Monthly Archives: November 2016

Avoid These 4 Mistakes When Leasing Office Space

No Mistakes leasing office spaceLeasing office space is usually a big step forward for your business. Usually it’s a very positive step, reflecting growth and optimism. It can get very complicated and it is easy to make mistakes. There are lots of decisions that have to be made and mistakes can be costly. Here are a few of them that are important you avoid when leasing office space:

  1. Exit Options

    Make sure you build in reasonable exit options since you can’t predict the future. You never know when you may need to get out of a lease. Protect yourself by adding an option for subleasing or assigning just in case you need to get out of your lease..

  2. Stay Detached

    Don’t allow yourself a feeling of attachment or commitment to a specific property. Make sure you have at least 2 – 3 options. Remain detached so you can get a fair deal or continue moving on searching properties until you find a fair deal.

  3. Get Concessions with Long Term Leases

    Most commercial landlords want a 5 – 10 year lease commitment. If you choose to enter into such an agreement, make sure the landlord provides you some concessions in exchange, which they should provide. Some of the most common concessions include free rent for a set period of time or the landlord paying for a build-out of the space.

  4. Stay Calm

    Never enter “panic mode” when in the middle of negotiations. Sometimes circumstances force us to move when we’re not ready to (e.g. landlord sells your current building, rapid growth of your business), but this doesn’t mean you should make hasty decisions. Don’t give in or compromise on things you must have. Temporary solutions exist (e.g. office sharing) and may actually prove more cost-effective and flexible.

More Mistakes to avoid when leasing office space.

If you need help finding office space, contact us. We’re here to help! There is no charge for our service or for the services of our local pros.

 

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Coworking Office Space: A Great Office Space Rental Alternative

Coworking Office Space

Seattle coworking office space at WeWork

If your company needs office space but isn’t big enough to justify getting its own long term space yet, coworking office space offers you a viable alternative. They are particularly popular with entrepreneurs and smaller, newer businesses. Companies in a coworking space work together in communal spaces, sometimes having dedicated, assigned areas, and other times grabbing spots at communal tables on a first come, first serve basis. Here are some pros and cons to coworking:

Coworking Office Space Pros:

  • Reduced costs. Renting a desk or spot at a table is much less expensive than getting your own office – particularly important in the early stage of a business when capital is more limited.
  • Amenities. Coworking office space generally aim to make themselves fun and appealing to businesses, and the amenities they offer are impressive. Most serve complimentary coffee and tea, and some even offer free beer. Many have after-hours classes and support services. Most also have features such as private meeting rooms, common rooms or rooftop decks, equipped with TVs, video games, and even Foosball tables.
  • Energizing social environment. You’ll be surrounded by like-minded companies, reducing the chances of the isolation a small team can feel. Along with making new friends, being in a social setting will energize and stimulate your creativity, making it easier to improve performance by generating ideas and make progress with your company objectives.
  • Flexibility. The terms for Coworking office space don’t require a long term commitment. As you business needs change, you can easily add or subtract space.

Coworking Office Space Cons:

  • Lack of privacy. Being with others is great, but sometimes it can be difficult to deal with the noise volume and energy common in these environments. That is why the private collaboration areas available in most coworking office space is so important. Make sure your team makes use of them periodically to combat this.
  • Concerns with trust. When working with so many companies in one space, there’s always the risk your next great idea will get stolen. Check with the coworking space to see if they have a policy about confidentiality.

We help companies find coworking spaces that fit with their businesses’ unique needs. Contact us to determine if coworking is right for your company, and to find the best space for you.

On our Local Seattle Page we have several 360° interactive panoramic virtual tours of cowork office space. It gives you an opportunity the visit them 24/7 form wherever you are instead of having to spend the time visiting ones that don’t fir your style. Here is one we recently completed of the WeWork coworking office space in Seattle at South Lake Union.


Click Here to view in full screen (recommended)

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Summary of the Gensler 2016 Workplace Study

Workplace StudyWhen one understands how, and where, employees get their work done, they are better able to create work places that improve performance and encourage innovation. For a decade, Gensler’s Workplace Study has cut through the noise to get to the root of what employees want. To fin out their needs in their workplace. To this end, the 2016 report has recently been released. Based on responses from over 4,000 office workers in 11 industries across the U.S., the report discusses how the work environment affects employee’s experiences as well as how workplace design impacts the entire organization. Following is a Summarize the Gensler 2016 Workplace study to help employers better understand this issue.

Background

According to Gensler, most of the workforce in the United States is disengaged. In fact, it is at least two-thirds of them, or a whopping eight out of ten. Despite the efforts of companies to incorporate new technologies and co-working trends, it’s estimated that up to 40 percent of the country’s workforce will be self-employed by the year 2020. These factors are compounded by the fact that the work environment often times stifles productivity and innovation. However, innovative companies are finding ways to mitigate these issues and improve employee engagement, productivity and job satisfaction.

Workplace Design

With a growing emphasis on collaboration in the workplace, while still retaining the individuals need for private workplaces, it’s not surprising that innovative companies offer better designed work spaces. This applies to every space, including meeting rooms, individual workspaces, common areas, and even restrooms. Employees that work for innovators spend less time at their desks. the spend the majority of their workdays in collaborative environments such as conference rooms and common spaces. Additionally, they often do their work outside of the workplace altogether, spending only around 74 percent of their time there. that is compared to  86 percent for those working with less innovative companies.

Workplace Study Conclusions

Gensler discovered that innovative companies offer their employees better designed and more functional workspaces, whether they are open, or not. What’s more, an open office is often just as effective as a private one. Employees of the most innovative companies in the study also report having access to a better variety of workspaces both in, and out, of the office. They are less likely to work in the same spot every day. This ability to work anywhere, once only reserved for top management, allows employees to connect with their purpose, and that of the organization more easily. Therefore, working for a company that understands workplace design and the ability to choose, helps with employee engagement, encourages individual growth and inspires innovation at all levels.

If you decide you need new office space after reading the Gensler Workplace Study, please contact us. We will be more than happy to discuss options that will allow you to improve your workplace and offer suggestions as to how you can incorporate the conclusions of this study into it.

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Seattle’s Historic Pioneer Building Office Space Virtual Tour

Pioneer Building Office Space in Seattle Virtual Tour

Pioneer Building North Atium

I just completed the Pioneer Building Office Space virtual tour. Located in Seattle’s Pioneer Square, it is a historic building that was built in 1892. Fully updated, it provides all the modern conveniences businesses need. You need to see the atriums within in the building.  Architecturally unique and was used as a method to bring light into the core of the building. We don’t see atriums in today’s buildings since they steal rentable area from the space. Atriums are great if you appreciate being in a building filled withe history.

The entire building of 72,000 square feet was taken over by one of the newer (2007) and upcoming cowork operators, Level Office. Currently, they have 11 locations in 7 US Cities. Last week was the Pioneer Building office space grand opening, so here is your opportunity to take a tour from the comfort of wherever you may be. They are subscribing cowork members and renting out office space. If you have a need for Seattle office space for 1 to 50 employees, it would be worth your time to check it out. You can find more details about the Pioneer Building office space on our listing page. Take a look at the virtual tour below and if you want to visit, we can put you in contact with the community manager.

Pioneer Building Office Space Virtual Tour


Click Here to view in full screen (recommended)

Seattle Office Space Resources

We have quite a few more virtual tours of office space in Seattle available for viewing, as well as other listings, market information and general information on our Local Seattle office space page.

If you need help finding office space, please contact us. Our services and the services of our local reps is free to you.

 

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Portland Office Space Market Update

portland office space skylineA quick update on the Portland Office Space Market from our Local Portland Rep.

The overall Portland market once again showed strong fundamentals in the 3rd quarter 2016. Positive office space absorption drove vacancy lower, rising quoted rental rates supported development feasibility in key submarkets, and businesses continued hiring.

The Portland Office Space Market

Although the average Portland office space market-wide annual asking rental rates moderated slightly to $24.01 Fully Serviced Gross (FSG), this is still a year-over-year increase; a trend among landlords to continue to  push rents higher.

Class A Central Business District quoted annual rental rates averaged $32.74 (FSG ) and Class A Westside rates averaged a quoted $24.84 FSG. They were both up from the prior quarter and prior year. Unfortunately for tenants, landlords are continuing to offering relatively few concessions.

Out of state and institutional investors remain interested in Portland. Cap rates in the Portland Central Business district are around 5% and suburban office market cap rates are trending around 6.75%. There were $73 million in investment sale transactions recorded during the 3rd quarter.

The Portland office space development pipeline remains very active relative to the past 10 years. Construction starts in the 3rd quarter included Leland James Center, SW 12 & Morrison, Fair-Haired Dumbbell, and Field Office. All together totaling over 523,500 Square Feet.

If you need office space in Portland or the surrounding areas, we can help. Contact us to let us know what your needs are and we will get right to work meeting those needs, all at no cost to you. Our services and the services of our local representatives are free to you. No cost and no obligation to give us a try.

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An Improved Office Rental Search Experience Through Office Space Virtual Tours

Office Space Virtual ToursViewing office space virtual tours will enhance your business’ ability to make sound office rental decisions. This is thanks to the benefits of high quality 360 degree panoramic photography, which greatly enhances the location features and provides you an understanding of what is offered thanks to visualization.

Here is how office space virtual tours will help you?

Visit Properties on Your Schedule

You can view a property better with a virtual tour than you would with traditional photography. This is because virtual tours make it easier for you to understand the property’s layout. You are able to look around in high definition to explore the office space. While you’d typically need to visit the place for this reason, now you can do this at any time of the day or night. As such, you’re shopping for new office space on your schedule whereas in the past you were always on your Realtor’s schedule.

Save Time and Money

When you watch an interactive, dynamic virtual tour, not only do you get to visit the property on your own schedule, but this will save you both time and money. You can choose to only visit those offices that you can clearly see would be a good option for you. This is especially true if you run a small business where you can’t spare any employees for even a short time period. Thanks to the virtual tour you won’t need to. You can watch the virtual tour from anywhere without closing your business to do so. Not only can you look at it, but you can also share it with others whose opinions you would appreciate.

Less Stress

Unfortunately, when you visit a property very often you feel pressured to decide about the property right then and there. After all, the agent or manager is looking to do a deal and are generally a little pushy to get a decision. Sometimes this isn’t a good decision and you come to regret it later on. However, if you watch a virtual property tour, you’ll never feel this pressure. You get to do things at your pace, not someone else’s.

Are you ready to tour some new office space? We currently have office space virtual tours in the following markets:

Find out more about our office space virtual tours.

If you need office space and want some professional and reliable assistance, Contact us.

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3 Considerations for Employees When Choosing Office Space

Millennials in the workplaceWhen choosing office space, there are a lot of business-related things to consider, such as the location of the office and the cost of the lease. However, along with thinking about the business side of things, you also have to think about your employees. After all, they will be the ones who will be working in your office, so you want to make sure that they are happy in their space. As we discussed last week happy employees = engaged employees = productive employees. Here are 3 things, among many, to consider when shopping for the perfect office space for employees.

1. Workspace Size

Who wants to work in a space that is smaller than a closet? Make sure that you allow enough space for your employees to be comfortable. The typical allowance is anywhere between 150 and 200 square feet per employee, depending on the workplace style. Offices obviously take up more room. Work benches of cubicles can be more efficient. Just make sure that your employees don’t feel like they are on top of one another.

2. Ample Parking or Good Public Transportation

Having to pay for expensive parking each day in order to go to work can be upsetting for many employees. If possible, consider a location that has ample parking for all of your employees. Preferably, that parking should be free or affordable and should be relatively close to the building, since having to take a long hike from faraway parking to the office building on a cold, hot or rainy morning can put any employee in a bad mood before the workday ever begins. If not, make sure their is good public transportation nearby.

3. Comfortable Gathering Spaces

When choosing office space, look for an option that has a nice-sized gathering space for employees to collaborate on work. Having a comfortable break area can be a nice touch, too, since it can give employees a place to relax, munch and mingle during their scheduled breaks. These seemingly extra spaces can help create a sense of community among your employees improving collaboration.

As you can see, it does not have to be complicated to make employees happy. When choosing office space, keep your employees in mind and consider looking for these things to ensure that you have a great workplace for the people who work for you. If you contact us at OfficeFinder, we can help you find the perfect office space for both you and your employees’ needs.

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