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Entries Tagged as 'Office Space'

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

Sublease Office Space Plentiful

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A recent article in the NuWire Investor describes the state of the sublease office space availability throughout the US. In a word, plentiful. In fact, Cushman and Wakefield has pegged the amount of available sublease space at 10.3 million square feet at the end of the first quarter. Cities experiencing the largest increases in sublease office space include New York, Chicago, San Francisco, Denver and Boston.

My educated guess is that there is a lot more sublease office space available than is reported.  With all the recent layoffs, many companies have probably not had time or been willing to prioritize getting their excess space listed.  Many of these companies have more to worry about than a little excess office space. They are trying figure out how to survive.

A word to the wise. If you are considering renting or leasing sublease office space, be careful.  There are many pitfalls that need to be navigated to make sure that your sublease will stand up in the event the sub-lessor defaults. Makes sure to work with someone who knows the ins and outs, otherwise you could find yourself with nowhere to house your employees when you get evicted... without any fault of your own.

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Boston Office Space , Chicago Office Space , Denver Office Space , Manhattan Office Space , Office Relocation , Office Space , San Francisco Office Space , Sublease Office Space

Next up, Cloud Officing

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A new concept in officeing. Cloud Officing is similar to Cloud Computing in the technology arena, Cloud Officing is all about making an expensive infrastructure available at a reduced cost under a utility model. The idea is to provide a low overhead workplace solution, on a hosted, pay-per-use, and ubiquitous basis. One of our OfficeFinder Members is among the first to offer this new service. They have proven the concept with a grid of 14 locations in the Greater San Francisco Bay Area, which is expanding in partnership with landlords. The company has plans to deploy and manage thousands of on-demand locations around the globe and will start expanding out of its initial Northern California market in the middle of this year.

According to them, the average amount of time a worker is physically present in a dedicated office ranges between 25% and 40%, which is a waste of an expensive asset since facilities and corporate real estate costs represent the 2nd largest expense in most corporate books. This utilization ratio can even be worse for sales people or customer service-related professionals. The need to slash occupancy costs, along with a desire to reduce carbon footprint by bringing the workplace close to where people live, are driving corporate interest for alternate means of officing.

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Executive Suites , Office Space , Virtual Office Space

Great Home Office Layouts

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Great Home Office Layouts

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Home Office , Office Space

Empire State Building Getting a Green Face Lift

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President Bill Clinton recently announced that the owners of the Empire State Building in Manhattan will be doing a $20 million dollar green face lift of the building. Clinton's foundation is assisting in the environmental upgrades which will include the replacement of 6,500 windows with insulated glass. The $20 million project is expected to save the building's owners $4.4 million annually in energy costs, and will reduce its carbon dioxide emissions by 105,000 metric tons during the next 15 years, equal to the annual emissions of 17,500 cars according to MSNBC. Clinton said the only way to get property owners worldwide to make over their buildings is by setting an attention-getting example. "We have to prove it's good economics, and we have to prove we know how to do it," he said. "Every person on Earth who cares about this knows about the Empire State Building."

Work already has begun, with the upgrades to the building systems expected to be completed by the end of 2010 — longer than it took to build the skyscraper, which opened in 1931 after a year and 45 days of work.

All of the building's green projects are expected to be finished by the end of 2013.

 

Manhattan Office Space , Office Space