Leasing Office Space – Part 6 of 23 Defining your Office Requirements

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After selecting the general location or submarket for your office space, you need to consider prospective locations that fit your criteria. Make sure both you and your tenant rep broker understand your criteria. For example, if you are seeking the luxurious office space with an incredible view for less than $10 per square foot, it's not likely to happen.

Following are some other criteria that need to be determined prior to identifying buildings that are options for your office space:

Total amount of office space (square feet)
Amount of contiguous office space
Building quality
Target rent per square foot
Monthly budget for office space
Conceptual layout
Term of lease
Ingress and egress
Amount of parking
Type of rental rate (gross, modified gross, NNN, etc)

In most cases, the amount of office space and the amount of contiguous office space will be the same. However, in some cases, the space requirement will exceed what is available in a contiguous block of space. In this scenario, you should select the amount of space which must be contiguous prior to identifying office space options.

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 research, market studies, feasibility studies, rent studies, tax credit studies, 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!

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