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Opportunity for Deep Office Space Rental Discounts May be Closing Soon

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The opportunity for tenants to renegotiate their office space leases at favorable rates may be ending as the recession comes to a close. In most markets landlords of office space for lease have seen their office renal rates decline by 20 – 30%. With a light at the end of the tunnel, many landlords would rather see office space sit vacant than get tied up in long term leases at reduced rates. The current general belief is that the commercial real estate market will start to see an upswing by early 2011. For tenants in the position to either renegotiate or relocate, the window may be closing on deep discounted rental rates.

Achieving the best possible lease terms is not a simple task.  Landlords are sophisticated and know how to mitigate demands.  The best bet for a tenant looking for office space for lease or rent is to engage the services of an office tenant representative to level the playing field.  For landlords, this is their business and they are very good at it. An office space tenant only negotiates a new lease every few years. If you go it alone, it is not a level playing field. To top it off, a tenant representative service is typically free. Most landlords have a listing agent who is required to share their fees with tenant reps.  The fee is already built in. If the tenant does not have an office tenant representative, the listing agent keeps the entire fee.  It only makes sense that tenants looking to lease office space take advantage of getting a professional on their side.

We are very proud of our network of local office space tenant representatives. We cover over 550 markets with high quality representatives. The average time in the business of our reps is 12 years and many have achieved advanced designations that demonstrate their outstanding level of achievement and knowledge. If you are looking to renew or relocate your office space, let us help. Just fill out a short form letting us know what you need and we will put you in contact with one of our local licensed office space experts. We have been doing this online successfully since 1995. Give us a try. There is no obligation.

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Commercial Real Estate , Lease Negotiations , Office Relocation , Office Rental , Office Space , Office Space Negotiations , Tenant Representation

NAR on 2010 - Office Space Vacancy to Increase. Office Space Rental Rates to Decrease

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WASHINGTON, DC--(Marketwire - May 26, 2010) -  Vacancy rates continue to rise in most commercial sectors and are not expected to level out in most markets until the end of this year or early 2011, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there is one bright spot in commercial real estate. "The multifamily sector can expect increased demand as the economy creates jobs and new households are formed, likely in the second half of this year," he said. "However, the office, warehouse and retail sectors continue to experience the delayed effects of the recession. These sectors should see gradual improvement after jobs pick up and create additional demand for space, meaning a broader improvement in commercial real estate is likely in 2011."

The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of nearly 700 local market experts,(1) confirms that significant fallout from the recession remains, but to a lesser extent.

The SIOR index, measuring 10 variables, increased 2.7 percentage points to 38.2 in the first quarter, compared with a level of 100 that represents a balanced marketplace. This is the second gain following nearly three years of declines; the last time the market was in equilibrium was in the third quarter of 2007.

Development activity remains at a standstill with nine out of 10 respondents saying that it is virtually nonexistent in their markets.

Looking at the overall market, commercial vacancy rates appear to be approaching a plateau, according to NAR's latest COMMERCIAL REAL ESTATE OUTLOOK. The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Market
With an elevated level of sublease space available, vacancy rates in the office sector are projected to increase from 16.9 percent in the first quarter of this year to 17.6 percent in the first quarter of 2011, but should ease later next year.

Annual office rent is likely to fall 2.3 percent this year and decline another 2.1 percent in 2011. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is forecast to be a negative 24.6 million square feet this year and then a positive 25.5 million in 2011.

More on other property types...

Office Rental , Office Space , Office Space Negotiations , Office Vacancy Rate

Executive Suite Innovation - No Turning Back

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WSJ.com May 16, 2010 - The recession forced many chief executives to find new ways to run their business—and many are relying on those changes to help fuel growth and cost savings in the recovery.

During the slump, Regus PLC, a provider of outsourced office space, launched more lower-priced services after customers cut spending. A Bayer AG division sought new business in alternative energy when its traditional car and construction markets dried up. Duke Energy Corp. solicited employee ideas for cost cuts when demand for energy fell.

Now, all of those initiatives are outlasting the recession, executives say. "They're not going back to the old way," says Harold Sirkin, a senior partner at Boston Consulting Group.

Regus, which has over 400 locations in the U.S. and others in Europe, hoped at the beginning of the recession that corporate clients would use more of its office space and video-conferencing facilities as firms slashed travel budgets and downsized their own offices.

But that strategy didn't pan out. Corporate clients did cut travel budgets—but they cut back on use of Regus's space too.

The company ran focus groups to discover clients' concerns, something they didn't do very often before the recession, according to CEO Mark Dixon.

Focus groups said they wanted more office-use options at a broader range of prices, especially on the lower end, which Mr. Dixon also thought would attract small businesses and individual consultants.

He introduced a five-day card for $69 that gives users a desk at any Regus shared-workspace location. Regus also introduced a plan for $25 a month that gives people access to any "business lounge," an open space with wireless access at a Regus business center. Before the recession Regus didn't offer anything comparable, and customers could use private rooms on an hourly basis or for $75 a day.

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As the worldwide leader in Flexible Workplace / Executive Suite industry, Regus's initiatives have changed the industry requiring those who want to be competitive to change, too. Once of the biggest changes has been in the offering of virtual offices. It has been a rob Peter to pay Paul scenario since many of the virtual office clients at one point would have had full time offices paying much more in rent.  With the recession many factors changed and it appears that business is not going to go back to the way it was before the recession.

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Executive Suites , Flexible Workspace , Office Rental , Office Space

New Executive Suite Office Space Marketing Video Service

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We have found a new and interesting video marketing offering for executive suite owners called Alliance Spaces. The offering was created on the premise that independent business center owners have a need for low-priced, creative and engaging videos -- rather than the standard virtual tour -- to stand out from both large and small competitors. 

With online marketing competition heating up, more and more executive suite providers are turning to video to tell their story, and most are doing it in the form of a virtual tour, a staff interview or sometimes even a client testimonial. All these are great ways to market office space, but in order to stand out and engage prospective customers, a different approach may be in order.

Regus, the largest global operator of executive suite space is well known for their effective marketing campaigns, and they have recently been focusing even more on video campaigns. And Alliance Spaces videos can be great tool in the arsenal according to Frank Cottle, a collaborator in the Alliance Spaces offering: "Alliance Spaces Videos can help independent operators stand out from the rest and compete effectively in the online arena against both large and small competitors. On top of that, we offer it on a subscription basis that allows a very competitive price. Essentially, a single center operator pays about $750 per video."

You can visit Alliance Spaces to learn more.

Take a look at St. Rose Executive Suites’ video, a subscriber to the services:

Executive Suites , Flexible Workspace , Office Rental , Office Space

The Nation's Strongest Economies

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POLICOM releases annual rankings for the 366 metropolitan areas and 576 so-called micropolitan areas nationwide.

The Top Ten Economies

1.Seattle-Tacoma-Bellevue, Wash.
2. Washington Metropolitan Area
3. Denver-Aurora-Broomfield, Colo.
4. Houston-Sugar Land-Baytown, Texas
5. Sacramento-Arden-Arcade-Roseville, Calif.
6. Salt Lake City
7. Des Moines-West Des Moines, Iowa
8. San Diego-Carlsbad-San Marcos, Calif.
9. Madison, Wis.
10. Dallas-Fort Worth-Arlington, Texas

With their stronger economies, these are the office space markets that we would expect to lead the recovery.

Dallas Office Space , Houston Office Space , San Diego Office Space , Seattle Office Space , Washington DC Office Space