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Most corporate real estate leases consist of several dozen pages and in some cases upwards of a hundred pages or more. A lease abstract is a 1 or 2 page snap-shot of your lease in an easy to read format. The process involves reading through your entire lease and abstracting pertinent information. Some examples of extracted information include the following:
• Date Lease Signed
• Date Lease Expires
• Length of Term
• Current Rate Being Paid PSF
• Escalation Clause
• Termination Options
• Security Deposit
• Penalty Fees If Any
• Renewal Options
• Contraction & Expansion Options
• Rental Schedule
Showing a current rental rate schedule is one of the most important aspects of a lease abstract which shows your current rental rate and projects out the future annual rates. Once you know and understand your rental schedule you can compare to the market and determine if you are paying more than you should.
Also, a lease may have multiple addendums making the entire process complicated and ideal for using a professional. If you are concerned about your lease, or if you are in the market for new office space, please consider having my team help you with your search.
I look forward to hearing from you!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Conditions in the Detroit industrial market continued to weaken during the first quarter of 2010. Total net absorption was negative for the sixth consecutive quarter as nearly 1.7 million square feet were put back on the market. The vacancy rate increased to 20.0%, the Detroit industrial market high on record since 2000. The average asking rent fell to its lowest point on record to $4.02/sf from $4.04/sf reported during the fourth quarter of 2009. Average asking rents in the Detroit industrial market have remained in the $4/sf to $5/sf range for the past eight years.
The Groesbeck submarket was one of the few to post positive absorption during the first quarter as 151,772 square feet were taken off the market. Total net absorption in this market has remained positive for the past three quarters. The vacancy rate fell to 14.4% from 14.6% during the fourth quarter of 2009 and remained above 13.3% reported one year ago. Rents were steady at $3.82/sf in the first quarter, and were down from $4.19/sf reported one year ago.
Click here for a PDF download of Newmark Knight Frank's Detroit INDUSTRIAL Market Report - 1Q10.
For Further Information Contact researchdepartment@newmarkkf.com
Check back often, enjoy my blogs and please leave comments!
Regards,
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Weakening conditions prevailed in the Detroit office market during the first quarter as the vacancy rate rose to 24.7% from 24.2% in the fourth quarter of 2009. The vacancy rate has remained above 20.0% for over three years. Total net absorption was negative for the ninth consecutive quarter as 418,407 square feet were returned to the market.
Average asking rents declined slightly in the first quarter to $19.63/sf from $19.67/sf in the fourth quarter and were down 1.7% from $19.97/sf reported one year ago. Rents have declined 15.3% from $22.63/sf, the peak during the fourth quarter of 2000.
In the Detroit/The Pointes submarket, the vacancy rate rose To 23.6% from 21.9% in the fourth quarter of 2009, as 407,083 square feet of negative net absorption took place. Average asking rents rose for the third consecutive quarter to $19.51/sf from $19.23/sf in the fourth quarter, and remained higher than the $18.77/sf rate reported one year ago.
Click here for a PDF download of Newmark Knight Frank's Detroit Office Market Report - 1Q10.
Check back often, enjoy my blogs and please leave comments!
Deepest Regards,
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Maybe you've heard of the term Employee Scattergram or maybe you haven't, but in your search for new office space knowing where your employees live in relation to your office location may be one of the most important things you know. I've heard it said that "the drive to work is the number one reason why many people quit their jobs!" Having a quick commute to work can be just as an important fringe benefit as health benefits or retirement savings.
The way an Employee Scattergram works is fairly simple:
- Gather all employee zip codes
- Utilizing a mapping program enter all individual employees
- Create radius circles around the centered cluster of employees
- Radius circles should be 5, 10, and 15 miles in circumference
- Your ideal office location would be based in the center of how employees are grouped
- In some cases ownership and management locations may influence the decision more so than that of centered employee groupings
The location information of where your employees live will help determine where your search for new office space should start or be centralized. Good luck!
If you're in the market for new office space, please consider having my team help you with your search.
I look forward to hearing from you!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Hi everybody!
I am representing a client looking to lease office/flex/industrial space:
- Size: 1,500 to 2,500 SQ FT
- Type: Office Space
- Timeframe: Immediate
- Location: Beverly Hills, Lathrup Village, Berkley Areas
Please forward any opportunities that you may have available to:
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
In late July 2009, Geographic Information Services, Inc. (GIS), an Alabama based company, retained Jason Tucker as their tenant agent to represent them in a transaction for the lease of office space in the I-275 & I-696 corridor area of Michigan.
The requirement involved reviewing several available suites ranging from 1,000 to 2,000 SQ FT of office, flex and research and development space. After months of due diligence and negotiations with various landlords, and working in a long-distance capacity, Jason found the ideal space that would allow GIS to grow and expand their presence in the Michigan area.
GIS's new Michigan office address is:
Geographic Information Systems, Inc.
38345 West Ten Mile Road, Suite 160
Farmington Hills, Michigan 48335
To learn how Jason can help your company with your next office selection, please feel free to contact him at 248-431-8138 or via email jtucker@newmarkkf.com.
Check back often, enjoy my blogs and please leave comments!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
In late January 2009, SimuQuest, Inc., issued the challenge to Jason Tucker to find the perfect office space for their growing company in Ann Arbor, Michigan.
The requirement entailed being in close proximity, walking distance, to the downtown business district of Ann Arbor, Michigan, the space needed to include office furniture, have room to grow, and be affordable. The search included several available suites ranging from 1,000 to 1,500 SQ FT of office and research and development space. After months of due diligence and negotiations with various landlords, a lease was signed and SimuQuest moved into their new home in April 2009.
SimuQuest's new address is:
SimuQuest, Inc.
564 S. Main Street, Suite 201
Ann Arbor, MI 48104
To learn how Jason can help your company with your next office selection, please feel free to contact him at 248-431-8138 or via email jtucker@newmarkkf.com.
Check back often, enjoy my blogs and please leave comments!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
In mid September 2008, Integrated Communications Services (ICS), retained Jason Tucker as their tenant agent to represent them in a transaction for the lease of office space in the I-275 & I-696 corridor area of Michigan.
The requirement involved reviewing several available suites ranging from 2,000 to 4,000 SQ FT of office, flex and research and development space. The space required an overhead door for mobile technicians and installation teams. After months of due diligence and negotiations with various landlords, a lease was signed and ICS moved into their new home in April 2009.
ICS's new address is:
Integrated Communications Services, Inc.
Novawest Tech Center
24371 Catherine Industrial Drive, Suite 201
Novi, Michigan 48375
To learn how Jason can help your company with your next office selection, please feel free to contact him at 248-431-8138 or via email jtucker@newmarkkf.com.
Check back often, enjoy my blogs and please leave comments!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
During the second quarter of 2009, the Detroit industrial market continued to weaken. The third consecutive quarter of negative net absorption has added 7.3 million square feet of space to the market, 5.1 million square feet of which have been added in 2009. The vacancy rate increased to 18.0%, its highest level on record, from 17.1% in the previous quarter. The average asking rental rate fell in the second quarter to $4.25/sf from $4.37/sf reported during the first quarter, and is down 4.0% from $4.43/sf over the last year. Rents have declined 23.9% from $5.59/sf, the peak during the third quarter 2000.
In the Groesbeck submarket, the vacancy rate climbed to 15.8% from 14.0% reported in the first quarter and is up from 10.8% reported one year ago. Net absorption was negative as nearly 1 million square feet were returned to the market. Rents dropped to $4.02/sf from $4.34/sf in the previous quarter, and are down 10.9% from one year ago.
Contact me for a digital copy of this report.
For Further Information Contact researchdepartment@newmarkkf.com
Check back often, enjoy my blogs and please leave comments!
Regards,
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
A slight reprieve was seen in the Detroit office market in the second quarter of 2009. After six consecutive quarters of negative absorption, 69,244 square feet of space was removed from the market as the vacancy rate held at 22.5% from the first quarter. The vacancy rate is up from 21.5% one year ago and has remained above 20.0% for the past three years. The average asking rental rate fell in the second quarter to $19.75/sf from $19.90/sf at the end of the first quarter, and is down 2.4% from $20.24/sf over the last year. Rents have declined 12.6% from $22.60/sf, the peak during the fourth quarter of 2000.
According to the Bureau of Labor Statistics, employment growth in the Detroit metropolitan area was -6.2% for the 12 months ending in May 2009. The decrease in employment represented a loss of 47,900 jobs, indicating the largest amount of jobs lost in any 12-month period the BLS has on record, which dates back to 1990. The Consumer Price Index for Detroit advanced by 0.2% from February to April. The index declined 1.4% for the 12 months ending in April.
Contact me for a digital copy of this report.
For Further Information Contact researchdepartment@newmarkkf.com
Check back often, enjoy my blogs and please leave comments!
Regards,
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
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Jason Tucker
Richmond,
VA
More about me…
Address: Richmond, VA, 23294
Office Phone: (248) 431-8138
Cell Phone: (248) 431-8138
Email Me
Jason is personally committed to a holistic approach for assisting local and international companies with their strategic real estate needs. He provides his clients with targeted real estate market research, industry trend analysis, and logistics solutions that enable them to make well-informed, cost-effective decisions about their businesses.
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