Leasing Office Space – Part 7 of 23 Budgeting and Layout

  • Print Article |
  • Send to a Friend |
  • |
  • Add to Google |

Define Budget and ExpectationsM

Define the building quality, price per square foot and total monthly budget for office space. The office space broker will advise you if your expectations are on realistic. Visit with the tenant rep broker to make sure the amount of office space you are seeking is consistent with your current and projected number of employees.

The density for most American offices is between three and six employees per 1000 ft.² of net rentable space. (The difference between net rentable space and actual space is discussed shortly.)

Layout

The conceptual layout is important unless you're planning to completely demolish and rebuild the office space. This is very expensive. (Demolishing and rebuilding office space will likely cost at least $25-$40 per square foot depending on your location.) Determine whether you are looking for space which is mostly open concept, or which has a large number of smaller or larger offices. This will allow you to cull options that do not fit.

How important are ingress and egress during peak traffic periods? The layout of the site will determine the ease or difficulty of peak traffic access.

Signage

Is signage important? You may need to consider restrictions imposed by the landlord, local government and subdivision deed restrictions. If signage is important, obtain a written copy of all signage restrictions soon after becoming seriously interested in office space. Obtain candid insights from your tenant rep broker regarding signage for the office building.

Parking

Do you require a high amount of parking? (4 or more spaces per 1,000 square feet of space is a relatively high amount.)

The Market Research and Consulting division of O'Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses - multifamily, office, retail and industrial.

This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.

This capacity to research, analyze and interpret market trends and the impact of specific transactions is a major reason for why developers and acquisition experts rely on O'Connor & Associates for market studies, feasibility studies, tennant improvements, rent studies, tax credit studies, evaluating retail space, project design guidance, property performance evaluation and lease audits. O'Connor & Associates is an acknowledged source of trends in real estate investing and market activity.

Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also a registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction. For more information please www.poconnor.com today!

Rate this Article:
  • Article Word Count: 426
  • |
  • Total Views: 57
  • |
  • permalink
  • Print Article |
  • Send to a Friend |
  • |
  • Add to Google |
>