco comes at a super premium price. Enough so as to make Transitions from Warehouse to Office Space in San Francisco an option. If you were to embark upon a search for office space in The City on your own, you might become far more than frustrated. When you’re ready to locate great office space in San Francisco, contact us without delay. We are OfficeFinder and we can help.

More information on the latest in office designs and The Agile Workplace.

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