Archive for the ‘General’ Category
Costa Mesa Space Needs – food processing requires Industrial space in Costa Mesa, CA – Rofo.com
food processing requires Industrial space in Costa Mesa, CA
City Costa Mesa, CA Space Size 15,000 to 20,000 sqft. Space Type Industrial
Preferred Move Date 1 February 2010 Company Type food processing Other Requirements gas, electricity, and water Need posted 01/09/2010
San Francisco Space Needs – personal care requires Retail space in San Francisco, CA – Rofo.com
personal care requires Retail space in San Francisco, CA
City San Francisco, CA Space Size 0 to 1,500 sqft. Space Type Retail
Preferred Move Date 1 April 2010 Company Type personal care Other Requirements public transport Need posted 01/09/2010
San Jose Space Needs – spa/skin care requires Retail space in San Jose, CA – Rofo.com
spa/skin care requires Retail space in San Jose, CA
City San Jose, CA Space Size 1,300 to 900 sqft. Space Type Preferred Move Date 1 June 2010 Company Type spa/skin care Other Requirements parking, treatment rooms, sinks Need posted 01/09/2010
Temecula Space Needs – light manufacturing requires Industrial space in Temecula, CA – Rofo.com
light manufacturing requires Industrial space in Temecula, CA
City Temecula, CA Space Size 10,000 to 12,000 sqft. Space Type Preferred Move Date 1 March 2010 Company Type light manufacturing Other Requirements outside area Need posted 01/09/2010
Suite 5511 – Beautiful newly built-out small office. – 185 Berry St – San Francisco Office Space And Commercial Real Estate Listings
Advice on Finding a Retail Space for Your Business
Posted by Catarina 09.16.2008 10:13 AMI am one of the former co-owners of Flicka Boutique on Fillmore Street in San Francisco. We opened our boutique in 2004 and at the time it was quite difficult to find a space. We decided to use a few different brokers to make sure that we saw all the available properties in our target neighborhoods and once we determined the one neighborhood we were interested in, we worked exclusively with one broker.
In retrospect I would have done more research to make sure he was really the best one in that area. We discovered later that there was another broker who really “owned” the street and it would have been much more beneficial for us to have worked with her from the start. Our broker really had to “pound the pavement” to try and find spaces for us because he didn’t have the relationships with the landlords to know the “inside scoop”. We ended up finding our space through a friend, but we would have found it sooner had we worked with the more knowledgeable broker.
Once we honed in on a space, we thought it would be relatively easy to secure the lease, but that was not the case. The landlord refused to meet with us, which made it very hard to sell our concept and convince her that we were the right tenants. Luckily we had a pretty detailed presentation that we presented to the landlord’s broker and in the end she chose us because she liked our idea. Unfortunately we had to wait almost 3 months for her decision, which was definitely very nerve racking since we didn’t have any other options. I would recommend finding more than one space that will work for you because you never know if the landlord will choose you.
I don’t remember there being any major issues with the lease, but we did have a great lawyer who helped us read through all the details. We signed a 5 year lease with an option to renew, which I still believe are the right terms. Unfortunately landlords have a lot of power in San Francisco and in general the leases are more favorable to them. You don’t have a lot of negotiating power when you really want the space and you are competing against other people.
Once we got into the space, we did not use an architect, but hired a great contractor that did many of the stores on our street. He came in under budget and on time, which is quite a feat! I do recommend that you should speak to at least 3 referrals for anyone you hire and when working with a contractor, you should definitely stay on top of all the expenses on a weekly basis.
One last piece of advice is to try not to pay “key money” or additional cash to buy your way into a lease. Key money isn’t always a factor in negotations, but it comes into play during a hot market. There are enough up front expenses to pay: security deposit, remodeling, purchasing inventory etc. that paying key money makes it that much harder to start making money. Lastly, try to stay calm through the whole process because unfortunately you can’t always control the outcome. Determine what you can do: 1) hire the best broker 2) put together a compelling presentation and 3) manage your start-up expenses and then wish for a bit of good luck!
Plenty of office space for Silicon Valley entrepreneurs
Image by Revolweb via Flickr
If your dream is to house your company in a snazzy office–and you have the wherewithal–then you’re in luck. The commercial real estate market is imploding and likely to keep on doing so much of this year. What that means is landlords are ready to negotiate–heavily.
The epicenter of this trend may be Silicon Valley. It’s experiencing the biggest office glut since, well, the last bust. There was more than 43 million square feet of vacant space as of the third quarter, according to Bloomberg. Commercial property foreclosures are expected to double. Approximately 21% of Class A space is going empty.
Since 2007, developers built more than 4 million square feet of speculative office projects. They figured a horde of young companies would want to move from their initial research and development space into bigger digs. That didn’t happen. There’s one office complex, Moffett Towers in Sunnyvale, that has leased only one of its six buildings. And it’s only partially rented space in that location.
But this could also be one of the silver linings of the downturn. What’s bad for landlords tends to be good for tenants. And landlords are getting squeezed by renters asking for discounts of 10% or more.
So, if you want office space, it’s time to pounce. Understand that published rates are complete and total fiction. Ask for all the extras you want–free rent, free renovations, leases of as long or short a duration as you desire, a guarantee that you can keep your rent at the current cheap level for many years. And, if you want to renegotiate your current lease, do that.
Go for it .
Good article for entrepreneurs in Silicon Valley. Will be a renters market for the next couple of years.
Seattle, WA office and warehouse space for rent
Seattle, WA Office / R&D Space Listings
Direct LeaseSeafirst Plaza – Suite 4100Seafirst Fifth Avenue Plaza, 800 Fifth Avenue, Seattle, 98104150 sqft$567 FS
Beaverton Office Space for Rent – Rofo.com
Beaverton, OR Office / R&D Space Listings
Showing 1 – 10 of 70 listings
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Direct Lease
Griffith Park Corp Center #2374900 SW Griffith Drive, Beaverton, 97005
307 sqft
$5,219 FS
Direct Lease
Griffith Park Corp Center #1554900 SW Griffith Drive, Beaverton, 97005
736 sqft
$12,512 FS
Direct Lease
Griffith Park Corp Center #2104900 SW Griffith Drive, Beaverton, 97005
776 sqft
$13,192 FS
Direct Lease
Griffith Park Corp Center #2524900 SW Griffith Drive, Beaverton, 97005
791 sqft
$13,447 FS
Direct Lease
Diamond Park Plaza Suite 1159955 SW Beaverton Hillsdale Highway, Beaverton, 97005
815 sqft
$954 FS
Direct Lease
Griffith Park Corp Center #2754900 SW Griffith Drive, Beaverton, 97005
853 sqft
$14,501 FS
Direct Lease
Twin Oaks Executive Tower #2031865 NW 169th Place, Beaverton, 97006
1,007 sqft
$19,133 FS
Direct Lease
Griffith Park Corp Center #1504900 SW Griffith Drive, Beaverton, 97005
1,162 sqft
$19,754 FS
Direct Lease
Cornell West #1451500 NW Bethany Blvd, Beaverton, 97006
1,812 sqft
$3,407 FS
Direct Lease
Murrayhill Marketplace #29514780 SW Osprey Drive, Beaverton, 97007
2,074 sqft
$3,277 FS
via rofo.com
Manhattan Small Office Space in 2006 – Funny
It is quickly becoming a well-known story: vacancy rates in Midtown Manhattan are going down and rents are going up. If historical trends are any guide, this is only the beginning of a 5-year to 10-year cycle.
All this means that big companies leasing six-figure units of space in fancy new Class A buildings could be spending millions more annually in rent in the course of the next few years.
But the trend could also create a much more precarious situation for small companies paying far less in rent in more modest Class B office buildings: They could be out of their quarters entirely.
Inexpensive prewar buildings — some with outmoded electrical, telephone and cooling systems, single-pane windows and fewer amenities — are disappearing altogether as they are converted into residential condominiums. Also, no new supply is coming to market, as new buildings are built to Class A standards, even in outlying office areas like Hoboken, N.J., and Long Island City, Queens.
Availability of Class B space in Midtown has plunged by slightly more than 900,000 square feet in a year, to about 3.3 million square feet, according to research compiled by Cushman & Wakefield, the real estate brokerage firm.
What is left is being upgraded and taken by higher-paying tenants. This is putting the squeeze on small office renters in Midtown and Midtown South. Their rents could double or triple in the next couple of years, according to several brokers who represent tenants in the commercial office market.
In the last few months, smaller office users who are expecting to move have watched the supply dwindle.
Chris Capra is the director of Lotus Public Relations, a seven-person firm currently occupying 850 square feet in the Lincoln Building, at 60 East 42nd Street, directly across 42nd Street from Grand Central Terminal. Because the lease is going to expire in three months, Mr. Capra has been looking for new space. Even if the company could stay put and absorb the rent increase, there is no room to expand, because the building is almost completely occupied.
“We’ve noticed a lack of small space in the market, especially in Midtown,” Mr. Capra said. He is looking for about 1,500 square feet but is not finding blocks of much less than 2,000 square feet in Midtown. “And compared to a couple years ago, rents have really increased.”
According to figures compiled by Newmark Knight Frank, another brokerage firm, tenants using less than 6,000 square feet occupy 90 percent of all space in Manhattan. Seventy-five percent of Manhattan’s office tenants need less than 2,250 square feet.
Yet, the incentive for owners of traditional Class B office buildings is to combine and renovate space to capture higher rents. Consequently, the availability of affordable Class B space in the greater Midtown market continues to dwindle.
“We embarked on a program to upgrade all of our Class B buildings in 2002,” said Anthony E. Malkin, a principal owner of W&H Properties, which owns the Lincoln Building.
Mr. Malkin explained that lots of small spaces result in long hallways (which require upkeep and do not generate revenue), and each space needs its own electrical and air-conditioning systems.
Now that Class B buildings can get more than $40 a square foot, it has become even more profitable to upgrade and consolidate. The average rent is $37.72 as of midyear, compared with $35.15 a year earlier, according to Cushman & Wakefield.
APF Properties is a much smaller private real estate firm that specializes in buying Class B buildings and upgrading them. “There’s less space, more people looking, and that is a nationwide trend,” said Berndt Perl, one of two principal owners of APF Properties. “But in Manhattan, that trend is more pronounced.”
APF has already repositioned 1156 and 1414 Avenue of the Americas, where asking rents are $49 a square foot, well above the average for a typical Class B building. The firm is about to close on the purchase of 24 West 57th Street; it will be renovated and smaller spaces will be combined to maximize efficiency.
For smaller Class B tenants and the brokers who represent them, however, all this activity in the greater Midtown market is becoming untenable. Josh Dionne, senior managing director of Ellman Realty Advisors, a firm that represents tenants only, is counseling his Class B clients to start looking 18 months to two years before a lease is set to expire and to negotiate on several spaces at once, knowing that there will be competition for it.
“And if someone has three years left and needs room to grow, I recommend to my clients to get out of the Midtown market if you don’t need to be there,” Mr. Dionne continued. “Sublet your space because that’s a strong market, and find where you want to be and move there now.” Options include Lower Manhattan, the garment district and Long Island City.
Some tenant representatives do wonder if the Midtown market might become too unbalanced.
“I don’t know if a market should be so dependent on tenants that can pay a premium to be there,” said Marcus J. Rayner, a principal of Cresa Partners, another firm that represents tenants. “Putting all your eggs in one basket — is that a scary thing? Probably is.”