Wednesday, November 29, 2017

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You Don’t Need to Rent as Much Office Space as You Think! https://t.co/gZXNe6XsBc https://t.co/FeGLBfhG3W


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You Don’t Need to Rent as Much Office Space as You Think!

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don't need too much office spaceWhen trying to reduce their office space rent costs many companies focus too much on only getting the lowest rental rates possible. What they seem to overlook is the fact that they don’t actually need as much office space as they think. 

If more companies would shift their focus to the actual square footage that they need and how efficiently the space could be built out and used they would be able to generate significant costs savings. 

Depending on the market you are in you may not have as much leverage in rent negotiations, however what you do have complete control over is the amount of space that you rent.

Efficiency is Key When Renting Office Space

Even in a down market where rental rates are low it’s still important to avoid leasing too much space. Before you begin looking for space consider doing a thorough space evaluation and determine your ideal layout, as well as how you will use the space. After being interviewing about your current and future needs and use a good space planner or architect can create a program for you to help you determine the exact size space you need.

Think about the job functions and needs of each employee. If you spend some time in the planning phase you will uncover some ways to reduce your office space size and still maintain productivity in a smaller space. Also if you reduce your size you might find that you can now afford a nicer class A office space.

When you are ready to find and rent office space you absolutely want to find the best location and negotiate the lowest rental rate possible. However don’t forget that you have more control over how much space you rent. Don’t get caught in the moment and lease more space than you really need.

The post You Don’t Need to Rent as Much Office Space as You Think! appeared first on Austin Tenant Advisors.

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Tuesday, November 28, 2017

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Virtual Reality Changing How We View Commercial Real Estate https://t.co/u8nUtmwtCB https://t.co/H3P77lbFm2


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Virtual Reality Changing How We View Commercial Real Estate

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virtual reality in commercial real estateWhen looking for commercial real estate to lease or purchase how many hours have you spent looking at office space photos or physically touring the spaces? If you have been in the commercial real estate business as long as I have or are a company that has leased a few commercial properties you have probably spent many hours looking at commercial spaces before deciding which one is right for your business. Well Virtual Reality is about to change all that.

What is Virtual Reality?

Virtual Realty (VR) is a computer generated technology that allows you to see 3 dimensional images or environments that you can seemingly or physically interact with using headsets, glasses with a screen inside, or other electronic equipment. Virtual reality is currently known more for the gaming industry however some companies are testing the new technology in residential and commercial real estate

Virtual Reality Technology and Commercial Real Estate

Current marketing practices for properties of most commercial real estate companies is by posting videos, photos, and flyers on the internet for people to see their commercial spaces that they have available for lease or sale. For the tenant or buyer the only way to get a real feel for the property is to physically see it. With VR the prospect may not even have to be in the same zip code of the property to see it. From their office or home they can put on the VR glasses and feel like they are physically in the space.

If it works out using virtual reality in commercial real estate can be a game changer and make previewing commercial spaces much easier and faster. VR will change the way commercial tenants do their commercial property site selection and planning before having to physically tour commercial spaces. This will also be a great tool for investors looking to buy commercial investment properties in different cities, states, or countries.

There are some major steps to climb however as the VR technology gets better more and more commercial real estate companies will experiment with ways to improve their ability to lease and sell properties. There may not even be a need to visit some commercial properties before leasing or buying them as you will be able to see everything you need to see by just putting on some VR glasses. You can even buy or lease space across the country.

With VR these CRE firms will be able to actually PUT a potential buyer or tenant in the space, enabling them to look around and get an idea of what it would be like to occupy and work in the space. Then within an instant the prospect could be PUT into another property for viewing. VR has the ability to capture the attention of prospects for up to 5 minutes or longer.

Other uses for virtual reality in commercial real estate will be to see raw land, touring to be built properties, looking at building interior mockups, etc. And all this can be done without having to spend money on travel back and forth. 

Seeing Commercial Spaces with VR Can Save Time and Money

Most decision makers have a lot on their plate and having to fly or drive across the country to look at multiple locations is very time consuming. However by being able to virtual tour commercial spaces they will be able to view spaces across different cities all within minutes thus saving valuable time. 

Also when touring spaces it can be hard to envision how it would work for your company once it’s finished out with a different layout, furniture, etc. VR will allow tenants to view sample floor plans so they can see what an unfinished space would look like after the build-out is completed.

I don’t think that physical tours of commercial spaces will go away however virtual reality will cut down on the time needed to physically tour them. VR is still new and the cost cost and expertise is high which will making adopting the use of VR slow. However as the costs go down you will eventually see more commercial property owners using it so that buyers and tenants can more easily view their spaces.

 

 

The post Virtual Reality Changing How We View Commercial Real Estate appeared first on Austin Tenant Advisors.

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Monday, November 27, 2017

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Centennial Towers Office Space – 505 E Huntland Dr Austin Tx 78752 https://t.co/tCxrF6IpzU https://t.co/sXC0VDFDQN


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Centennial Towers Office Space – 505 E Huntland Dr Austin Tx 78752

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centennial towers austin txCentennial Towers office building is located in North Central Austin at 505 E Huntland Drive. If you are looking for a Class A building with value oriented rates this is the place. 

If you are interested in leasing Austin office space at Centennial Towers give us a call at 512-861-0525

Building Size – 156,293 RSF

Building Height – 6 stories

Typical Floor Plate – 26,048 RSF

Parking – Parking ratio 4/1,000 sf. Garage parking available

Amenities – Building conference room, fitness Center with showers, steam room, and lockers

Walking Distance To – Several restaurants, ACC Highland Mall Campus, commuter rail, and public transportation

Transportation – Easy Access to IH-35, Hwy 290, and US Hwy 183. 10 minutes to downtown Austin. 

For rates and info on available spaces give us a call and we will help you find the perfect office space at Centennial Towers in North Central Austin

The post Centennial Towers Office Space – 505 E Huntland Dr Austin Tx 78752 appeared first on Austin Tenant Advisors.

What is a HUBZone and How Do I Find Out Where They Are? https://t.co/uiOLUDVa54 https://t.co/GXPvC1fkmd


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What is a HUBZone and How Do I Find Out Where They Are?

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hubzone austin tx

HUBZones (Historically Underutilized Business Zones) are programs created by the Small Business Administration (SBA) to help companies expand and grow in economically distressed communities by promoting job growth, economic development, and capital investment. They do this by providing small businesses that operate and employ people in these  economically challenged communities contracting opportunities that they would not otherwise have access to. The federal government’s goal is to award 3% of federal contracts to companies that operate in HUBZone map locations

If you need to buy or lease Austin commercial real estate in a HUBZone give us a call at 512-861-0525 and we can help you find the right space for your business.

Criteria to Qualify For HUBZone Designation

  1. Must be a Small business based on NAICS (North American Industry Classification System)
  2. U.S. Citizens must own at least 51% of the business
  3. The main head quarters must be located in a HUBZone
  4. 35% of the businesses employees must live in the HUBZone

Where are Hubzones in Austin Texas Located?

In Austin you will find most of the Hubzones in Central Austin, East Austin, Northeast Austin, and Southeast Austin. If you are a business that is looking to take advantage of the Austin HUBZones then you will want to make sure you focus on the areas outline in the photo or if you enter your city or specific address you will be able to see if your ideal location falls within the HUBZone in Austin, Texas

If you need help finding Austin commercial office spaces for lease or purchase in a HUBZone feel free to contact us for help.

The post What is a HUBZone and How Do I Find Out Where They Are? appeared first on Austin Tenant Advisors.

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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Sunday, November 26, 2017

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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Saturday, November 25, 2017

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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Friday, November 24, 2017

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Thursday, November 23, 2017

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Renting commercial space will be one of your largest expenses when running a business so it’s important that you know what to negotiate https://t.co/5nCgxORNCL


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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Wednesday, November 22, 2017

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Are you interested in getting on Shark Tank? Check out this post that has all of the questions ever asked by the Sharks https://t.co/XOenPZAxUZ https://t.co/7HQ3fX291w


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Renting commercial space will be one of your largest expenses when running a business so it’s important that you know what to negotiate https://t.co/5nCgxOAceb


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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOt4S8e


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Tuesday, November 21, 2017

Cityline at MLK Station East Austin Office Space For Rent – 2900 E Martin Luther King Jr… https://t.co/00VPmP4jP5 https://t.co/SI8VGo9GoM


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Cityline at MLK Station East Austin Office Space For Rent – 2900 E Martin Luther King Jr Blvd

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cityline at mlk stationCityline at MLK Station is a creative office building located in East Austin at 2900 E Martin Luther King Jr Blvd. If you are interested in leasing office space in East Austin at Cityline give us a call at 512-861-0525

Building Size – 181,000 RSF

Creative Office Space – 134,000 RSF

Ground Floor Retail – 11,000 RSF

Residential – 36,000

Typical Floor Plate – 3,530 to 35,000 RSF

Parking – Parking ratio 3.5/1,000 sf. 

Amenities – Dog friendly office space, MLK Jr MetroRail Stop, Bike storage, outdoor space with free wifi, rooftop terrace, showers, 

Transportation – Minutes to downtown, UT, and Dell Med Center and tenants can use the onsite MetroRail stop

Ckityline at MLK was designed for tenants who seek creative office space with designs such as  open ceilings and stained concrete floors. This amazing location will make it easy for your employees to take advantage of Austin’s public transportation whether you want to go to visit office tenants at Domain 11 or in Downtown Austin.

For rates and info on available spaces give us a call and we will help you find the perfect creative office space in East Austin at Cityline. 

The post Cityline at MLK Station East Austin Office Space For Rent – 2900 E Martin Luther King Jr Blvd appeared first on Austin Tenant Advisors.

Domain 11 Office Space for Rent – 3110 Esperanza Crossing Austin Tx 78758 https://t.co/lCyklqKG21 https://t.co/te8SoFWjFG


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Domain 11 Office Space for Rent – 3110 Esperanza Crossing Austin Tx 78758

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office space for rent domain 11 austinDomain 11 Office Building is located in North Austin at 3110 Esperanza Crossing. If you are interested in leasing Austin office space at Domain 11 give us a call at 512-861-0525

Building Size – 315,862 RSF

Building Height – 15 stories

Typical Floor Plate – 33,396 RSF

Parking – Parking ratio 4/1,000 sf. Garage parking on levels 1-6

Amenities – Fitness Center with showers, Bike storage, jogging trails, 18,000 sf of outdoor park space, floor to ceiling windows

Walking Distance To – Whole Foods, Archer Austin hotel, Rock Rose Blvd

For rates and info on available spaces give us a call and we will help you find the perfect office space at the Domain in Austin, Tx.

The post Domain 11 Office Space for Rent – 3110 Esperanza Crossing Austin Tx 78758 appeared first on Austin Tenant Advisors.

Domain 12 Office Space For Rent – 3110 Esperanza Xing https://t.co/DMu0dV0ZpJ https://t.co/KpzELJKD5R


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Domain 12 Office Space For Rent – 3110 Esperanza Xing

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domain 12 office space for rent Austin TxDomain 12 Office Building is located in North Austin at 3110 Esperanza Xing. At 17 stories It will be the tallest office building at the Domain. If you are interested in leasing office space at Domain 12 give us a call at 512-861-0525

Building Size – 320,102 RSF

Building Height – 17 stories

Typical Floor Plate – 33,405 RSF

Parking – Parking ratio 3.8/1,000 sf. Garage parking on levels 1-8

Amenities – Bike storage, Showers, jogging trails, 35,000 sf of outdoor park space

Walking Distance To – Whole Foods, Archer Austin hotel, Rock Rose Blvd

For rates and availabilities give us a call and we will help you find the perfect Domain office space.

 

 

The post Domain 12 Office Space For Rent – 3110 Esperanza Xing appeared first on Austin Tenant Advisors.

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How Much Does it Cost to Use a Tenant Representation Broker?

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Costs to Consider When Buying Commercial Real Estate Property https://t.co/9WPVQ3qECa https://t.co/Sdhd1lMtJ5


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Costs to Consider When Buying Commercial Real Estate Property

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costs to buy commercial propertyWhen purchasing commercial property you will incur other costs in addition to the actual sale price. Below are a few costs to consider that you will have to pay during the due diligence period before the closing and costs incurred during the actual purchase process.

  • Phase 1 Environmental – This is an environmental report on the commercial property. Typically the commercial buyer pays for this. The cost typically run between $1,500 and $2,500 for good locations. For poor property sites the costs could be even more.
  • Appraisal – When borrowing money from a bank they will require that you get an appraisal done. Buyers typically pay for the commercial appraisal. Depending on the size of the property they can start at around $2,000 and go up from there.
  • Survey – If there is no existing survey a buyer would want to have one created. The cost depends on the size of the land & improvements and is typically paid for by the buyer, however in some cases you can get the seller to reimburse for part of the cost. As an example for a 5 acre commercial property it would be $5,000 to $7,000.
  • Loan Origination Fees – If you are purchasing the commercial real estate property via a bank loan you might be required to pay a loan origination fee. This is typically 1/2 to 1% of the loan amount. Depending on the size and terms of the loan there maybe other lender fees as well.

If you have not purchased commercial real estate before it would be a good idea to get help from a commercial real estate broker. They can help you navigate the process of buying and selling your commercial property and give you valuable market information. There are also other things you need to know when buying commercial real estate

If you have any questions about this don’t hesitate to give us a call.

The post Costs to Consider When Buying Commercial Real Estate Property appeared first on Austin Tenant Advisors.

What Costs to Expect When Budgeting Commercial Office Space Build-Out https://t.co/MStzGGkysK https://t.co/vvxycreM5k


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What Costs to Expect When Budgeting Commercial Office Space Build-Out

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commercial office buildout budgetBefore signing a commercial office space lease it’s important that the tenant or the landlord get a preliminary construction bid to see how much the tenant improvement allowance will cover and how much out of pocket (if any) the tenant has to come. This way there are no surprises later and the tenant does not spend more than they were prepared to spend.

Major categories that go into a preliminary commercial finish out bid and their percent of total costs

  • Hard Costs – Will be 75% to 85% of your construction budget. They will always be the largest piece because they include the actual construction of the space and the costs depend on the size of the space and quality or level of finishes. They typically cover the mechanical, electrical, plumbing, paint, flooring, drywall, doors and windows, and framing.
  • Soft Costs – 8% to 12% of total costs. Are things such as architectural fees, legal fees, engineering fees, TAS ADA review, permit expediting, reimbursables. Typically easier to estimate than hard costs
  • Vendor Costs – Typically 5% to 10% of total budget. Items such as furniture, data and phone cabling, security, moving, and signage costs are vendor costs. It can sometimes be negotiated to have the tenant improvement allowance cover these items however typically the tenant pays for them.
  • Contingency Allowance – 5% to 10% of budget. The reserve of money that is added to a project budget to cover unforeseen expenses and changes. Also covers scope creep which are items that are added after the fact.
  • Project Management Fee – This ranges between 3% and 5% of total costs. Project managers help you mange the project, help with the schedule, budget, and quality of project.

Those are the primary categories and percentage of costs. To see the average sf price for tenant finish outs go here.

 

 

The post What Costs to Expect When Budgeting Commercial Office Space Build-Out appeared first on Austin Tenant Advisors.

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How and Where to Find Commercial Real Estate Listings

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how to find commercial real estate listingsWhen you own or manage a business at some point you will to need to find commercial real estate listings for lease or sale. Depending on the city you are in finding commercial real estate can be difficult especially in large metropolitan areas where there can be multiple thousands of commercial buildings and spaces.  For example there are over 3,000 Austin commercial real estate property listings with over 6,000 spaces. If you need help finding commercial space in Austin give us a call 512-861-0525.

Most companies that need business space fall into one or more of the categories below:

  • Local Start up or new business needing space for the first time
  • Existing local company that needs to expand and/or relocate
  • Out of town company looking to open a satellite office in a new city
  • Out of town company looking to relocate head quarters to a new city

If you are not familiar with the city you need space in you may not know where to find commercial real estate listings that are right for your business. Of course you will see for lease signs on every street corner however how do you know if those particular buildings have the size, layout, and pricing that meets your needs? The only way to find out is if you call and email every commercial real estate listing agent, which can take many hours of your time.

How to Find Commercial Real Estate

  1. The best way to find commercial real estate is to hire a local commercial real estate agent that specializes in the type of space that you are looking for. A tenant representative or buyers rep can save you a ton of time and their services typically don’t cost you anything as they split a commission that is already being paid to the landlord agent. Their fiduciary duty is to help you ask all the right questions, find the right space, and negotiate the best deal. Once you tell them about your companies space needs they will do all the work to find commercial space which would include calling all of the landlords in your desired area to ensure that what they have listed is still available, confirm pricing, gather floor plan, schedule tours, etc. They will then present you information on only those spaces that meet your ideal location, size, timing, and budget.
  2. Search on your own or have one of your employees search for space by driving around calling on for lease signs or searching the internet. You can certainly go this route however keep in mind the time and effort that you will be spending doing this on your own. Especially if you are not familiar with the area or not sure what questions to ask the landlords. 

commercial real estate listings austinWhere Can I Find Commercial Real Estate Listings

Over the past few years there have been a lot of online commercial real estate listing sites pop up that are basically lead magnets. The data is almost always outdated or they leave out important listing details like whether a property is full service or a triple net (NNN) lease which causes a lot of confusion for tenant and buyers. They can sometimes be a good place to start however don’t assume the data is correct until you confirm it with an agent. Below are a few of these websites. 

  • Loopnet
  • rofo
  • 42floors
  • thesquarefoot
  • realmassive
  • suitedeals
  • cityfeet
  • officespace . com
  • craigslist office and commercial
  • commercial search . com

If you plan on searching online for listings then Loopnet is probably your best bet. However keep in mind the data can be misleading. I once had someone tell me they found a great retail space on Loopnet that was only $35 sf in downtown Austin. Not until after they signed a lease they found out that in addition to the $35 sf they also had to pay $15 sf for the operating expenses or NNN. This was a costly mistake that cost them thousands.

If your going to do this on your own make sure you do your homework and ask all the right questions to ensure you don’t make costly mistakes. Otherwise consider hiring a commercial real estate finder that will listen to your needs, find you the right space, help you negotiate the best deal, and ensure you avoid making costly mistakes.

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Monday, November 20, 2017

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Are you interested in getting on Shark Tank? Check out this post that has all of the questions ever asked by the Sharks https://t.co/XOenPZAxUZ https://t.co/HlDnMU8IOo


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Amazon’s Purchase of Whole Foods Validates Relevance of Brick and Mortar Retail Stores https://t.co/yTtRJhrmCK https://t.co/aT81Sfs0v3


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Amazon’s Purchase of Whole Foods Validates Relevance of Brick and Mortar Retail Stores

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us retail sales quarterlyAccording to the Census Bureau of the Department of Commerce online retail sales (E-commerce sales) in the 3rd quarter of 2017 accounted for 9.1% of Total retail sales in the U.S. Additionally E-commerce sales increased 3.6% from the prior quarter (Q2 2017) AND had a 15% increase from the same quarter a year ago (Q3 2016). Compare that to a total retail sales increase of 1.1% and 4.3% respectively.

Does that mean the death of brick and mortar stores?

Not according to retail giants Target, Walmart, and yes, Amazon. Traditional retail brick and mortar stores will have a lot of work to do to meet the demands of modern shoppers however it seems that retail space real estate will remain at the heart of retailing for a long time. To continue to grow online platforms such as amazon must deal with high transportation costs that are incurred with free delivery offers and free returns.

According to hospitality and retail advising firm, IHL Group more new stores will open then close this year, especially from discount retailers such as T.J. Maxx and Marshalls.

  • Target – they have opened and have plans to open over 130 smaller format retail stores by the end of 2019
  • Walmart – they have slowed their expansion however continue to open smaller format stores and are leveraging their over 4,000 brick and mortar stores to support its E-commercial business. They are also working on giving their customers more in-store experiences.
  • Amazon – Why would Amazon purchase Whole foods with over 460 stores? Maybe this validates the relevance of having brick and mortar stores.

Online retail sales still continue to have double digit year over year growth however at the end of the day consumers still like the convenience of walking into a store. While the stores maybe shrinking in size they won’t be going away anytime soon. If that were the case why would Amazon purchase Whole Foods?

 

 

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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Sunday, November 19, 2017

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Renting commercial space will be one of your largest expenses when running a business so it’s important that you know what to negotiate https://t.co/5nCgxORNCL


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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Saturday, November 18, 2017

Are you interested in getting on Shark Tank? Check out this post that has all of the questions ever asked by the Sharks https://t.co/XOenPZAxUZ https://t.co/9V2r9hQC8T


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Renting commercial space will be one of your largest expenses when running a business so it’s important that you know what to negotiate https://t.co/5nCgxORNCL


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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Friday, November 17, 2017

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Renting commercial space will be one of your largest expenses when running a business so it’s important that you know what to negotiate https://t.co/5nCgxORNCL


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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Thursday, November 16, 2017

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Renting commercial space will be one of your largest expenses when running a business so it’s important that you know what to negotiate https://t.co/5nCgxORNCL


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One of the biggest mistakes I see companies make when renting warehouse space is that they start their search too late https://t.co/hTlLOsNhgG


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Wednesday, November 15, 2017

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What is the Definition of Tenant Improvements & Build out?

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tenant improvements definitionTenant improvements, also known as Leasehold improvements are the custom interior finish outs a landlord or tenant makes to a commercial rental space (office, retail, or warehouse space). The amount build out to be completed or the tenant allowance needed to do the tenant improvements is typically negotiated up front between the landlord and tenant and is part of the overall commercial lease agreement.

Before signing lease it’s important that you understand what the tenant improvements will cost because landlord will agree to only cover the cost of $xxx amount. If you are a new business you want to keep your costs low so you may want to find a space that does not need much interior finish out work. Depending on the spaces previous use the space could need A LOT of work or not much work at all to suit your needs. They key is however to get a preliminary  construction bid before signing a lease so you have an idea of what the finish out cost will be AND how much of the tenant improvements the landlord is willing to pay for.

Also, as you plan your tenant improvements it’s important that you consider the company’s culture and how it will use the space. According to furniture company, Homes Direct 365 first impressions are everything. For both your current and future employees and clients. Branding in your entry ways, reception areas, and conference rooms are important and the use of furniture pieces, accent colors and lighting elements will help you emphasize your brand.

How Much Will Tenant Improvements Cost?

The cost of tenant improvements and the time needed to do them depends on the existing condition of the space. If it’s in shell condition (meaning it’s a brand new space that has never been built out) then the tenant improvements will be more expensive and take at least 3-4 months depending on the city you are in. If it’s 2nd generation space (meaning the space has been finished out and occupied before) it will typically cost less to do the tenant finishes and won’t take as long to do them. Now if you are completely changing everything in a 2nd generation space then then obviously the cost and time will increase.

definition of tenant improvements & build outWhat May be Included in Interior Commercial Tenant Finish Outs?

  • Demo or remove existing walls
  • Build or construct new sheet rock walls
  • New flooring such as carpet, laminate, or hardwood floors
  • New paint
  • New blinds
  • Electrial
  • Plumbing
  • HVAC (heating ventilation air conditioning)
  • Disability changes or upgrades
  • New dropped ceiling or exposed ceiling
  • Windows next to office doors called side lights
  • Anything else previously negotiated with the landlord

What is Not Typically included in Tenant Build Outs?

  • Proprietary trade fixtures
  • Office Furniture
  • Above standard upgrades
  • Building exterior signage
  • Etc
  • Data and phone cabling

Tenant improvements are required in most commercial spaces as it’s very rare that you find a space that meets your needs exactly. Some sort of interior build out will typically be needed. It’s important that you negotiate a favorable tenant improvement allowance with the landlord so you can minimize your out of pocket costs to cover the rest. Consider hiring a good architect that can help you determine what tenant finish outs you want to do. 

If you have any questions about tenant interior build outs don’t hesitate to give us a call. 

The post What is the Definition of Tenant Improvements & Build out? appeared first on Austin Tenant Advisors.

Austin Houses & Homes Rented for Commercial Space

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house used for commercial space austinSome companies that lease commercial space in Austin, Tx prefer to rent space in an old commercial house or home typically because they don’t like the corporate feel of a professional multistory office building. Before doing this it’s important to confirm that the house is zoned for commercial use otherwise they could be asked to move out even if they purchased the building or signed a long term lease. Finding an old house zoned for commercial use in Austin is not easy to find and renting them does have advantages and disadvantages. Most of the old houses have a lot of quirks and typically require more tenant or owner management than a traditional multi-tenant office building. Before deciding to lease a commercial house it’s important that you determine what sort of culture you want your company to have. What type of employees will you be recruiting? Depending on the type of industry you are in it could be hard to recruit employees (especially executive level) if you rent a commercial home. Renting old houses for commercial use is not for everyone. Below are a few advantages and disadvantages that you should consider before doing so.

commercial houses in austinWhere are Commercial Houses in Austin Typically Found?

Commercial houses in Austin, Tx are typically found in / around the central business district (aka around dowtown and central Austin). Depending on the location they can be used for office space or retail space. You can sometimes find them in suburban areas however in Austin it’s not as likely.

Advantages of Renting a House Used for Commercial Space

  • Having your own entrance makes it easier to access then having to enter into a common area lobby, go up an elevator, etc.
  • You don’t have to pay for common area like you do in a multitenant commercial building
  • Commercial homes feel more laid back then professional building
  • You typically have more flexibility in how to decorate and personalize the space
  • You get to park right in front of your commercial house
  • You will have your own bathroom
  • You pay your own electric which means if you work a lot of after hours you won’t incur hourly HVAC fees like you do in a traditional building.
  • They typically have a cool eclectic vibe

Disadvantages of Leasing a Commercial House

  • You might be responsible for maintaining the lawn
  • You will have your own bathroom to clean 🙂
  • Landlords typically ask that you maintain and repair if needed the HVAC units
  • Very expensive to modify. In a traditional office the sheetrock walls only go to the ceiling grid making it easy to remove and/or add walls. In an old house many of the walls are load bearing making it expensive to remove them.
  • No expansion space. In a multi-tenant building you may have an opportunity to lease more space if needed. In an old commercial home if your company grows your only option would be to relocate.
  • The house has to be commercial zoned for you to be able to rent it for commercial use

Those are just a few things to consider when leasing an old commercial house in Austin, Tx. If you need help finding office space in Austin feel free to give us a call at 512-861-0525

The post Austin Houses & Homes Rented for Commercial Space appeared first on Austin Tenant Advisors.

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Tuesday, November 14, 2017

Are you interested in getting on Shark Tank? Check out this post that has all of the questions ever asked by the Sh… https://t.co/9js3C9PHxX


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Monday, November 13, 2017

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What is Commercial Real Estate?

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what is commercial real estateWelcome to the exciting world of commercial real estate! you know more about it than you realize. Do you shop? Do you enter office buildings? Do you live in an apartment? Perhaps you own or rent warehouse space, retail, or office space?

Unlike residential real estate, which is based upon personal desires, commercial real estate is leased or purchased by businesses who select the space they do because it is right for their business. Is there a reason a grocery store wants to be on a certain corner? Why do all the drugstores seem to be near each other? Why is their a Burger King next to every Mcdonald’s? Is one corner better than another? Is the location of the skilled labor pool critical for a large manufacturer? The answer to all of these questions is Yes!

The term commercial when referring to real estate can mean different things in different places. Most people use the term to refer to nonresidential property. In some cases, the brokerage of large multifamily properties such as apartment complexes, is included as part of commercial real estate because the brokerage is considered investment sales. The purchaser is typically an institutional investor, such as a  pension fund, real estate investment trust (REIT), or a life insurance company.

In commercial real estate, there are even more avenues and more distinct types of avenues than in residential real estate. The following are some of the major categories of commercial real estate.

  • Land
  • Retail 
  • Office Buildings
  • Industrial & Warehouse Developments
  • Institutional
  • Investment
  • Resort/Recreational
  • Multifamily properties
  • Special Use Properties (e.g. Churches)

Keep in mind that these categories overlap and there can often be sub-specialties within each category. If you would like to know about the Austin commercial real estate market feel free to give us a call.

 

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