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Lease Issues to be Aware of When Leasing Office Space

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The Tenant Advisor Blog has a good Infographic of key office lease issues. These are some of the most important office lease issues that need to be considered when signing a lease... after the price and business points have been negotiated and agreed upon.

office lease issues

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Lease Negotiations , Office Leasing Tips , Office Rental , Office Space

The Most Expensive Office Location in the World

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According to their annual study of 105 office space markets, Knight Frank reports that London's West End has passed up Tokyo as the most expensive office space in the world. The cost to rent office space in the West End of London rose 31 % in 2010 to £90 per sq ft, nearly $150 USD per sq ft.  By comparison, Midtown Manhattan office rental is less that half of that at $65 per sq ft per year. Slower development and growth in the financial and media sectors has led to a drop in vacancy rates and increase in rental rates.
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London Office Space , Office Rental , Tokyo Office Space , UK Office Space

Positive Workplace = Productive Employees

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Here is a list of resources I found of the Workplace Experience Group on LinkedIn. One of the keys to a productive workforce is happy employees and a positive workspace not only helps productivity, but also reduces the number of employees leaving.

http://www.phwa.org/ - American Psychological Association - Psychologically Healthy Workplaces - Organizations of all types, large and small, for-profit and not-for-profit, from across the U.S. and Canada, are implementing programs and policies that foster employee health and well-being while enhancing organizational performance.

http://www.greatplacetowork.com/ - Great Place To Work Institute  - We has been listening to employees and evaluating employers since 1980 in order to understand what makes a workplace great. We know that the foundation of every great workplace is trust between employees and management. Our employee survey, culture assessment tools, research, and advisory services have made us leaders in helping organizations build high-trust workplaces.

http://www.grahamlowe.ca/subject.php?subject=26 - Creating Healthy Organizations - The Graham Lowe Group (Canada)

The Graham Lowe Group offers research, consulting, and learning and development in these areas of expertise:

  • Healthy organizations
  • Work environments
  • Human capital strategies
  • Employee research (e.g., surveys, focus groups, interviews)
  • Performance indicators
  • Organizational change strategies
  • Workforce analysis and planning

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Has Pricing and Occupancy Stabilized in the Executive Office Market??

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More good news for the office space market worldwide. As Regus goes, so does the rest of the executive suite market.

LONDON (MarketWatch) -- Regus (UK:RGU), the worlds largest prvoider of executive suite and flexible wokspace, was upgraded to outperform from neutral at Credit Suisse on Friday. "We had thought that occupancy in particular would have continued to decline throughout the first half of 2010 focusing investor attention on shorter-term earnings risk rather than longer-term value. But management now notes that pricing and occupancy has stabilized," the broker said. "With a trough in the first-half, we expect earnings and cashflow to more than quadruple between from 2010 estimates to 2013 estimates," the broker added. Shares rose 2.9%

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Executive Suites , Flexible Workspace

Top Ten Requirements for Medical Office Space

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Here is a partial reprint of an article that appeared on the Orlando Medical News website.  Good information for doctors or other medical professionals when looking for medical office space.

Affordability
The number one factor affecting doctors' decisions when deciding on medical office space is affordability. Recently, a large surgical practice in Orlando signed a long term lease for 30,000 square feet in a new mixed use development project in South Orlando at $17 per-square-foot. This new leased space will also include an outpatient surgery center on the premises. Before signing this lease, this same practice was offered the same amount of medical space closer to a major Orlando hospital for $25 per-square-foot. Why pay $25 per-square-foot when you can go down the street and pay $17?

Accessibility
Doctors are looking for access to major road arteries and highways so their patients can find easily them. If a doctor's office is tucked away somewhere off of Lake Destiny in the middle of Maitland Center their patient may have a more difficult time finding them and have to go through a maze of side streets to find their office. After exiting the highway, doctors expect their patients to make less than two turns to find their offices. After all, as a patient they may not be feeling all that good in the first place. Why make their plight any more difficult if they can't find their doctor?

Mixed Use Development/Modern Architecture
Often, physicians are now looking for mixed use development featuring more modern architecture. They want buildings that are appealing and inviting. Unless it is a very small practice the old one story stucco flat roof office building is becoming a thing of the past. Two new medical office building projects are Legacy Pointe at Metro West and The Fountains at Tivoli Place that are being developed in Windermere. These are two examples of prime upscale designs with the more modern office park environments that many physicians want.

Parking Ratio and Parking
Most professional office buildings have a parking ratio of two to three parking spaces per thousand square feet. With patients coming and going throughout the day, doctors need to have at least four to five parking spaces per thousand square feet to avoid overcrowding. Since parking can be tight in the downtown corridor, doctors often shy away from downtown medical space. Reserved parking is also a nice plus for key employees and physicians. Covered handicapped pick-up and drop-off areas are a real asset, especially if there are associated outpatient treatment facilities.

Shell Space vs. Used Space
Although shell space may cost more in the beginning, it will end up saving the doctor a lot of money in the long run. With new shell office space you can do space planning/ design work to fit your own needs and patient flow. This way you won't waste square feet. Used office space with existing layouts often can't be adapted without expensive demolitions and remodeling. While this can be accomplished, there still remains the potential for poorly laid out space that doesn't fit the needs required.

Proximity to Other Physicians
In a medical office building, doctors are often looking for proximity to other physicians who could inter-refer to each other. For example, a family medicine physician will frequently refer patients to other medical specialties such as cardiology or orthopedics. With the right synergy, all of the doctors are inter-referring and enhancing their practices.

Ancillary Services
After interviewing several doctors, the new buzz word is "Ancillary Services." Traditionally, hospitals were the main benefactor of many of these services. Ancillary services include MRI's, sleep labs, physical therapists, outpatient surgery centers, and imaging centers. Doctors are more recently looking for extra medical office space where they can install ancillary services and other diagnostic treatment areas.

Geographic Location
In the past, doctors needed to be close to the hospital to round on large numbers of inpatients and perform mostly inpatient surgeries. Now procedures are more frequently performed on an outpatient basis, and doctors can relocate their offices farther away from the hospital at usually lower lease rates. Many practices now have incorporated outpatient surgery facilities located at or nearby their office location.

Exclusivity
Willingness of the landlord to restrict leasing to other physicians of similar specialty in the same building is often requested. While many physicians view this as an important concession, it probably is not that important in the long run. After all, there is really nothing a physician group can do if a competitor wants to relocate across the street. This is probably more important in rural or less populated areas where a new hospital is being established.

Signage
Building monument or signage to distinguish your medical group or practice is an important feature. Local zoning laws often restrict the size and location of business signage in any given area, but often the developer can offer "top of building" signs for major anchor tenants.

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