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Entries for month: June 2013

Denver Office Space Market Update

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Denver, The Mile-High City, is home to more than 600,000 people, making it the 23rd most populous city in the United States.  Founded as a mining town during the Gold Rush, Denver has developed into one of the top 10 markets to watch, according to PricewaterhouseCooper.

Due to its location and desirable climate, Denver is an attractive city to both industry and citizens seeking “green” initiatives and “clean” living conditions.   From its proximity to transportation, its walkability, its bikeability, cultural life, sports teams, and burgeoning restaurant community, the city, as a whole, offers a little something for everyone.

Overall, Denver’s office market continued to grow in the first quarter of 2013. Vacancy rates fell to 16.9%, down from 17.2% in the fourth quarter of 2012. Quarterly absorption of 149,494 square feet was posted for the Class A sector. There are currently five development projects in process, consisting of 635,643 square feet of new space.

The Denver office market is made up of several submarkets.  Quarterly absorption was moderate in all submarkets, with the exception of Southeast Suburban (SES). SES posted first quarter absorption of 293,473 square feet, with vacancy rates of 15.7%.  See the chart below.

Submarket

Class

Vacancy

Absorption

Rental Rate

Aurora

A

B

19.39%

28.78%

0

-32,661

$16.85

$15.00

CBD

A

B

13.97%

15.15%

23,575

-8,580

$30.25

$23.00

Midtown

A

B

13.65%

12.40%

6,791

27,167

$24.60

$18.25

Northeast

A

B

18.80%

13.33%

23,964

14,596

$25.00

$16.30

Northwest

A

B

17.64%

23.44%

34,833

-39,547

$23.50

$17.00

Southeast

A

B

19.89%

25.51%

-7,211

3,607

$19.00

$15.30

Southeast Suburban

A

B

13.5%

17.84%

103,413

188,319

$24.25

$17.90

Southwest

A

B

11.24%

19.08%

4,653

6,436

$20.50

$17.00

West

A

B

13.32%

23.11%

-40,524

-16,188

$19.50

$17.00

 

The outlook for 2013 is positive for the Denver market and is expected to be a year of expansion.  Positive absorption is projected for all submarkets, as well as continued rental rate increases projected for the Central Business District.

More Denver Office Space Market Information

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By: James Osgood

To buy or Rent Office Space-Which is Better?

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Business owners face an important decision when determining whether the purchase or rental of office space is best.  When making this determination, a number of things need to be taken into consideration in order to make precisely the right choice.

One of the biggest factors to consider is the amount of cash that can be put out up front. Entrepreneurs must usually put out more money in the beginning whenever they are buying office space rather than leasing it. That’s because they must generally pay for appraisals and building inspections in addition to providing a down payment. Since young businesses could be struggling to come up with operating cash, many of them elect to rent office space until they have become better established.

A disadvantage to renting rather than buying is that it is easier to develop a long-term budget when buying. That’s because monthly mortgage payments tend to stay the same over the life of the loan, whereas rental costs can increase from time to time. Rent is typically based on current changes in the market, so the amount of fluctuation in a given area should be considered carefully when choosing whether to rent or buy.

Renting gives business owners greater flexibility when it comes to moving their establishment. Those who purchase office space could find themselves being unable to relocate until they are able to sell their current building. When buying commercial property, it’s important to think about the future needs of a company. That way, business owners can make sure there is ample room for expansion at their current location so that moving the establishment later is less likely to be necessary.

At Office Finder, we understand the dilemma business owners face when choosing whether to rent or buy property.  We currently serve over 550 markets, and offer office space for rent or for purchase. Contact us today to find office space located in your area.

For more detailed information visit our lease vs buy page and/or click on the Lease vs Buy link below which will take you to more blog posts.

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By: James Osgood

Office Space , Buying Office Space , Lease vs Buy

Office Space With No Distractions

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If you run your business from home you know that there are many distractions that can keep you from getting your work done. From children, pets and day-to-day things that have to be done around the house, all of these distractions not only hinder you from working hard but they don't look very professional if you plan to meet clients in person.

With OfficeFinder you can eassily find office space that meets your demands without costing you a fortune or requiring long term rental commitments. In fact, everything you need to run a professional office is right at your fingertips. Your clients can meet you in an office environment that showcases your professionalism and feel that they are working with someone that takes their business seriously. Many people take a professional office environment more seriously than a home office and now you can project that image to your customers.

There is a variety of office rentals to choose from and with many you get everything that you need to conduct your business professionally and efficiently. Benefits such as Wi-Fi, all of your utilities, access to your office 24/7, a reception area and more are just some of the amenities to be found. Why wait on utilities to be hooked up after paying a large deposit or having to hire a secretary when you can get everything included? You really can have it all and not have to worry about the little things that keep you from doing your job. In fact, we even have options available for those that have short-term needs or a virtual office; we can fit you into your perfect space to work.

If you're ready to get into an office space that has your needs in mind and allows you to show your business as an environment that is professional and capable, simply contact us to discuss your needs.

The best part of the service is that it is free. There is no charge for us to help you find the perfect rental space for you and your business. Please contact us to see how we can help you and your specific business. We look forward to partnering with you to help your business thrive! Let us do what we do best, so you can stay focused on what you do best!

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By: James Osgood

Office Rental , Executive Suites , Coworking office space , Home Office

San Francisco Office Space Update

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San Francisco, the City by the Bay, is known for its natural beauty, welcoming spirit, tourism, and most notably, its high tech industry. Entrepreneurs have been flocking to San Francisco since the Gold Rush. Today, San Francisco is considered the leading financial and cultural center of Northern California.

This diverse city has numerous neighborhoods in which to take up office space, including the Financial District, South of Market (SOMO), Yerba Buena, Mission Bay, and Union Square, just to name a few.

Current Conditions

Despite the economic conditions in the National office space marketplace throughout the past few years, San Francisco has experienced a trend of limited office space vacancies and increasing office rents.  These conditions are expected to continue until new office space construction catches up.

District

Total Vacancy

Average Rental Rate

Financial District

8.6%

$51.98 SF

SOMO

4.5%

$53.91 SF

Mission Bay

18.6%

$63.11 SF

Union Square

7.3%

$45.74 SF

 

Market Outlook

The decline in California’s unemployment rate over the past twelve months seems to indicate continued economic productivity and a strong office market.  Office development is currently under construction, and more ground-breakings are expected within the year. 2013 promises to be another steady year in San Francisco’s commercial office space market.

San Francisco Office Space Information Links

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By: James Osgood

Office Space , San Francisco Office Space

Small Office Spaces: Getting Your Small Business Out of your Home

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Many small businesses start in a home office, garage or basement. And many business owners struggle to figure out when the right time would be to venture out and rent office space. We specialize in small office spaces, especially for those just starting or looking to move out of the house. 

We have office agents in more than 550 leasing markets across the nation. Whether you are looking for an executive office, virtual office, medical space, serviced office, we can match your needs and budget with an agent to find the right type of office space for you. You can finally have someone on your side rather than working with the agent that represents the leasing company or building management. 

The next scary step for small business owners is negotiating the lease terms and conditions. Our leasing experts help you every step of the way. We can help negotiate lease terms, length, price and so much more. Having someone help you work out all the small details in a lease can help you avoid pricey mistakes. 

The best part of the service is that it is free. There is no charge for us to help you find the perfect rental space for you and your business. Please contact us to see how we can help you and your specific business. We look forward to partnering with you to help your business thrive! Let us do what we do best, so you can stay focused on what you do best!

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By: James Osgood

Office Space , Office Rental , Home Office , Office Relocation