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Entries Tagged as 'Denver Office Space'

Denver office space rental--You may want some help

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As the United States continues its (sometimes sluggish) rise out of recession, more Americans are getting back to work, and more employers are looking for office space rentals.  Unfortunately, the previous economic downturn has meant a decrease in new construction, which means some cities, like Denver, are struggling to keep up with demand.

The outlook for the economy in Denver is good, with increased demand for office space from the energy, aerospace, engineering, health care and software sectors.  However, for the company looking for space, the news isn't all good.

While the national office vacancy rates, according to Bloomberg, are at a three-year low at 17.1 percent, the Denver market is much lower.  The fourth quarter of 2012 saw an office space vacancy rate of just 12.4 percent in the Denver area, down from 12.7 in the previous quarter.

Something else that the office space seeker in Denver will need to keep in mind is that 75% of Denver's office space is greater than 25 years old.  This means that many modern features, like green energy efficiency and modern energy requirements, may be lacking.  Those companies looking for space that isn't "obsolete" will find they have to pay more for that premium.

There is, however, some good news for the Denver market.  According to MetroDenver.org, nearly 40,000 square feet of newly constructed office space was delivered in the fourth quarter of 2012, and nearly 900,000 square feet of office space across ten buildings is currrently under construction.  Denver's dedication to attracting business, obviously, remains strong.  (Indeed, they are proud of being highlighted by PriceWaterhouseCooper on their list of top-tier cities for four years in a row, and being in the top ten national cities to watch last year.)

The other good news is that you have OfficeFinder, which will help you find the best space for your needs in tight markets like Denver.  For help in this or for any of your office finding needs, please feel free to contact us.

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By: James Osgood

Denver Office Space , Office Vacancy Rate

US Office Space Has Bottomed: CoStar Report

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It seems as though it has been a couple of weeks of good news for the US office space market.  CoStar has just come out with their State of the U.S. Office Market: Mid-Year 2010 Review & Forecast.According to their study, office space vacancy rates have stabilized and office vacancy rates that appear to have peaked and are no longer on the rise .

A few notable points from the report:

Office job growth has spurred positive net Office Space absorption. Office Vacancy Rates have peaked with some office markets even reporting Increases in average office Rents.

Of the 20 largest office markets, eight of them posted positive net absorption so far this year, three of them had little or no change, but nine did post negative net absorption. Washington DC led the country with 2 million square feet of net absorption followed by Denver with 1.6 million and Minneapolis with 1.3 million. New York City had 2.8 million square feet of negative net absorption, Los Angeles with a negative 2 million and Philadelphia at negative 1 million. But even the markets experiencing negative absorption were doing so at much reduced levels compared with last year.

New York, Long Island and Minneapolis office space markets are all now reporting single-digit office space vacancy rates of 9% or less.

If the current pace of office space absorption and delivery trends hold, CoStar projects the office vacancy rate will go from 13.6% to less than 11% sometime in 2013.

From a commercial real estate perspective, as long as you have any net job growth, it is eating away at the vacancies out there. The most important thing here is that this positive employment growth in the office sector will be reducing standing inventories of (available) space.

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A GREAT Time to Renegotiate Your Office Space Lease

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With office space vacancy rates at recent time highs, office rental rates down as much as 30% in many office markets and no bottom found in the woes for office building owners, now is a great time to renegotiate your lease. Even if you have 2 or more years left on your current office lease you may be surprised at the willingness of landlords to renegotiate. It is not a market specific phenomena, but one that is nationwide. It doesn't matter if you lease office space in Manhattan, Chicago, Houston, Denver, Los Angeles or even small markets such as Fresno, Raleigh or Rochester. Every office space market has been affected.   Many office building owners are having financial difficulties not only on the occupancy side, but also on the mortgage side. If a landlord has a refinance coming due, you may find yourself in a great position to blend and extend.  What this means is that you would extend your office space lease for another 3 to 5 years at a lower rate in order for the landlord to show to their office building lender that they have long term office space tenants.  No office building owner will agree to reducing a financially strong tenant's rent, unless the restructured agreement provides them with some sort of economic benefit. In this case while you are paying less rent, it turns out to be a win-win situation since your new lease will help in the refinance process for the office building owner.

How do you get this process started?
The best way is to contact your Local OfficeFinder Office Tenant representative. Office Tenant Representative services won’t cost you anything and they are professionals at negotiating office leases. OfficeFinder Office Tenant Reps average over 12 years of experience and many have advance designations earned though demonstrating their skills and knowledge. It is a no lose proposition for you. Give them a try. There is no obligation.

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Sublease Office Space Plentiful

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A recent article in the NuWire Investor describes the state of the sublease office space availability throughout the US. In a word, plentiful. In fact, Cushman and Wakefield has pegged the amount of available sublease space at 10.3 million square feet at the end of the first quarter. Cities experiencing the largest increases in sublease office space include New York, Chicago, San Francisco, Denver and Boston.

My educated guess is that there is a lot more sublease office space available than is reported.  With all the recent layoffs, many companies have probably not had time or been willing to prioritize getting their excess space listed.  Many of these companies have more to worry about than a little excess office space. They are trying figure out how to survive.

A word to the wise. If you are considering renting or leasing sublease office space, be careful.  There are many pitfalls that need to be navigated to make sure that your sublease will stand up in the event the sub-lessor defaults. Makes sure to work with someone who knows the ins and outs, otherwise you could find yourself with nowhere to house your employees when you get evicted... without any fault of your own.

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