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Entries Tagged as 'Office Space'

Report: US Office Market Improving

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According to a recent report from Colliers International, it appears that the U.S. office space market has turned the corner and absorbed 6.5 million square feet of office space during the third quarter of 2010 compared to only 1.8 million sq. ft. of absorption activity for the previous quarter.

It was the major office space markets that showed the largest office leasing absorption for the quarter. Among those, the Washington, DC office space market showed over 882,000 square feet of net absorption during the quarter, resulting in an office space vacancy rate of only 11.6%, the lowest in the nation. The Washington, DC office rental rate increased to $52.32 per square foot, an increase of $1.06 over the previous quarter. The rental rate and absorption gains are mostly due to the addition of new government jobs and a limited supply of new office space coming on line during the quarter.

Also of interest, during the 3rd quarter the amount of sublease office space nationally continued to decrease, to only 7.6%of total office space vacancy compared with 8.2% at the end of the 2nd quarter.

The national office space vacancy rate decreased slightly from 16.3%to 16.2% during the third quarter, but it still is above the 16% at the end of the 3rd quarter 2009.

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Lease Negotiations , Office Space , Office Vacancy Rate , Sublease Office Space , Washington DC Office Space

Google Rumored to be Buying 2.9 Million Square Feet in NYC

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It appears that Google may be ready to expand into New York / Mnahattan office space ownership in a big way. According to the New York Post they are looking to purchase the office building at  111 Eighth Ave. building, one of the largest office buildings in Manhattan.  The 18 story office building takes up an entire block between Eighth and Ninth avenues from 15th and 16th streets and has 2.9 million square feet of office space. The rumored price is $2 Billion dollars, which at $690 per square foot is a good deal compared with the $1,500 per square foot prices of 2007.

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Buying Office Space , Investment Real Estate , Manhattan Office Space , New York Office Space , Office Space

Could an Executive Suite be in Your Future?

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Many office users are unfamiliar with the potential and flexibility an Executive Suite location can offer.

Executive suite business centers are an excellent option for samall companies or branches with up to 10 employees or companies that need flexible lease lengths. Many firms, large and small, choose to operate their business or satellite offices from an Executive Suite. Executive suites are essentially shared offices with services provided by a management firm. They are a great way for small or growing 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.

You'll find many Executive Suites feature the following:

Private offices with utilities and janitorial included
Part time or full time "image" plans (Virtual Offices)
Reception area with receptionist
Conference rooms with visual aids
Personalized telephone answering
Incoming and outgoing mail handling
Coffee and food service on-site.

For an additional charge, many also offer:

Furniture and equipment rental
Secretarial / word processing services
Computer related services and equipment
Administrative and accounting services
Postal meter and scales, UPS / Federal Express
Mailing services
Photocopy equipment
Fax/Telex sending and receiving
High speed Internet access
Reciprocal agreements with other locations you can use
Law Libraries, health clubs, and many more

In an Executive Suite office, your efforts can be dedicated entirely to your business, while the Suite is responsible for typical office management. You will enjoy professional reception, secretarial and administrative support personnel without the headaches of hiring, training and employee benefits; state-of-the-art business equipment without purchasing and maintenance problems, and; a staff attentive to both you and your client's needs.

Executive Suites give you the added flexibility of short term or long term obligations - both from a planning and a financial statement point of view. Other benefits include:

Convenience

A small office near home or the people you do business with every day. One office (120-130 square feet) and corporate suites of several offices (up to 1,000 square feet) are often available.

Cost

Attractive, professional office accommodations at roughly 30-50% of the cost of equipping and staffing conventional office space.

Flexibility

Full or part time accommodations are generally available (hourly, daily, weekly, monthly, annually). Corporate business identity programs are also popular providing you with a professional address, telephone secretary and conference room by appointment. Rental agreements are usually short term and expansion or contraction to meet your needs is much easier than with conventional space.

No capital investment

There is no need to buy or lease office equipment or furniture. Private offices can be completely furnished as well.

Control of operating costs.

Executive Suites usually offer state-of-the-art business support services which are billed to clients.

Higher productivity

By leaving the operation of your office to a staff of trained professionals, your company personnel can concentrate on managing and marketing your business.

Enhanced technology and services

Most Executive Suites provide enhanced Internet technology and first-class concierge handling of business needs. Some examples of enhanced services available from suite to suite are full service travel arrangements, video-conferencing, competitive long distance rates, calling cards, mobile messaging and paging, desktop publishing and project design, telemarketing, catering, law libraries and paralegal, computer networking, consulting, training, and more. You have to ask to find the right suite for your business needs!

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Executive Suites , Flexible Workspace , Office Rental , Office Space , Virtual Office Space

Commercial Condos - Beware the Condo Association

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If you happen to live in a condo, then you'll easily understand why a small business considering purchasing a commercial office condo needs to know about how and when to interface with the Board of Directors of the condo association. However, if you own a small business but have never dealt with a condo board, then you should be aware of the rights and obligations involved before purchasing an office condo.

Just as with any type of building there the common spaces that are mutually and equally shared, a commercial office condo is operated based on the Bylaws developed and adopted by that condo board. One of the requirements outlined in those Bylaws is how often the Board of Directors must meet, what repairs or changes require board approval and what repairs or maintenance can be done by the management team of the commercial condo.

Of course, you want to understand the other portions of the Bylaws as well because these binding agreements control how you can or cannot use the building. For example, you would expect to see in a set of Bylaws that any damages done to common areas by visitors to your office condo are your responsibility. You might also expect to find clauses which prevent owners from drastically changing the exit doors to their condos and other similar restrictions on use or changes.

The Board of Directors of a commercial condo association is made up of elected officers that are owners or designated representatives of owners of units in the building. When a commercial condo is first completed and the building opened for purchase of units, the board may be made up of the developer and other designates that have direct interest in the development. However, after a period of a year or once there are sufficient owners to build a sound, responsible board from, officers are elected from the owners.

You may think, at first glance, that control of everything is given to the selected owners that are elected to the board of directors. This really isn't true at all. The board can, without bringing a motion before the condo owners association members, take care of some expenditures and other business as outlined in the Bylaws. But all major changes are brought up as business during a Condo Association Board of Directors’ meeting, which must be announced formally in plenty of time for owners to notice and attend. In other words, you get a vote in any actions which might impact your business significantly.

In mixed use properties there may be more than one Association involved. Master associations and sub-associations should be used when the users of the units in a single condominium are restricted to significantly different uses. An example would be a condo that has a combination of residential, retail and office uses. In those situations there could be more opportunities for deadlock votes. For that reason dispute resolution to include mediation should be include in the Bylaws.

The best way to interface with the board of a commercial condo association is to attend, or have a designated representative attend, each meeting of the Board of Directors. This way, if any unexpected business is brought up, or if you need to bring up an issue, you'll have your ownership represented.

If you know you need to bring up a topic before the board, it should be sent in writing well before the meeting to the President of the Board of Directors so that it can be placed on the agenda. Taking an issue up on the fly can backfire and fail to get your issue noticed.

An even better way to keep up with what's going on with the board and to interface your business with them is to agree to hold a position on the board of directors. Most condo association board meetings are not lengthy and are critical to the maintenance of the lovely commercial condo office you purchased into.

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Buying Office Space , Commercial Condo , Investment Real Estate , Office Building Sales , Office Space

Have Office Rents Stabilized?

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In a sign that the country's commercial real-estate market is finally turning the corner, new statistics show that office rents that have been falling throughout the economic downturn are beginning to stabilize.

The industry's recovery is likely to be a slow one. Many businesses are continuing to give up office space as new hiring stays sluggish, the timing of the economy's recovery remains uncertain and companies figure out how to fit more workers into less space.

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