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Entries Tagged as 'Office Space'

Office Space Vacancy Rates in US CBDs Fall Slightly

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Bloomberg July 8, 2010 - Office space vacancies in U.S. central business areas fell in the second quarter from the prior three months, the first drop since 2007, as companies hired workers and took advantage of lower office space rents, Cushman & Wakefield said.

The average vacancy rate in central business districts fell to 14.8 percent from 15 percent at the end of the first quarter, the New York-based broker said today. Sixteen of the 31 cities tracked by Cushman had declines in vacancies, the company said.

“Markets throughout the U.S. continue to strengthen, as it becomes strongly apparent that the national vacancy rate for CBDs has peaked,” Maria Sicola, executive managing director and head of Americas research for Cushman, said in a statement.

Office vacancies in both central business districts and suburban areas rose to 17.4 percent in the second quarter, the highest since 1993, New York-based research company Reis Inc. said July 6. Cushman’s figures are for central business districts in cities including New York, Washington, D.C., Philadelphia, Boston and San Francisco.

Some office landlords cut their rents to fill space, Cushman said. The average rent fell to $36.49 a square foot from $36.88 in the first quarter. Nineteen of the 31 districts covered in the survey had quarterly declines in rates and 13 of those had drops of less than 3 percent, a smaller decline than in past quarters, Cushman said.

‘Nearing Bottom’

“While there is still substantial competition among landlords to offer the best deal to prospective tenants, rental rates are nearing a bottom in several markets,” Sicola said.

The U.S. has added 882,000 jobs since the beginning of the year, according to the Labor Department. The drop in office vacancies in the second quarter followed nine straight increases dating back to the last three months of 2007, when the rate bottomed out at 9.7 percent, Cushman said.

Manhattan’s three submarkets -- Midtown, Midtown South and Downtown -- had the lowest vacancy rates among the central business districts tracked by Cushman. Midtown South’s vacancy rate fell to 9.3 percent from 9.9 percent in the first quarter, Downtown’s rate was little changed at 9.9 percent and Midtown’s rate declined to 11.5 percent from 12.6 percent.

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Manhattan Office Space , New York Office Space , Office Rental , Office Space , Office Vacancy Rate

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.

Chicago Office Space , Denver Office Space , Los Angeles Office Space , Manhattan Office Space , New York Office Space , Office Leasing Tips , Office Rental , Office Space , Office Space Negotiations , Office Vacancy Rate , Tenant Representation

50% Office Space Vacancy Rate for a Major Market?

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We think we have it tough in the US with vacancy rates in the mid to upper teens.

According to a report in ArabianBusiness.com, "Office vacancy rates in Dubai are expected to exceed 50 percent over the next year as new supply continues to be released, a new report by Jones Lang Lasalle has said. The study said city-wide vacancy rates have increased to around 38 percent with levels set to rise further."

By comparison, the US is in pretty good shape. Even Detroit has an office space vacancy better than that; at around 30%. The deals being made in Dubai must be pretty spectacualr with a vacancy rate that high.

Office Space , Office Vacancy Rate

The Case For The Office Space Cubicle

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An office cubicle is a small space that is divided with partitions to give privacy to the employee without having to spend a lot of money on adding walls for an office. The space is generally very small with little room to spare for anything extra. The partitions serve to allow the employee the privacy they crave without being face to face with everyone else in the office throughout the day. Cubicles are very effective in helping the employee feel as though they have their own space. It is like having a mini-office with no door.

Office cubicles are effective because the employee is given what they need and the employer doesn’t have to spend unnecessary funds to build walls that would only make the office space seem even smaller than it already is. Office space can be hard to come by when a business begins to grow. More and more employees are hired and the available office space has already been filled.

Cubicle space has been effective because it makes the office area look more professional than a lot of desks sitting in the middle of the floor. The design of the overall office looks more organized and “together” when cubicles are added. This is just one of the important ways in which office cubicles are effective.

Employees like the idea of having their own space as well. When someone works in an office, they want to know that they are able to have some sense of privacy. The privacy afforded by the use of cubicles may not be premium, but it is far better than the alternative. There are no doors on the cubicle to keep people from entering, but if someone enters the space, everyone else will know whether or not they are supposed to be there. That makes cubicles important simply because they keep the belongings of the person who works in it a little safer from theft and other possible issues that might occur.

Cubicles allow each person to have their own locker and filing cabinets as well. This is an effective way to store paperwork that doesn’t go in the main files. Without cubicles, the employees desk becomes overwhelmed with paperwork that can’t be thrown away but must be kept. Cubicles are effective in keeping the office as a whole organized. Organization is one of the most important things in an office and cubicles are effective in keeping the office space neat and clean.

People often complain about cubicles being too small or too confining. The truth is, office cubicles make a big difference in how these same people feel when they come to work in the morning. It makes them feel as though they have their own place in the office. The worker’s that complain about their cubicles would be flabbergasted if their cubicle was taken away and they were thrown into the middle of the office with a bunch of other desks with no privacy or storage space. Be thankful for the effective cubicle you work in each day.

Source: Helium.com

Flexible Workspace , Office Space , Office Space Design

OfficeFinder and CommercialCondos Formalize Relationship

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Bellevue, WA – June 7, 2010 – CommercialCondos Inc. (CCI), a website dedicated to connecting buyers and sellers of commercial condominiums, today announced that it has entered into an agreement with OfficeFinder.com, one of the largest networks of highly qualified experts in office tenant representation working locally in over 550 markets, to supply OfficeFinder agents with integrated access to CommercialCondo.com’s premier listing service and CCI website visitors with even more local experts to assist them in meeting their needs.

As part of its agreement, OfficeFinder's network of agents can now post properties and receive leads on those properties directly through www.CommercialCondos.com. CCI currently features over 400 current property listings, but expects that number to grow as it adds quality network agents, like OfficeFinder, and brokerages to its portfolio of clients.

"OfficeFinder's networks of agents are all specialists in tenant representation," said CCI President and Co?founder, Derek Doke. "It will be great to have their local expertise available to our visitors and accessible through our 'Find A Broker' tool. This agreement is a win-win for both sides as it expands our available local expertise and the potential for adding additional commercial condo listings available for sale or lease."

OfficeFinder President and Founder, James Osgood, said: "We feel our network will benefit greatly in working with Commercialcondos.com and utilizing their listing service which is hyper-focused in the markets our agents specialize in. We feel this agreement will extend the reach of our agents and increase the flow of qualified leads for both entities."

As part of the agreement, Osgood has accepted an advisory board position with CommercialCondos Inc.

"OfficeFinder has been in business since 1995 and has done an incredible job of gaining market share in the tenant representation niche vertical market," said Doke. "We believe Mr. Osgood is a great addition to our advisory board, and believe there is a great benefit to both of our organizations in working together at this level moving forward. Our goals are very much aligned with no direct competitive aspects in conflict."

CCI's service model is focused on an untapped and growing trend in the field of commercial condominiums where subdividing commercial real estate allows current property owners to reposition their properties into more marketable and financeable sizes, allowing more business owners and investors the opportunity to buy versus lease.

CCI offers annual memberships to both individuals and real estate firms, allowing unlimited postings, management tools and bulk uploading of properties for individuals with single locations and brokerages with geographically displaced agents.

"While at our core CCI is a listing service for commercial condominiums, our model goes far beyond by focusing on marketing and education programs that pull targeted buyers through to brokers and places brokers in front of buyers," said Doke. "CCI provides tools and resources that empower buyers, agents and owners interested in conducting commercial condominium transactions."

In addition, CCI will be launching an accredited continuing education program designed around commercial property ownership directed to key professional service verticals, such as dentists, physicians, chiropractors, accountants, attorneys, financial professionals and other core professional service groups.

Buying Office Space , Commercial Condo , Commercial Real Estate , Office Space