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Shadow Office Space Inhibiting the Office Market Recovery

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According to their 2011 U.S. Macro Forecast report by Cassidy Turley from the WSJ, Shadow office space has been affecting the office space for lease recovery already.

In the article, "The U.S. office sector needs to absorb 126 million square feet of empty space to return to pre-recession vacancy levels, the forecast says. The number of “office-using jobs” created last year should have resulted in 53.1 million square feet of office absorption for 2010. But, because of shadow space, only 18 million square feet of space was absorbed for the year.

But the report says the drag of shadow space will be less severe this year, and vacancy rate will move down (it was 16.7% in the fourth quarter). Still, vacancy won’t reach pre-recession levels — between 12.5% and 13% — before 2014. And rents will remain where they are now for another two years."

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City To Rent Office Space at WTC 4 in 2014 Despite Excess Space Now

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Despite having found 8,000 empty desks the City of New York will be forced to rent 582,000 square feet of office space in Building 4 of the World Trade Center when it is completed in 2014. The empty desks can be used to estimate that the City has over 1,000,000 square feet of excess office space, also know as shadow office space. The question is will they actually occupy it or sublease the prime office space. Their contract price is $56.50 / sf. The timing could be good for the come-back of the Manhattan office space market as the recession continues to improve. Source

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Guide to Credit Card Processing

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The world of merchant services can be confusing, especially for businesses who have never accepted credit cards for payment before. Consumers spend over 140 billion dollars in online purchases annually, and while some businesses could not survive without accepting credit cards for payment, for other companies there is more of a question as to whether these services are required.

If you are selling directly to consumers, accepting credit card transactions gives your customers a more convenient method of payment than cash or checks, which will in turn help to expand your customer base.

Accepting credit cards can also be beneficial for businesses who experience challenges with cash flow, as payment funds are usually transferred into your account within a week. Obviously, if you will be selling products over the internet, the ability to accept credit cards is required.

We hope this guide has helped to inform you about the features and functionality available today in credit card processing technology, which will ultimately help you to select the right provider for your company’s requirements.

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Boston Office Space Market Overview

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Boston is a city which boasts a great deal of American history and showcases it well. It’s one of the locations where our ancestors fought for and eventually won the right to practice free enterprise. Today, Boston’s commercial real estate and office space available for purchase or lease are evidence that free enterprise is alive and well in Boston.

Of course, this city suffered some set backs as a result of the economic problems that have recently faced America. This resulted in overall Boston metro office space vacancies of 14.2 percent in 2010, up from 12.8 two years previous.  This makes it a good time for any small business wanting to expand in the Boston market or wanting to relocate their office. The slightly higher than normal office vacancy rate provides many desirable Boston area commercial office locations from which to choose a place to house your business.

In the downtown area, commercial real estate, Class A & B, showed wide variances in commercial vacancies, from 11 percent in the Financial District to abut 26.5 in the Seaport.  Vacancies in commercial, non-industrial real estate along Route 128 indicated 16.1 percent while the I-495 market corridor reached 19.4 percent. The core downtown area has approximately 50,536,702 square feet of commercial and office space in the lease market. The Seaport and peripheral downtown areas offers 21,205,209 square feet of space in the lease market, making Boston metro’s commercial and office space equal to about 71,741,911 square feet.

Office space rental rates in Boston remained stable during the final two quarters of 2010. Class A space averages $32 per square foot per year while Class B rents average $21 per square foot per year.

Boston offers employees of companies, both small and large, wonderful multi-cultural experiences. The historic sites in the Boston area provide many fun educational opportunities for families. The proximity to New York and Washington D.C. offer even more delightful opportunities to explore and experience life along the Eastern Seaboard.

Some of the finest schools and universities are available for educating children and young adults in this area. Harvard is probably one of the most renowned institutions of higher education in America. There are also state and community colleges available for two- or four-year degrees and post-graduate work.

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Shortage of Large Office Space For Lease in Manhattan

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"New York City doesn't have enough big chunks of office space to go around for all of the major tenants who are looking. According to Crain's, there are 24 tenants currently on the hunt for at least 250,000 square feet in New York City and only 29 available blocks that fit the bill. But Cushman & Wakefield data shows that only 12 of those spaces are in the coveted Midtown area, and brokers say the crunch is shifting the office leasing market in landlords' favor."


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