Category Archives: Executive Suites

Benefits of Flexible Workplaces

Flexible WorkspacesThe idea of flexible workplaces began in the 1980s, when business centers developed. Regus, the worlds largest provider of flexible workplaces was founded in 1989. Overt time the idea of a flexible work environment has changed and expanded to allow for unique arrangements that now include coworking spaces, agile office space as well as many other options. Because there are so many good options available to businesses today, companies that aren’t interested in a traditional office can still get great space that works for them, their clients, and their budget.

For our purposes here, we will focus on the flexible workspace options for companies looking for smaller amounts of office space, whether small companies or branches of larger ones. For them, flexible workplaces provide the opportunity for  to have all the resources they need, but they will pay significantly less than they would with a more traditional office space. Much of that is related to the services, furniture and equipment that are included in the cost. These workplaces offer private and public space, copy machines, desks, conference rooms, and even a receptionist. They can allow very small companies to appear bigger and more established to prospective clients, without the significant costs associated with a long-term lease on a traditional office space and the hiring of more staff.

An additional benefit is in the length of lease terms required. Most traditional office space will require a 3 to 5 year lease commitment. Many of the flexible workplaces available are on annual renewal plans and many will even go on a month to month basis. This provides the flexibility of fast growing companies to move quickly to take advantage of business opportunities and obtain space as needed, without long term commitments.

Flexible workplaces are generally located in prime locations. Traditional office space in prime locations is usually extremely costly, and that can keep newer or smaller companies from being able to lease in their preferred area. With flexible options, companies can lease office space on a short-term agreement, move if it doesn’t work for them, and avoid being forced to locate their company in a sub-prime location due to costs and availability.

The number of flexible office and workplace options available throughout the world is on the rise, so companies have more options today than ever before. When you contact us, you’ll be taking the first step toward finding a flexible workplace that can help your company maximize its abilities, and its value to clients.

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Regus Growing Like Crazy

And I mean crazy like a fox. Wish you bought this stock in July of 2012? If you had and held onto it, you would have doubled your money. Regus has seen some amazing growth in their stock value along with its continued expansion of its executive suites and flexible workplace solutions.Regus Stock GrowthAt the beginning of 2012 Regus (pdf)  had 1,203 office centers in 550 cities, 94 countries and had 1 Million customers. Today Regus has over 2,000 office centers in 750 cities, 100 countries with over 1.5 million customers. A pretty amazing growth curve. The current consensus among financial analysts is that Regus (RGU:London) will continue to outperform the market.

According to Regus they believe “The key to flexible working is convenience and so Regus is opening wherever its 1.5 million members want support – city centres, suburban districts, shopping centres and retail outlets, railway stations, motorway service stations and even community centres.”

While most of the executive suite businesses limit themselves to locating in traditional business locations, Regus has taken it a step further by providing access to the clients in a myriad of different types of locations to ensure there customers can work where, when and how they want to work, even if traveling. Many of the major airports have Regus drop in locations. In Europe, train stations and service stations. A great selling point.

We do a lot of business with Regus. Many of the visitors who come to OfficeFinder looking for assistance see the benefit of locating in one of their locations. While they may not always be the least expensive officing option in the market, as the market leader they do provide many perks that local competitors can’t and many feel that will make up for any additional costs.

If you’d like to find out if a Regus office program is right for you, let us know and we will ensure you get the information you need.

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Leasing Office Space In New York City

NYC Office BuildingsIf you are looking for office space in New York City there are a lot of things you will need to consider. Leasing Office Space In New York City can be very challenging if you unfamiliar with the idiosyncrasies of the office market there. New York is a very popular office space market and the suppliers of office space know it. The office space market in New York City is divided up into several different submarkets that are as large or larger than many other cities office space markets. When you shop for office space you have to be aware of subtleties of these differing submarkets that could end up adding to your occupancy costs. Many organizations looking for office space in New York rely on professional services, like OfficeFinder, to help them negotiate through the complex market. Without an expert on your side, plan on spending more time finding space and count on making a few mistakes along the way that could end up costing you more than you expected to pay for your office space.

First off, it is important to understand that rentable office space is usually not the same as actual usable office space. You may need 3,000 square feet of office space and find a location where that amount of rentable space can be taken for a reasonable cost. What you will find is that you can actually use only 2,500 square feet of that space. The rest of the space may be “loss factor” or “load factor” space, consisting of the lobby and common areas of the building. Knowing the norm for the load factor in leasing office space in New York City can make a significant difference in what you are really paying.

Another consideration you will want to look out for is how operating expenses are passed through to you. Usually they are either over a certain amount or over an amount that occurred in what is known as a base year. Surprising expenses can slip into the calculations of cost. That is where the services of a good office tenant rep come in. They are familiar with which expenses are typically passed through and the determination of what base year should be used to calculate your additional rent. Once again, knowing the norm for how these expenses are passed through can make a significant difference in your total cost of occupancy.

Certified OfficeFinder SpecialistThese are just a couple of the considerations that need to be taken into account to make sure that you get the best deal possible when leasing office space in New York City. Taking all of them into account is where a good office tenant rep, who really knows the New York City office leasing market, will really make a difference.

There are some options as to the kind of office space to consider. There may be a special option that would meet your needs perfectly.

  • Conventional office space is the straight-forward kind of rental or lease arrangement by which the tenant is responsible for all services. In New York, and most major centers, conventional office space arrangements are expensive, some in Manhattan over $100 per square foot, and inflexible and therefor may not be the best choice for young companies.
  • Executive suites and managed office spaces are office spaces where common services are provided for the tenant. Usually several firms are located in office suites in the same area or floor.
  • Coworking space is designed around individuals who are independent, but have some mutual business interests which will hopefully create a synergy in the workplace.
  • Incubator office space is also available for young companies on a less than permanent basis.

We can help navigate the maze of options and pitfalls in leasing office space in New York City. Please contact us to find out more.

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What Type of Office Space Will Be Right for Your Business?

As a business owner, you have plenty to worry about. The hiring process and employees, advertising and marketing, as well as the financial state of your company affairs are all major concerns for the typical business owner. One of the biggest problems you could run into is having an inadequate office space. Before you choose an office for your business, make sure you understand your officing options to decide what fits best with your company’s needs. Here are a few of the options you will want to take into account.

Office Building Classifications

The Building Owners and Managers Association (BOMA) is the end-all authority on office space leasing and rental. This organization has separated office spaces into three classifications. These classifications do not have specific criteria so that they can be adjusted to different areas. The three general classes are as follows:

  • Class A: High quality space, best possible utilities, ideal location, accessible to employees, and excellent security.
  • Class B: Not as well maintained as a Class A building, still quality utilities, has functionality although not ideal, and decent location.
  • Class C: Less desirable, not a good area, difficult to lease, and mostly obtained for remodeling purposes.

Office Building Types

Once you have selected which building classification you want and can afford, you need to decide what type of building will work best for your business needs. Until you are searching for a potential office building, you may not realize how many different types are available.

  • Traditional: The most common office space. The leases can run for up to 15-20 years on these spaces. Typically they are over 1000 square feet in size, allowing for a high functionality and many employees.
  • Executive Suite: These suites are smaller than the traditional space and are under 1000 square feet. Although they offer more flexible leases, they do not allow the room for extra storage or employees. Executive suites work best for small businesses run by just a few experts. More
  • Coworking: This is a relatively new style of shared officing where the community is the focus. Their mission to enhance the 3 Cs of community, collaboration and cooperation. More
  • Virtual Office: A virtual office space is not necessarily the place in which your office is directly located. Instead, it is an office where you can have your company’s mail and faxes sent to, and a space to hold meetings as needed. If you want your business to be run out of your home or a similar location but still have a professional image, a virtual office lease is for you. Additionally, the leases are most flexible and are renewable on a shorter term basis. More

Aside from these common office types, there are a few others to consider. Will your business require a warehouse, and can it be run solely from the warehouse location? Are you interested in establishing other business relationships by moving to a business park? Will you have a small staff that could fit comfortably in a corner office?

Employee Needs

When choosing an office space, you should keep in mind not only what your business will require, but what will make your employees feel comfortable and prepared to work. After all, you want a space that will engage them in their work.

Consider if you want the work area to be open or closed. Will your employees work better when they are isolated or could an open and collaborative atmosphere be better?

Also consider what the office space provides in terms of break areas, recreation space, and office hierarchy. Your number of employees will also affect the storage area, IT infrastructure, and even utility costs. Remember that your employees are a vital part of your business so you need to accommodate to their needs while selecting your office rental.

Choosing the right office space is just as, if not more, important as choosing a new home. After all, your office will be your business’ home, possibly for several years to come. Choose a space that fits your functionality, your needs, and your price range so that you can focus on running your business in a comfortable environment.

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Guest post by: Theo Schmidt who has an interest in computer science, business, and engineering, and he uses that interest to fuel his blogging. He is a blogger for Montreal’s Liaisons Business Center office rentals.

Why Choose An Office Rental?

First and foremost is flexibility. An office rental vs an office lease or purchase is for a shorter period of time. The rental term is typically anywhere from  month to month to up to a year. As a result, renting can have a lower impact on your bottom line and may show up as less of a liability on your balance sheet than a longer office lease. You also won’t have to commit to a long-term lease that might not suit your future needs. This is especially important if your business is still in a fast growth mode or if you just aren’t sure how much space you will need in the future.

The downside to an office rental is that you have no rental rate protection in a market where the rents are increasing and that you only control the space for a short period of time. We always try to get our clients options to renew at predetermined rates to try to alleviate these issues. Another downside is that tenant improvement allowance are usually non-existent because of the shorter rental terms. So, you need to find office space that fits your needs as-is.

Office rentals are located in all the typical locations that leases are offered. Although, they can be harder to find, since most landlords prefer longer terms. They are out there, but you may need some help in finding the right one. A good office tenant representative can help you find and negotiate for one. They can be located in high-rise buildings or along store-front property, and even in free-standing structures. They can be in either a totally separate or a shared space; the basic concept behind an executive suite with services added on.

If you want an office rental and get the best deal possible, avoid costly mistakes and have a hassle free experience, we can help! For more information, contact us.

Regus Continues Rapid Growth of Office Business Centers

In an interim financial report that just came out, Regus, the worlds largest provider of flexible workspaces with 1,687 office centre, announced that they expect to add between 420 and 440 new office centers to their network in 2013. That is up from a planned 350 for 2013. It looks like they have the accelerator to the floor.  So far this year They have added 292 new centers compared with only 121 at the same point last year. The question in my mind is with such rapid growth will they be able to maintain good occupancy or will we see low profitability from the new locations?

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By: James Osgood