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Entries Tagged as 'Office Space'

Jones Lang LaSalle Predicts mid 2010 CRE Recovery

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Washington Business Journal Thursday, November 19, 2009: The initial U.S. commercial real estate recovery is likely to begin in the second half of next year, according to Jones Lang LaSalle’s 2010 forecast.

Nationally, leasing demand levels are expected to bottom out this quarter and remain stagnant next year. And national office vacancy are expected to near 20 percent by late 2010.

D.C., which has a 12.3 percent vacancy rate that includes sublease space, is expected to come close to topping out at about 15 percent before stabilizing, said John Sikaitis, research manager in the D.C. office of JLL.

“We have significant supply issues with a large development pipeline but significant demand with the government looking to mitigate the problem,” said Sikaitis.

Expected boosts in the federal budget will continue to cushion the D.C. office market and shift absorption back into positive territory in 2010.

But the continued delivery of speculative construction projects in the area is expected to force vacancy rates further upward and keep leverage squarely with tenants, said JLL.

The D.C. area’s 15.5 percent vacancy rate is expected to escalate to 17 percent by the end of 2010.

Northern Virginia’s rate of 16.5 percent is expected to go up slightly to 17.2 percent and in suburban Maryland, its 18.5 percent rate is expected to go up to north of 19 percent, added Sikaitis.

One region that’s fairly tight, he said, is the Rosslyn-Ballston corridor which “outperforms the rest of the region” based on the lack of development activity and tenant demand from D.C. and areas outside the beltway.

Rental rates are expected to keep dropping through the first half of 2010 but will stabilize in the third quarter due to pent-up federal demand soaking up large blocks of vacancy in the market, said JLL.

The region’s asking rents have already come down about 12 percent since the height was established at the beginning of 2008, he said. Effective rates -- which includes rental concessions -- have come down even further, at 20 percent, and are expected to see a 25 percent decline.
End article

It looks like conditions will get really ugly in the DC area before a turnaround, even if JLL is correct on a recovery mid 2010.

Office Rental , Office Space , Office Vacancy Rate , Washington DC Office Space

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

Protecting your office from the H1N1 and Flu Viruses

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One of the big concerns of this flu season is keeping you office employee from spreading the flu, whether the regular seasonal flu or the H1N1 virus. One of the obvious keys to doing so is to know the symptoms and making sure your employees know the symptoms so that they will not come to work if they are experiencing them. If they don't stay home you will know when to send them home.

Symptoms of H1N1 and Flu...and How They Are Different from the Co

Symptom Cold H1N1 Flu

Fever

Fever is rare with a cold.

Fever is usually present with the flu in up to 80% of all flu cases. A temperature of 100°F or higher for 3 to 4 days is associated with the flu.

Coughing

A hacking, productive (mucus-producing) cough is often present with a cold.

A non-productive (non-mucus producing) cough is usually present with the flu (sometimes referred to as dry cough).

Aches

Slight body aches and pains can be part of a cold.

Severe aches and pains are common with the flu.

Stuffy Nose

Stuffy nose is commonly present with a cold and typically resolves spontaneously within a week.

Stuffy nose is not commonly present with the flu.

Chills

Chills are uncommon with a cold.

60% of people who have the flu experience chills.

Tiredness

Tiredness is fairly mild with a cold.

Tiredness is moderate to severe with the flu.

Sneezing

Sneezing is commonly present with a cold.

Sneezing is not common with the flu.

Sudden Symptoms

Cold symptoms tend to develop over a few days.

The flu has a rapid onset within 3-6 hours. The flu hits hard and includes sudden symptoms like high fever, aches and pains.

Headache

A headache is fairly uncommon with a cold.

A headache is very common with the flu, present in 80% of flu cases.

Sore Throat

Sore throat is commonly present with a cold.

Sore throat is not commonly present with the flu.

Chest Discomfort

Chest discomfort is mild to moderate with a cold.

Chest discomfort is often severe with the flu.


The best advice for you and your employees is to stay home until you feel better and have gone at least 24 hours without relying on medicine to break your fever.

In addition, wash your hands and cover your mouth and nose with a tissue when you cough or sneeze – and then throw the tissue away immediately. Finally, if you have to share a small space with other people, consider wearing a facemask to help make sure you don't spread the flu to the people around you.

From IMW Consultants

You cannot stop H1N1 from infecting your community, but you can limit the losses to your business caused by a flu outbreak.
 
30-50% of Population Could Stay Home with Flu
 
An H1N1 Contingency Plan gives you the resources you need to protect your employees, customers and business, including:

  • A written plan for your business
  • The latest tools from the Centers for Disease Control and Prevention
  • Presentations and tips to help prevent the spread of flu in your business
  • Worksheets to plan for and respond to employee and supplier absences
  • Suggested informational campaigns for both employees and customers
  • Checklists for janitorial and support services

Assure Your Customers and Employees that Your Business is Doing all it Can to Protect Them

IMW Consultants has developed a cost-effective plan that will provide you with these essential materials. Our plan can be downloaded and put into use immediately.
 
IMW Consultants has years of experience providing compliance and contingency plans for companies throughout the United States.

For additional information, the U.S. Department of Health & Human Services has a useful website at Flu.gov.

 

Office Space

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

Federal Reserve:Commercial Real Estate Remains Weak

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Federal Reserve Beige Book Summary
"Reports on commercial real estate markets indicated that demand for space remained weak and that construction continued to decline in all Districts. Atlanta, Philadelphia, Richmond, and San Francisco reported that vacancy rates increased, while rates held steady in the Boston and Kansas City Districts and were mixed in New York. Boston, Dallas, Kansas City, Philadelphia, and Richmond commented that the demand for space remained weak. Commercial rents declined according to Boston, Chicago, New York, Philadelphia, and Richmond. Rent concessions were reported in the Richmond and San Francisco markets, and Richmond noted that some landlords had postponed property improvements in an effort to conserve cash. Construction remained at very low levels, with modest improvements noted in public construction in the Chicago, Cleveland, and Minneapolis Districts."

OfficeFinder does not expect much improvement in occupancy until the employment figures turn very positive and positive office absorption can take place again.  We are hoping to see some improvements by the middle of 2011.

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

 

Boston Office Space , Chicago Office Space , Dallas Office Space , Manhattan Office Space , Office Space , San Francisco Office Space