Common Mistakes to Avoid in Commercial Real Estate

Many companies have the view that leasing commercial property is a lower risk than purchasing property – there are fewer worries about depreciation, taking on debt and other concerns when you’re using space without buying it. While it may be true that choosing to lease your office space or building spares you from certain worries, there are still risks involved. To help ensure that you choose the best space and get the best possible leasing agreement, be sure to avoid these deadly, all-too-common commercial real estate mistakes.     Going in Blind You would never...

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Rent is Just One Component of Occupancy Cost

Understanding and correctly calculating your occupancy costs is obviously necessary for managing your company expenses. However, if you’re not sure what the various components are that contribute to your overall costs besides your rent, it’s easy to underestimate those costs. Review the following items with your tenant representative to understand what they are in calculating your real occupancy costs. Common Area Maintenance (CAM) Maintaining the common areas of your building is the responsibility of the property manager but your company will pay for covering the costs of it. Typical fees include parking lot maintenance, snow...

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These Lease Terms Provide Options

After a lengthy search, you’ve finally found the perfect new office space. It’s so great that, in fact, you’re not sure if you should lease or purchase the building. To put you in control, negotiate in your lease options to buy the building if you decide you want it. You can also stop someone else from purchasing it as well. These options, listed below, give you a measure of control and let you avoid the costs and responsibilities of ownership if you are not yet ready to take them on. Option to Buy This negotiated...

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Companies Are Doing More with Less Office Space

One of the many goals when leasing office space is to look for efficiencies in the space. Not that long ago offices were averaging 200-250 sf per worker. In 2017, North American offices will average 151 square feet per worker, according to real estate data provider CoreNet Global. Advancements in technology and a changing, more flexible workforce are making that it possible to achieve much higher levels of efficiency.  As an example, we’ve listed three particular types of businesses below that are re-evaluate their space requirements. These types of companies can operate efficiently and with...

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The Unique Requirements of Leasing Medical Space

Physicians and medical offices have unique space requirements and compliance issues and don’t usually move or relocate as often as other commercial tenants. Hiring a broker familiar with these requirements is a necessity for the medical profession. The tenant representative understands how to structure the lease agreement to fit the unique needs and compliance requirements of the healthcare provider. Listed below are some of these issues.   Medical use issues: Medical tenants use hazardous materials and generate bio medical waste. Toxic radiation is generated from x rays, scanners and other machines. A tenant representative can...

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Is A Meal Delivery Kit Right For You?

Like many families today, we at Howard Commercial are busy balancing our work/family lives. Obviously an important part of that is eating healthy and nutritious meals so the emergence of meal delivery kits caught our attention. They’ve been available for a while but the list of delicious offerings continues to grow. The kits come fresh right to your door and include complete preparation instructions. You can try foods you might not normally come across or purchase and have fun putting the meals together with your family! Check out the the link from Forbes for their...

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Don’t Forget About the Parking!

After an extensive search you think you’ve found the perfect new space for your office. Before you sign the lease make sure you assess the parking situation. Obviously most office buildings provide some type of on-site parking whether it’s a surface lot or a parking garage. You need to determine 1.) is the parking adequate for my needs, 2.) what are my rights, and 3.) if it’s an additional cost, over and above the rent, is it fairly priced.   Tour The Parking Facility A necessary part of any building tour also includes touring the...

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Benefits Of A Sublease

  Finding the ideal office space is time-consuming and costly. If you’re faced with a situation where you need to find space quickly, don’t overlook subleasing. A sublease may be the perfect short-term option and may well turn out to be a longer term solution. Listed below are several advantages to sub leasing office space. Sub leases are Short-Term – One major benefit of a sublease is that it’s generally a short-term lease. This allows a company the flexibility of moving somewhere but not committing themselves long-term until they have a better handle on whether...

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How Technology Boosts Commercial Real Estate

Advancements in technology are having a real, positive impact on the bottom line of commercial real estate tenants. While rent costs are fixed, day-to-day office operations have become faster, easier and cheaper to manage. Below are just a few ways to use technology to your advantage and save your company money. Better Control of Utility Costs Technology is making it easier for companies to save money on their utilities. Swapping out incandescent or halogen light fixtures with state-of-the-art LED lights can dramatically reduce energy consumption. LED lights give off less heat so they reduce the...

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