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Entries Tagged as 'Office Rental'

Regus and AT&T Team up

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DALLAS, Nov. 11 /PRNewswire-FirstCall/ -- Further extending its holistic approach to meeting the needs of small businesses from coast to coast, AT&T announced today an alliance with The Regus Group (LSE: RGU), the world's largest provider of workplace solutions. Under the alliance, Regus will provide AT&T small business customers with affordable, convenient and flexible office space, featuring administrative, communications, printing and technology services.

The new alliance offers AT&T small business customers benefits and discounts at Regus business centers, including:

-- Six months complimentary membership in Regus' Businessworld Gold
program, which provides users with access to more than 1,000
Internet-equipped Regus business lounges in 450 cities worldwide
-- Two complimentary months on any Regus Virtual Office package, which
includes a business address, personalized telephone answering services,
and a local phone number

-- One-free month rental on any full-time office

"We're committed to helping small businesses succeed by helping them stay productive, wherever their business takes them," said Alicia Dietsch, Vice President of Marketing Communications, AT&T. "The freedom to conduct business anywhere is increasingly a requirement of our customers. Affordable, virtual office space extends this freedom to entrepreneurs on an as-needed basis, and is a great addition to the suite of values we offer to enable small business success."

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Executive Suites , Office Rental , Office Space

Regus is celebrating their 20th birthday

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Regus LogoRegus is celebrating 20 years of business in the serviced office / executive suite business.  According to Wikipedia: In 1989 while on a business trip to Brussels, an English entrepreneur, Mark Dixon, noted the lack of office space available to travelling business people; they were often forced to work from hotels. He identified a need for office space that was maintained, staffed, and available for companies to use on a flexible basis and went on to found his first business center in Brussels in Belgium.

Today Regus rents office space with services in over 1,000 centers in 450 cities and 75 countries serving 200,000 clients daily. In the US they operate over 400 centers.

Mark Dixon was a true visionary. He saw a need for flexible office space filled it and expanded the concept. As we move farther into the  21st century, the concept of on-demand offices is likely to see even more acceptance. As the workforce becomes even more mobile in a technology driven workforce, demand will continue to increase.

Executive Suites are an excellent option for a mobile workforce, smaller companies or branches.  Many companies, large and small, choose to operate their business or satellite offices from an Executive Suite. Executive Suites are shared offices with services provided by a management firm. They are also known as an Office Business Center or serviced offices and are a great way for small companies to get off to a fast and low risk start and a great way for a fast growing company to have the flexibility for rapid growth. In an Executive Suite, you can focus on your business, while the Executive Suite operator handles the details of managing your office. Most Executive Suites also offer a Virtual Office Program, as well. More on Executive Suites.

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Executive Suites , Office Rental

USA Office vacancy rate is up, but how much?

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A couple of different reports have come out this month related to the 3rd Quarter office vacancy rate nationwide. They do not match.  The vacancy rate according to these reports is between 13% and 16.5%. Quite a big difference.  Neither noted whether sublease space was considered or what class of space was included. Bottom line is that you can't always take these number at face value.

From the Money Times, "According to real estate research firm Reis Inc, the U.S. office vacancy rate touched a five-year high in the third quarter. The national vacancy rate stood at 16.5 percent, 0.6 percentage higher than the previous quarter.

The dismal vacancy rate
The present vacancy rate is 2.3 percentage points higher than the vacancy rate in the comparative period last year. Thus the gains made during the commercial real estate boom have been washed away.

"So in seven quarters, the current recession has almost undone all additions to occupied space that occurred during the years when office rents peaked," Calanog said.

The office vacancy rate increased in 72 of the 79 primary metropolitan areas, up from 66 primary metropolitan areas that witnessed an increase in the vacancy rate last quarter."

From CoStar "Vacancy is continuing to rise in most major office markets around the nation. According to a third quarter market report produced by CoStar, overall vacancy in the United State climbed to 13 percent, which was an increase of 40 basis points from the second quarter’s vacancy of 12.6 percent.

Year-to-date statistics showed that the nation has seen negative absorption of 48.2 million square feet with 38 of the 63 major office markets tracked by CoStar having posted negative absorption during the third quarter. CoStar also reported central business district vacancy climbed to 11.1 percent from 10.7 percent in the second quarter. Suburban vacancy also grew to 13.6 percent, up from 13.2 percent in the second quarter."


Office Rental , Office Space , Office Vacancy Rate

Commercial Property Prices Continue to Decline

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According to Loopnet "Commercial property prices, as measured by the Moody's/Real Commercial Property Price Indices, or CPPI, are now 40.6% down from their October 2007 peaks.

The all property-type index fell 3% in August to 114.06, which is down 32.8% from a year ago.

The national office index value actually increased in the second quarter by 4.1% from the first quarter to 128.96. But it's down 27.4% from two years ago.

Each of the remaining property sectors - industrial, multifamily and retail - saw declines in the second quarter when compared to the first. Industrial values were down a whopping 20.4% from the first quarter to 131.3; multifamily was down 16.3% to 131.93, and retail was down 7.9% to 138.3."

What does all this mean to the office tenant? According to the report, Landlords have lost over 27% of the value of their buildings over the past 2 years.  As I mentioned in a previous post, it is imperative for the prospective tenant to know what the financial situation is for the building that they are considering occupying. An average loss in value of over 27% means that some have lost more while other less. This is a situation that can be compared to that of residential short sale, where the value of the building is less than the mortgage outstanding. Many owners just walk away in these situations and it can happen with office buildings as well.

The key for the prospective tenant is to make sure that they have a non-disturbance clause in their lease agreed to by the Lender, not just the Landlord. The last thing you want to have happen is to be evicted without notice. Tenants and prospective Tenants need to know what is going on with building financing.  It is not always easy to find out. This is another good reason to work with a tenant representaive who knows your market.


Buying Office Space , Lease Negotiations , Office Rental , Office Space , Office Space Negotiations

Virtual Office Demand Increasing

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Over the past year the office space industry, OfficeFinder included, has seen a significant increase in the number of businesses looking for  virtual office space. Estimates are anywhere from  30% to 50% more than during the same period last year. Much of it is believed to be related to the economy. In particular, both businesses looking to save money and unemployed professionals setting up their own low ovewrhead home based business. A virtual office allows a business the opportunity to cut costs while maintaining a profession business image at a prestigious business address. While no office space is actually rented, most programs do allow virtual office clients to rent office or conference rooms on an as needed basis for a discounted price. The price range for a virtual office is usually between $60 and $300 perr month depending on the services used and the market.

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Home Office , Office Rental , Office Space , Virtual Office Space