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Office Space Recovery Off To A Slow, But Positive Start

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Office vacancy rates nationwide fell one-tenth of a point at the end of the 3rd quarter compared with the end of the 2nd quarter according to REIS, a real estate research firm. "We're in the early innings of a recovery here," Reis economist Ryan Severino said.  While the vacancy rate fell, the average effective office rents increase by a factor of 5 (+.5%) from the drop in the office vacancy rate to $22.39 per square foot. This is up 1.6% from a year earlier.

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Office Space Negotiations , Office Vacancy Rate

Miami Office Space Update

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This year continues to be a long, slow road towards recovery for your landlord.  Some buildings are out-performing their competition while others continue to falter.

The market in general continues to be flat.  Most of the lease transactions are renewals and we are seeing very few new companies moving into Miami.  Those that are moving into Miami are modest in size.  Expansions are equally modest if at all.

Tenants are continuing to be savvy and if they elect to move, they are headed to the nicest building they can afford.  Many landlords are continuing to quietly provide generous packages of both free rent and tenant improvements.

The statistics show a lackluster year for the Miami Airport submarket.  Although Class A absorption for 2Q is almost 48,000 sf,  the Class B and C product had 38,000 sf of negative absorption.

Coral Gables, although a smaller submarket, has slowly been recovering.  It's vacancy peaked in 2008.  Once 396 Alhambra is completed at the end of this year, it will add another 172,000 sf  (3%) of Class A space to Coral Gables' inventory.

Every lease transaction that I am involved in has unique elements to be considered during the process.  I offer my clients thoughtful, strategic guidance during this process.  Contact me today so we can discuss your specific situation.

Guest Post by our Miami Office Space Tenant Representative  (contact)

Miami Office Space , Office Vacancy Rate

OfficeFinder Twitter Update - Our Best Tweets

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The Best of our Tweets (so far) in September.  

 I Don’t Work for Free — the truth about leasing commissions http://ow.ly/6pmOt 19 hours ago 

9 Strategies for Selling Smarter http://ow.ly/6qo20 19 hours ago 

As price falls and performance rises, LED lighting becomes increasingly attractive to building owners http://ow.ly/6nRX5 12 Sep 

9 Strategies for Selling Smarter http://ow.ly/6ofIl 12 Sep 

Virtual offices 2.0 by Cloud Virtual Offices http://ow.ly/6p2Hw 10 Sep 

A Quick Guide to Google Docs http://ow.ly/6p2be 10 Sep 

lnkd.in/x83zWv Here is a good article on making cold calling easier. "Few elements of a sales career are more challenging than... 9 Sep 

Can Working Virtually Increase Happiness? http://ow.ly/6ofr2 9 Sep 

Financial Demand for Office Space Is Steady Amid Job Cuts http://ow.ly/6pn8t 9 Sep 

Servcorp Wins With IT, Virtual Office Focus http://ow.ly/6pbfH 9 Sep 

lnkd.in/W8chNe One of the reasons I started .com way back in 1995 is that I hated making the call (cold calling) and... 9 Sep 

10 real estate markets with largest 5-year drop in home values http://ow.ly/6q6PC 6 in CA, Phoenix and LV and 2 in FL..no surprises. 9 Sep 

How Do We Find Office Space For Our Clients? http://ow.ly/6q2Vl 9 Sep 

California is requiring that all new office buildings be net-zero energy structures by 2030 http://ow.ly/6pmYB 9 Sep 

REI Guidepost: Discover Outdoor Adventures Near You http://ow.ly/6ndxM 8 Sep 

Four Ways to Green Your Office Washroom http://ow.ly/6nRQy 8 Sep 

Regus stock rockets - a takeover target or a Short Squeeze from good reuslts? http://ow.ly/6pb4E 8 Sep 

tenant security needs, balancing technology and people, avoiding surprises, security costs and ROI http://ow.ly/6o2lp 8 Sep 

Top 5 Reasons Why Brokers Should Make the Call http://ow.ly/6oUnB 8 Sep 

Mobile workers still need physical meeting space http://ow.ly/6p2xs 8 Sep 

20 Things NOT to do on a Sales Call lnkd.in/aBysQD 7 Sep 

LEED, Liability, and You - a multitude of potential disputes http://ow.ly/6nRIt 7 Sep 

The Incredible Shrinking Office Space – Fact or Fantasy? http://ow.ly/6nSdA 7 Sep 

Top 10 Viral Video Advertisements of All Time http://ow.ly/6n9xJ 7 Sep 

Security pros call them office creepers – thieves who walk into buildings, steal unsecured valuables, and stroll out http://ow.ly/6o2es 7 Sep 

13 Ways to Make Your Office Space More Efficient http://ow.ly/6mFaV 6 Sep 

Should Your Business Rent or Buy? http://ow.ly/6mGJg 6 Sep 

Designing Your Work Space for Productivity http://ow.ly/6iLfs 5 Sep 

RT @coachmikeblaine: Good luck to @AROhoops (my son) and@windex_24 as they begin their professional careers in Denmark this week! 2 Sep 

Where You Do Your Work Doesn’t Matter Anymore http://ow.ly/6iL3a 2 Sep 

Office Space Tightens, Remains Uneven http://ow.ly/6k8HE National CBD vacancy is at 15%, while national suburban vacancy is at 20% 2 Sep 

Economists React: ‘Disturbing’ Way to Start Labor Day Weekend WSJ http://ow.ly/6k1bm stagnation in payroll employment 2 Sep 

Cashing in on rental property The bright spot in the real estate market http://ow.ly/6k0Ju

Office Leasing Tips , Twitter

How Do We Find Office Space For Our Clients?

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Here is a great article that describes the process our reps go through to ensure they find you the best possible office space at the best price.

Maimi office space tenant rep"I was recently asked that question by a reporter from Miami Today.  Actually she emailed me the question in advance of an interview.  My first off-the-cuff response was “simple, I pull the database, make a bunch of calls, know my buildings and off we go”.  Then the next morning during my walk, I began thinking that it’s not that simple.

Before I can search the database and make a bunch of calls, I have to know what I’m looking for. That means a bunch of nosy questions for my client, a walk-thru of their current location and a thorough understanding of their budget, use, employees and a host of other items.  With a seemingly ample inventory of office space, on the surface I could have 50 possible spaces for a client.  When I began applying the criteria that I develop from my client interview, the number begins to shrink very quickly.  

Sometimes it suddenly develops into a search for the needle in the haystack.

When you are interviewing a tenant rep broker to represent you in your search and/or renewal of your office, who is doing all the talking?  If it’s the broker, tread carefully.  They may not be listening and thus will not completely understand what you need.  This can result in wasting your time touring spaces that do not fit your needs and even proceeding into negotiations before discovering a “deal killer” problem with the space or building.

I try to remember the old sales axiom:  “You have two ears and one mouth, so you should be listening twice as much as you speak.”  The exception is if you make the mistake of asking me about my children.

So how do I find the space? Through a lot of research both with the client and by knowing my market.  Contact me me so I can help you with your office lease on the Miami area."

Guest Post by our Miami Office Representative

Miami Office Space , Office Leasing Tips , Office Rental , Office Space , Tenant Representation

One World Trade Center Lands Anchor Tenant

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One World Trade Center is up to 80 floors and growing by one floor per week - Final height 102 stories

Condé Nast Publications, whose stable of magazines chronicles the American zeitgeist as meticulously as any anthropologist, has reached an agreement to lease one million square feet of the 2.6 million square feet at One World Trade Center, giving ground zero a much-needed corporate anchor with a proven ability to attract other businesses. More at NY Times

Feds' space at One World Trade cut in half. Big U.S. agency to take just 300,000 square feet, as Port Authority of New York & New Jersey bets it can land higher-paying tenants; huge New York state lease out. Motre at Crain's NY Business

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Manhattan Office Space , New York Office Space