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Entries Tagged as 'Office Rental'

The Slow Recovery and Office Space Leasing

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According to Wells Fargo Economics Group "The Recovery Will Be Agonizingly Slow. So it indeed has been. As this short quote from the Executive Summary of our 2009 Annual Outlook (published in December 2008) neatly summarized, the economic recovery faces a number of secular challenges that will alter the pace and composition of growth. For many decision-makers, the outlook for 2010 suggests continued change and adjustment to an altered reality of more government/less private sector contributions to growth, greater caution/less leverage for consumer spending, greater prudence/less speculation in lending and the importance of exports in moving the U.S. economy."

This related to the glut Office Space for lease means that we have a long wait until the markets start to tighten up, probably in the neighborhood of 2012. Employment is the key to filling office space.  As long as the employment numbers are negative we will continue to see more office space become available. Even when the employment numbers begin to grow, office space for lease will still lag behind while companies fill the spaces they still have under lease, but have not been using, with their new employees.

This is bad news for Landlords, but good news for Tenants. Tenants will be able to call the shots, but will need to be careful. One of the big problems that arises in such a weak market is that of foreclosure by lenders on office properties in which the owners are unable to meet their obligations. 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.

Much attention is generally paid to subordination clauses in on office lease, but that is not enough. A key clause to make sure you are protected and not put out on the street in the event of a foreclosure is a non-disturbance clause. In these turbulent times you may even find that it is not enough to just have this in your lease, but also need to have it agreed upon by the Lender. A good tenant representative in conjunction with a good real estate attorney can make sure you are protected.  Dont' skimp on this. It could be a big problem.

More inforamtion on Tenant Representatives.

 

Lease Negotiations , Office Rental , Office Space , Office Space Negotiations , Tenant Representation

How to Find Office Space Quickly

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You’re an entrepreneur who’s excited to start up your business. However, although it’s tempting to work from home, you realize you want a corporate location that doesn’t include kids’ toys and a laundry room. But where can you find office space for lease quickly and easily?

Ironically, finding office space is as easy as heading to your computer! In the age of the Internet, small business people like you can locate office space all over the world with just a few strokes of the keyboard. Of course, you first have to make a few decisions in order to expedite your office space finding experience:

1. Determine where you want to work.
Are you going to look for office space in your hometown or are you willing to commute to a neighboring city? It’s important to think about what type of work you do when considering this. For instance, if you’re going to host many clients at your office space locale, you’ll want to pick a place that’s convenient for them (rather than convenient for you.) If you’re not planning on having many on-site client meetings, a more out-of-the-way office space may be acceptable.

2. Figure out how much office space you need.
Will 200 square feet be enough for you? How about 500 square feet? Or do you need much more? If you’re not certain what such a space looks like, it’s easy to map it out at home. Just pick a rectangular-sized room and measure the walls in feet. Then, multiple the long side by shorter side. Thus, a 12 foot by 10 foot living room would be 120 square feet.

3. Decide if you want to share an office space with someone else.
If you’re not in competing businesses, sharing office space can make a great deal of economic sense, especially for entrepreneurs. For example, you could potentially purchase a larger office space than either of you could afford individually as well as share the costs such as heating and electric. Additionally, you might be able to eventually share a receptionist.

4. Determine what kind of office building in which you’d like to work.
Are you the type of person who likes to work in a corporate office space? Then you’d probably do well in a large building that was built specifically for commercial offices. On the other hand, if you’re looking to have a “homier” atmosphere for your business, you may want to seek out a nontraditional office space, such as one that’s part of what used to be a Victorian home or a red brick schoolhouse.

5. Figure out what your budget is.
Finally, before you start looking for office space, you’ll need to figure out how much you can reasonably afford. It’s always a good idea to take this step before ever jumping on the web to look for a location for your business. That way, you won’t be tempted to incur more debt than you can actually afford.

Remember – if you need an office space, it’s as easy to find as your keyboard and mouse!
For more information, visit www.OfficeFinder.com.

Office Rental , Office Space , Tenant Representation

OfficeFinder Tweets

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More OfficeFinder Tweets

  1. Social media: attract people interested in you, in your niche and then funnel them into other places, where you can reach them.
  2. I'm still waiting for my stimulus funds... Looking at a SBA loan, but the paperwork is worse than buying a house.
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  5. Top 500 WORST password http://twurl.nl/bm5zbh
  6. I just doubled my computer RAM to 4 GB. What a difference in speed! A really cheap upgrade that makes a big difference.
  7. Mammoth 50 thousand page expansion of the OfficeFinder.com website complete! http://twurl.nl/0wqw8k
  8. OfficeFinder Now Providing Detailed Local Specific Information on Office Space Services and Market Conditions On-Line http://twurl.nl/8niyaj
  9. Yeah. I got my invitation to Google Voice! ...But can't use it because I am at an extension and can't confirm the number. Yuch.
  10. Future of real estate agent profession - Death of a Realtor? http://twurl.nl/4ndshz Are we headed the way of the Travel Agent? Maybe....
  11. Microsoft will now power Yahoo! search while Yahoo! will become the exclusive sales force for both companies’ premium search advertisers.
  12. RT @Bizpen Wow!! Microsoft & Yahoo join forces: http://bit.ly/qPk8A The online Search world changes yet again!
  13. Going head to head - Google Announces Chrome Operating system - http://twurl.nl/0oha4i - Watch out Microsoft...
  14. Alexa also tell me that Average Load Time for http://Officefinder.com - Very Fast (0.859 Seconds), 88% of sites are slower.
  15. http://officefinder.com is ranked number 372,525 in the world according to the Alexa Traffic Rank and is in the Office_Space category. Cool!
  16. Best discussion I have heard re: Our Dumping Money Into A Giant Hole. A must see http://bit.ly/eB5eg
  17. RT @ManhattanOffice Manhattan office Window cleaning. Man steps out attached by 2 hooks on ledge of a 113 yr old window & leans backward...

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Office Relocation , Office Rental , Office Space , Twitter

Consumer Confidence Up Sharply Again!

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The Conference Board Consumer Confidence Index showed a sharp increase in May for the second straight month. The Index now stands at 54.9 (1985=100), up from 40.8 in April.   The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company.

The employment outlook was also less pessimistic. The percentage of consumers expecting more jobs in the months ahead increased to 20.0 percent from 14.2 percent, while those anticipating fewer jobs decreased to 25.2 percent from 32.5 percent. article

Along with this news, the National Association for Business Economics realeased a report that over 90 percent of economists predict the recession will end this year, although the recovery is likely to be bumpy. article

Economists advising the American Bankers Association said on Tuesday that the U.S. recession will end in the third quarter. But they warned that lingering high unemployment and large federal deficits may pose a longer-term threat. article

All in all, prettty good news and encouraging when it comes to small businesses making decisions related to their office space needs.

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Office Rental , Office Space , Office Space Negotiations

Lease or Rent Office Space?

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Do you know the difference? Most people use the terms interchangeably, but there is a difference. When trying to figure out what people are looking to do, we investigate both alternatives. Google tells us that their average monthly search volume for the fol owing terms are:

  • Office Space for Rent 27,500
  • Office Space for Lease 60,500
  • Office Rental 90,500

So it looks like more people are looking online to rent office space than to lease office space. What do they really mean? They are probably not sure themselves.

Here are the definitions from Wikipedia:

Renting is an agreement where a payment is made for the temporary use of a good or property owned by another person or company. The owner of the property may be referred to as the lessor and the party paying to use the property as the lessee or renter. There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law.

Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual, periodic, tax deductible payments. The lessee is the receiver of the services or the assets under the lease contract and the lessor is the owner of the assets. The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent.

Diffen clears it up a bit with:

"Rent is defined as a payment made periodically by a tenant to a landlord in return for the use of land, a building, an apartment, an office, or other property. A payment or series of payments made by a lessee to an owner in return for the use of machinery, equipment, etc.

Lease is defined as a contract renting land, buildings, etc., to another; a contract or instrument conveying property to another for a specified period or for a period determinable at the will of either lessor or lessee in consideration of rent or other compensation. The property leased"

Here is their kicker:

"Standard rental agreements are month-to-month, and there is no set period of residence. Both the landlord and tenant are free at the end of each 30-day period to make changes to the rental agreement, subject to any rent control laws. A lease has a finite term, which is often a long period of time, generally in years. During this time period, also known as the duration of the lease, the tenant and the landlord are bound to uphold the terms of the written agreement."

So, unless you are really looking for an office space on a month to month, short term basis, you would want to Lease Office Space instead of an doing an Office Rental. Based upon our experience, very few people are looking for a month to month office rental and it is the terminology that has confused them in what it is they really want to do, which would be Lease Office Space!

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Office Rental , Office Space