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Entries Tagged as 'Office Relocation'

Negotiating the Best Commercial Office Lease: Financial Analysis

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Business transactions require careful financial analysis and commercial office space leases are no different. Whether your organization is negotiating an office lease for its first facility, relocating into a larger office space, or negotiating a lease renewal for the same facility you’ve rented in the previous lease period, a complete evaluation of the costs should be to reveal exactly how beneficial the current negotiating position is to the future of the company as well as to compare options.

By this point in the commercial office property lease negotiation process, you should have already selected a real estate professional, a tenant rep, to assist you in obtaining the best possible office lease. Property owners, of course, want to realize as much money from their real estate investment as possible while you, as a business owner, want to secure an appropriate venue for your firm at the least possible cost. Experienced OfficeFinders are office space lease negotiators and know exactly how to analyze the cost of occupying the commercial space so that there are no unpleasant surprises in store for you.

You may have found what appears to be the perfect location for your business and, at first look, the lease costs appear to be a fair deal. Comparing the lease cost of the selected office space to the cost of other available properties in the same market area will strengthen your negotiating position and allow you to establish a final lease agreement that is beneficial to your company.

The real estate professional acting as your lease broker will include in the financial analysis each and every cost identified in the lease document as being your responsibility. These will include but may not be limited to:

  • Rent per square foot
  • Useable square feet available
  • Operating expenses charged to the renter
  • Caps on rent or operating expense increases
  • Provisions for reduced rent due to damages or other circumstances
  • Tenant improvement allowances
  • Value of parking
  • Incentives for lease renewal, longer lease term, expanding rented space, or early payment of rent
  • Cost of utilities paid by renter
  • Penalty for early lease termination if necessary
  • Cost of adhering to any applicable county, state and federal regulations
  • Repairs and maintenance required to be paid by renter
  • Common area maintenance, repair, upgrade
  • Charges to renter associated with security and cleaning services defined and selected by the landlord

Computer software applications make accurately calculating and comparing the total cost of rental easy. It does requires trained professionals to understand the complex lease terminology and translate this into accurate dollars and cents to be able to use in making your office space decision. If any areas requiring further negotiation are identified as a result of the financial analysis, you will be prepared with documented reasons for requests in lease changes. The assistance of a commercial office lease broker can save your company thousands of dollars.

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By: James Osgood

Office Relocation , Office Space Negotiations , Tenant Representation

The Trend Toward Flexible Workplaces - How Will it Affect Your Office Space?

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Trends toward flexible workplaces has replaced the “doing business as usual”. In fact, the term “doing business as usual” has almost no meaning today if we want to complete in today’s economy and the changing marketplace. We have three, and in some cases, even four generations colliding in the workforce today and each has its own values, life styles and work styles. These all have to be accommodated in order to turn a profit.

The flexible workplace trend -- that of providing each generation of worker the environment in which they can be most productive -- has been driven by pure dollars and cents (read “sense” here). Even within each generation in the workplace, there are those employees that simply by their very natures work best and are more productive in differing environments.

A truly flexible workplace provides an office space where some workers, especially the most traditional employees such as the veteran and baby boomer generations, report to a desk and perform their tasks from there daily. This category of employee needs the direction of a schedule of 9-5 or similar, reporting five days per week on a more or less fixed schedule. These can be key players in the business and shouldn’t be shunned just because of their old fashioned work style. They need the networking, idea generating, and stability of getting away from home to work. They may have small children that make working from home less than productive, or they have the need for IT support for computer issues. Don’t discount this talent in any way. Their ideas will make money, just as in past decades, but if you only have this type of employee, you will miss out on a world of talent. We all know: talent is everything in staying on the edge of the market today. In order to keep good talent, provide for their needs.

Another wealth of talent is available through the virtual world. From simple, mundane tasks such as data base input to highly creative tasks such as design and graphic arts, people often work best from home. Moms that might not be on the job market due to child care issues can be highly productive while the children are in school and after the kid’s bedtime. People who have the talent but don’t live in your city are also key players in this group of the flexible workplace. There is no good reason why some tasks must be performed between 9 and 5, five days per week. As long as the job is done within budget and schedule, the hours in which it is performed should not be an issue with the virtual employee, rather productivity should be the primary measure. This is one form of outsource, but outsourcing to the highly skilled talent that prefer to skip the commute and use that time to log in, do the job, and log out. It’s a huge trend today with more and more work being doing from home and the employee only appearing for face-to-face meetings or networking when necessary – or never. The employee may be across the country or even across the world from the home office and still produce valuable input. With online meeting tools, you may choose to hold meetings including this type of employee or simply work through assignment, price quote, product delivery, payment. It’s working well today for many businesses.

Depending on your market and what you market, you may need employees that visit clients and customers frequently. This portion of the flexible workplace will provide computer time in the office as needed but  some, or even most, of the job may be performed “on the run”, using personal data devices such as iPhones and laptops and third spaces to get the job done in between client visits. Why have someone drive across town to use a computer with secure networking from just about anywhere. A Starbucks or other Coworking space may be the best workspace to update contacts, send email, update the boss, get the latest info from the office, and pick up the office news via email. This type of employee wants the flexible workspace of choosing a parked auto, a café, their home, or the office to get their jobs done.

If you want to keep happy talent and cut costs, encourage flexible workspaces to stay on the leading  edge and attract the most talented employees. With technology moving forward, and the more traditional type of employee retiring or becoming much scarcer, you may find yourself working from home to operate the entire business in years to come. 

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Coworking office space , Flexible Workspace , Office Relocation , Office Rental , Office Space Design

Making Your Office Move A Success!

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Have you made the commitment to move your office. You will be surprised by all the little things that need to be done. Make sure and give yourself at least 3 months of preparation planning prior to actually moving.

Start looking for qualified moving companies for executing the move as soon as possible after signing your new office lease. Unfamiliarity with moving process can elevate the stress and anxiety already existing in making move of your office space. Do your research first when you start looking for a commercial moving company. We suggest that you choose a local moving company to execute your move, if you are moving locally or within a state. But for an interstate corporate you must contact a moving company which specializes in conducting such moves. Make sure that they are experienced in office moving. You must check their official website, for client testimonials to get feedback about their work.

Moving is a pain, personal or business, but a little planning can work wonders. Here are a few ways to organize your move successfully.

Plan well ahead for the move

Planning is crucial while moving your business. Make your move as cost effective as you can, as you are already in the expansion and growing phase. Get familiar with the location, where your office will be relocated. You can take measurements of the rooms, to know whether the furniture in the existing office will fit into the new office well or you need to buy new. Make sure that less time is spent while conducting the move, so that your work and productivity does not suffer. 

Hire a well reputed moving company

A lot of things need to be taken into consideration while hiring an office moving company for helping you move. Ask a few questions like:

  • How long your company has been in this business?
  • Do you specialize in corporate moves?
  • Does your quoted rate include cost of packing materials?
  • Do you own your own moving equipment like van and truck, or will you rent it.
  • Do you provide insurance?

Inform your employees at least month before the move. Your employees are the pillars of your company. Prepare them for the move, by informing them about the move as well as the new location, so that they can inform their family about the change. Usually people do not like change, but informing them in advance will help them in preparing for the move. Keep everyone informed to alleviate any worries or concerns.

Assign some employees to be in charge of coordinating the move. Make a moving committee and delegate tasks to your employees who can supervise the moving company while they are packing and loading things. 

With all this in order, you should have a successful move!

About the Author: Author of this article is a writer primarily focusing on moving, storage and relocation related topics and is associated with moving offices in London 

London Office Space , Office Relocation , Office Relocation Guides

When to Start Your Office Renewal or Relocation

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One of the big questions many office tenants wonder about is how long before their office lease expires do they need to get started on either a renewal or a relocion of their office space.  Here is a great article by our Miami Office Representative that should help answer the question.

"When should a company think about their office lease renewal?  The day after they sign their lease.  That might seem extreme, however, most folks wait too long and end up losing their leverage with their landlord.  Typically, I recommend that my clients begin their lease renewal process at least a year in advance.  There are two reasons.

First, time is your landlord’s greatest leverage.  Your landlord knows that typically over 75% of its tenants will renew their leases. Your landlord also knows exactly how long it takes to construct a new space and physically move.  If you call your landlord 60 – 30 days before your lease expires, he already won.

Second, even if you are determined to move, time slips by quickly.  A week of travel, a couple of days delay while waiting for an architect, attorney or contractor to respond
and suddenly your time line shortens.

It’s never too early to start mapping out your strategy and preparing a timeline for your renewal process.  That’s what I do every day, so let me help you level the playing field with your landlord.  If your Miami office lease is expiring in two years or less, Contact Me today."

You may also be interested in:
The Office Leasing Process and Timeline
How much office space do I need?

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Miami Office Space , Office Relocation , Office Space , Office Space Negotiations

Are Brokers Really Necessary When Negotiating a Lease Renewal?

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Some property owners of commercial real estate may not understand the reasoning behind why a tenant who has been renting a retail or industrial space for some time, perhaps 5 or 10 years, would want to include a commercial real estate broker tenant representative as an advisor when it is time to renew the lease, change the lease to include an expansion, or agree upon some other transaction with the landlord.

If you think about it, how is a renewal any different than an initial lease transaction? Does the commercial lease not need the same expertise, market and lease knowledge, and experience that can only be assured by engaging a professional advisor? Craig Trbovich, Sales and Leasing Advisor at Commercial Properties, Inc. commented in a LinkedIn Discussion Group, “Even if you have real estate and contract experience, it’s current market knowledge that will be invaluable. And being in the trenches every day is the only way to be current.”

Today, it is critical for top corporate executive to provide the company’s stakeholders with only the best financial decisions to ensure maximum profitability. Yet, a small business or corporate executive is not an expert on negotiating leases for commercial real estate. A professional advisor can help the tenant best determine the answer to questions such as:

·         How large should the leased facility be to need the tenant’s needs?

·         Exactly what configuration of space bets suits the business’s needs?

·         What interior improvements need to be performed and who will pay for these changes?

·         What is the best length of lease term is optimal for the tenant?

·         Should the tenant secure rights for expansion or consolidation?

·         What other options should be negotiated into the lease?

·         Can a period of free rent be rolled into the negotiations?

·         Is the landlord and building in good financial condition?

·         Should relocation be seriously considered?

The owner of the commercial real estate being leased would probably quite pleased if the leasing business does not want a tenant representative because negotiations will likely be very easy and the landlord will get options that benefit them rather than the business. Daniel Rudd, Executive Vice President and Office Broker at Colliers International states, “It is short sighted for a tenant not to have representation and the tenant is ceding the landlord an incredible amount of leverage.”  With a broker, the tenant can be assured they have someone fighting for their right and making sure their best interests are covered. 

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Lease Negotiations , Office Leasing Tips , Office Relocation , Office Space Negotiations , Tenant Representation