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Are You Willing to Pay Extra for Green Office Space?

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According to recently released research from CoreNet Global and Jones Lang LaSalle companies are willing to pay more for green office space. Of the survey respondents, 48% said they would pay as much as 10 percent more for sustainable (green) space, and 2 percent said they would expect to pay even more.

Owners on the other hand showed that 57% would expect payback of the investment with savings over a 1 - 3 year period and only 9% would consider a period of over 5 years acceptable.

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Selecting an Executive Office Suite Provider

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Your clients obtain their initial view of your company upon entering your office and first impressions are critical to how you and your organization are viewed. As they say, you only get one chance at a first impression. In order to ensure that clients and high profile visitors get the right impression, you will need to make sure you take the proper precautions when selecting your office location.

First of all, what exactly is an executive office suite? The term refers to an alternative office space in which you use part of a larger office suite either full time or part-time to meet with clients, host meetings, conduct negotiations, and finalize deals. They are also known as Serviced Offices. Several organizations will be housed in the same suite, each having designated offices but sharing meeting and common areas as well as support staff on a pay as you go basis. Typically they are “Turnkey” including furniture, phones and office equipment and Internet.  All you have to do is turn the key and get to work.

You want to select an executive office suite provider that will be right for your business. A place where you can feel comfortable and productive, but which also makes a clear statement about you and your successful business. Here are a few suggestions on how you can make sure you make the best decision.

  • The first consideration most prospective executive suite tenants consider is location related to where you want or need to do business.  Make sure that there is good access and parking is available as needed.
  • Make sure and take some time to research providers online as well as locally before choosing. Check with the Better Business Bureau to learn of any documented complaints. Ask for some references. A reputable suite provider will be glad to provide you with all the information needed to contact references. Ask plenty questions about the references experiences with the suite provider and inquire both positive and negative experiences they've had in the past.No matter how successful your business, budget is important. A reputable office suite provider will help you the best possible suite at a competitive price for your area. Explain to the office suite provider exactly how you plan to use the space so that practical suites can be selected for viewing. Make sure you understand what else you may be charged for and how much it will cost. Examples are faxing, copy machine use and the like. Some providers will charge low start up costs and then charge you for everything under the sun. Also, if you need any additional services the provider does not provide, they will likely be able to identify nearby service providers for many of those services.
  • Talk with the other executive office suite residents who will share your space. Your provider should facilitate introductions and provide a bit of information about their operations. Also, see how the receptionist answers the phone and greets clients. They will be taking calls and greeting your clients, too.
  • Try out the Internet. Make sure the connection is fast enough for your needs by sitting down at a computer and taking a test drive. Visit a speed test site to make sure you know what you are getting.  Just because it is a T1 line, doesn’t mean it is fast.
  • Check out the office(s) you will be renting. Does it need a fresh coat of paint? Is the carpet good? Now is the time to make sure these things get done, before you sign the agreement.
  • Finally, read all of the space agreement or lease and any amendments involved.  If it is not in writing it is not enforceable. Verbal promises don’t count. Remember, everything is negotiable. If you do not like it, try to negotiate it away.

Once you locate the right executive office suite provider, you'll be grateful you took time to do your research. The impression a client takes away from visiting your office suite will stick in their minds for years.

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Executive Suites , Flexible Workspace , Office Rental , Office Space , Serviced Office Space

Guide to Hiring and Using Virtual Assistants

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As a small business owner, your prime objective is to make money. Did you know that by attempting to perform every task related to the operation of your business yourself, it may be costing you up to 40% in lost revenue?

According to statistics by the U.S. Small Business Administration (SBA), the average small business owner spends up to 40% of his or her time on routine administrative tasks. Track your time for a week and see how many hours you are spending on unproductive, time and energy draining busywork - many owners find the 40% figure to be a conservative number!

According to most business experts, approximately 80% of your time should be focused exclusively on performing activities that create the most value and profits. The more time you can spend planning, strategizing, marketing, networking, and creating and delivering your revenue-producing products or services, the greater your business will grow and profit.

The demand for services from Virtual Assistants has seen a steady increase in recent years as business owners seek ways to run and grow their businesses using support services that are flexible and cost effective. Virtual Assistants can offer many benefits but it can sometimes be difficult to differentiate those that are reputable from those that have set up to make easy money without the relevant experience, skills, or systems to do the job effectively.

But in what may ultimately be a wonderful addition to your business, there are some things to know and consider before working with a professional Virtual Assistant.

Guide to hiring and using Virtual Assistants (PDF)

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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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