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Executive Office Suite or Coworking Office Space?

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Is there a difference between an executive office suite and coworking office space? You bet there is. According to Frank Cottle, Chairman and Founder of Alliance Business Centers Network, " they are marketing to two different user groups and each using their own mixture of 'people, place and technology' to align themselves with their prospective client groups. A great deal is the 'packaging' as you suggest, but also the manner of service delivery is different on the emphasis of one end or the other on the 'collaboration and community' development issues"

The big difference, as Frank so well put it, is that an executive suite is focused on "facility" while the coworking space is focused on "community" and generally a focused community such as high tech, web development, accounting or businesses with a common thread. Even those executive suites that have networking meeting on a regular basis are still not really a coworking space.

See the full discussion, including 42 comments, with leading industry experts at our OfficeFinder LinkedIn Discussion Group.

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Reports: Office Rental Rates to Rise This Year

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According to two reports, one by Cushman & Wakefield and the other by Marcus & Millichap, office space rental rates will begin to rise again by the end of 2011 or early  2012. The increase in office rental rates will not be across the board, but uneven throughout the country. Markets that will see the biggest increases in office rental rates are expected to be Washington DC, San Francisco and Midtown Manhattan. The reason; improving employment and limited new construction. According to Marcus & Millichap less than 20 million square feet of new supply is scheduled to come on line throughout the US in 2011. More confirmation that the bottom of the market is here.  For tenants wanting to make sure they can take advantage of the low office rental rates, now is the time to either renew, renegotiate of relocate to get the best possible office rental rates. Contact us if you would like the assitance of a top local tenant rep. We'd be happy to help!

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Report: Office Rental Markets Improving

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The Real Deal March 31, 2011 Office rents and absorption will rise over the next two years in urban and suburban business districts, according to Cushman & Wakefield's office market forecast released today. Though office rents remain low in the U.S., the report determined that a lack of new supply coupled with rising demand will force rents upward in half of all central business districts - or urban business centers - by 2013. And while 2010 saw just 2.2 million square feet absorbed in cities, by 2012 that number should grow more than six-fold to 13.9 million square feet. New York City will lead the charge, along with Washington D.C., Boston, Seattle and Chicago, as those areas will combine to account for nearly two-thirds of that space. Suburban office vacancies will also decline between now and 2013, but at a slower rate than those of central business districts. Almost half of all suburban markets will see office rent declines between now and 2013, and five areas - including Miami - will see office rents dip below 2010 bottoms.

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Canadian Office Space Market Healthier Than US Office Market

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According to a recent report by CB Richard Ellis, Canada's national office space vacancy rate is a healthy 9.3%, down from 10.1% a year earlier. That compared with the US office space vacancy rate of around 17% is a very healthy market.  The big difference is in that the Canadian's have a Landlord controlled market, whereas the US is a Tenant's market.

First Quarter Vacancy rates in Major Canadian markets:

Source

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Tips and Caveats to be Aware of When Selecting a Serviced Office (Executive Suite)

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Selecting a serviced office is an important step in ensuring the success of your business. The reason for this nomenclature is that the office comes with all of the most common services already in place. This type of office is often called a "turn-key" office or an executive suite.

If you need a venue to hold meetings with clients, sign contracts, negotiate, and do some paperwork, this office solution might be just what you should lease. By renting this type of business space, you'll have a furnished private office with computer equipment but share common needs such as reception area, meeting room(s), and other resources used by the entire group housed in the overall space. You'll be able to use certain equipment and services on a “pay per use” basis.

Here are tips and caveats you should be aware of when selecting a serviced office for your business needs:

  • Location: Choose a location which is convenient for you, but also convenient for your clients. Is there parking available either on-site or nearby? What about handicapped parking? Is the building easy to spot or well-known? You want your clients to be able to find you easily and get to your door without walking blocks in the wind, rain, heat, or cold.
  • Appearance: Does the building entrance, lobby, and office interior make the statement about you and your business that you want and need? You need furnishings which are attractive and elegant yet not pretentious. Making the right statement about your operation is critical. Is the meeting room comfortable enough for a two- or three-hour meeting if those are occasionally part of your business lifestyle.
  • Equipment: Learn what equipment is provided in the turnkey office lease. You will likely find a desktop computer included, but check to make certain it is powerful enough to meet your needs. Learn what the restrictions are regarding bringing in your own laptop or other equipment if needed. Realize that equipment you own may not be covered by the insurance covering other equipment, so keep this in mind and learn if the services provided by any specialized equipment are available nearby for a fee. Also, learn what speed internet connection is provided and ensure the speed meets your needs. If wifi is important to you, find out if it is in place.
  • Receptionist: Listen to the receptionist answer a phone call or call in yourself to see how the phone is service. Your messages will be taken by this staff person and your clients will have contact with him or her, so you want to ensure the job is done well.
  • Pay Per Use: Speaking of fees, you want to make sure exactly what the fees are for every pay-as-you-go service. These services will almost certainly include use of the copier and fax machine but may include other services such as large paper printers, binders, or other less common equipment. Ascertain that the costs are reasonable. Compare prices with nearby providers for services you use in massive quantities; it may well be less expensive to have the local Kinko's or similar store produce large copying jobs. Ensure you don't get "nickeled and dimed."
  • Lease Provisions: Carefully read all the provisions in the rental agreement. Unlike renting vacant office space which you staff, there will be extensive details about what your private area will contain and what can or can't be done with it, who must maintain what items, and other matters which deserve your attention.
  • Provider: Find a reputable executive office suite provider to help you locate the perfect serviced office. See our post on selecting a provider. You can find great brokers online, Like OfficeFinder.com, who have sound knowledge of this type of office and are waiting to help you.

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