office building: Class A Office Occupancy at Highest Level since 2006
- 05/22/14 03:36 AM
Life has been hard for landlords in Dallas for a while. Occupancy rates for Class A office buildings just exceeded what they were in 2006. Cause for celebration? That depends on whether they were happy with the occupancy rate in 2006, right? Well, it's now 83.4% according to an analysis by PM Realty Group (PMRG). So 2006 wasn't so great after all. That's the sad reality of being a landlord in Dallas. Occupancy rates rarely get above 85%. In fact, according to Costar, since 1982 there has only been one period from 1998 - 2001 when overall occupancy in Dallas/Ft. Worth … (0 comments)
office building: Speculative Construction is Back in Plano...despite area vacancy
- 09/17/12 01:47 AM
Crains are popping up on the skyline of Plano again. And this time it's for construction of new office buildings instead of bridges. There are currently 7 office buildings under construction in Plano totaling 959,591 square feet (SF). All of these buildings are in west Plano where we have seen rental rates rise dramatically in the last year. That is also the area where it is increasingly difficult to find large blocks of space available. Interestingly, it's also hard to find small space under 5,000 SF. Three of the buildings are build-to-suits for large users - Encana Oil & Gas, Tyler … (1 comments)
office building: Tenant Rep Advantage - Information
- 07/16/12 12:23 AM
One of the most important things that a tenant representative can provide is information. Unlike residential real estate which uses the MLS (multiple listing service), commercial real estate uses several databases including Costar, Xceligent, LoopNet, CityFeet, CommercialSource, and others. Some of these are best for finding space for lease while others are better when buying a property. Some are available only in certain cities. Knowing where to find information that is appropriate to a particular client's needs and then how to analyze that information is the real value of an experienced tenant representative or Corporate Real Estate Advisor. The information in … (0 comments)
office building: Rates are Going Up
- 03/22/12 07:44 AM
While searching for office space in west Plano on behalf of a software development company, I noticed that rental rates have gone up considerably. Class A office buildings are now quoting rates in the upper half of the $20’s plus electric. My favorite office building is Granite Park III which is quoting a whopping $29.50 plus electric. Many others are in the $26.00 range. Most class B buildings are over $20.00 plus electric. So while the media is still sounding the alarm about how bad the economy is, landlords are quietly raising rental rates, reducing the amount of free rent … (1 comments)
office building: Marketing 101 - Know Thy Ideal Referred Client
- 01/05/12 01:47 PM
Most of my business comes from referrals. From past clients. From members of networking groups of which I'm a member. Occasionally, from other real estate agents - both commercial and residential. Referrals are great. I rarely have to compete with other brokers for the business because the prospect already knows I'm qualified, competent and trusted. So I'm clearly a great fit for them. But are they a great fit for me? Watson, we have a problem....maybe. As a Corporate Real Estate Advisor or tenant representative, I represent companies which lease commercial space for their company use. My ideal client is a … (5 comments)
office building: What's Your Real Estate Agent's Specialty? Should You Care?
- 11/18/11 03:14 AM
Several years ago I was talking to a friend and mentioned that I had sold my house as a For Sale By Owner (FSBO). He was surprised that it was possible to buy or sell a house without a residential real estate agent. I was shocked that he didn't know he could trade real estate without a broker - however ill-advised that might be. Brokers can only negotiate the sale or purchase of a house, right? Aren't they all the same since they have access to the MLS? Even though I've been in the real estate business for over 27 years … (1 comments)
office building: The Effects of a Bad Economy on Leasing
- 10/24/11 10:31 AM
So the economy has been bad for 3 years now. What has been the impact on office leasing? There are a few trends that have become apparent. First, tenants are trading up to nicer space. When rental rates fall companies often move into higher class office buildings for close to the same price as they have been paying in lesser buildings. I have seen this occur in previous recessions as well. Second, while they may be moving into nicer buildings, they aren't leasing excess space betting that their company will grow. Third, when signing new leases most companies are using their … (0 comments)
office building: My Name is Bob and I'm a Recovering Landlord
- 09/20/11 05:22 AM
It sounds like I'm in a 12-step program, doesn't it? Well, in a way, I am. After working for landlords for 20 years as a Property Manager, Leasing Agent, Construction Manager and Asset Manager, I switched sides and now use that experience strictly for the benefit of tenants who lease office and industrial buildings. It's really what differentiates me from all of my competitors. No other Corporate Real Estate Advisor (Tenant Rep) that I have ever met has had such extensive experience on the other side of the table. This really gives the tenant an advantage because by using me as … (1 comments)
office building: Density - Friend or Foe?
- 07/15/11 02:53 AM
I was driving through Dallas the other day with a client and we were talking about how new developments these days are more dense and involve multiple uses - office, retail, apartments - all in the same project. These developments are much more dense than in past years. This has typically definied the central part of cities and when you think of the greatest cities in the world, they are always quite dense - New York, Hong Kong, London, etc. Density seemed to be viewed as a bad thing by most cities in the US though - at least in the … (11 comments)
office building: Plan for the Unexpected - Tour Horror Story
- 07/08/11 11:29 AM
One of my corporate clients is growing quickly and plans to expand the office space they lease by about double. I had scheduled to show a sublease space in Richardson to him earlier this week. He had to cancel due to a client meeting of his own, but I told the agent listing the space that I'd still like to preview the space and take pictures to send to my client. He agreed and we met at the space which was not occupied. As the agent and I were walking to the space in the office building, I was telling a … (5 comments)
Anything and everything related to corporate real estate - a company's use of real estate. This is usually a company's lease or purchase of office, warehouse or retail space.
Life has been hard for landlords in Dallas for a while. Occupancy rates for Class A office buildings just exceeded what they were in 2006. Cause for celebration? That depends on whether they were happy with the occupancy rate in 2006, right? Well, it's now 83.4% according to an analysis by PM Realty Group (PMRG). So 2006 wasn't so great after all.
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