office lease: Will Technology Replace Tenant Rep Brokers? - 08/29/12 02:34 AM
That's the basic question being asked in a Wall Street Journal article yesterday. It's an interesting idea and one that has been asked many times before. In fact, the question has been asked for virtually every industry in the last 200 years. 
I am a tenant rep in the Dallas area focused on Plano, Frisco, Richardson, Addison, and Far North Dallas. So it's important that you know that up front - full disclosure. I am a little biased.
Technology usually works best when applied to a series of repetitive tasks or the collection of data. It's great at increasing the speed at … (2 comments)

office lease: Knowledge is POWER! - 08/15/12 01:01 AM
The more imbalanced the knowledge in a negotiation, the more the side with greater knowledge can take advantage of the other side.
So many times in life we try to do something ourselves because we're too cheap to pay an expert. That's why the floor tile is crooked in my bathroom and the faucet at the kitchen sink is loose. Sure I can do it, but can I do it well and without a lot of education and practice.
It's the same in business. What am I doing myself that I should be paying someone else to do? Website? Marketing? … (0 comments)

office lease: 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 lease: Dallas Ft. Worth Still Creating Jobs & Attracting In-migration - 04/16/12 01:06 AM
I recently heard Steve Brown, real estate reporter for the Dallas Morning News, speak at Collin County Day. He had some interesting statistics that I thought I should share.
1. DFW created 63,700 jobs in the last 12 months. An additional 100,000 jobs are forecast for the next 12 months. These jobs are heavily concentrated in the major cities, of course.
2. Texas continues to be a favorite destination for people relocating within the United States. Here is the largest contributing states: California (68,909 people), Louisiana (31,149), Florida (26,608), Oklahoma and Illinois (no numbers for these last two). I believe these … (6 comments)

office lease: 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 lease: Marc Hoppers discusses REATA Service - 02/24/12 08:27 AM
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office lease: Want the Best Deal - Shop Widely - 01/12/12 10:48 AM
This may sound trite, but it's true. If you don't look around for whatever product or service you need, you probably won't get the best deal. How likely is it that the first quote you get will be the best option?
Notice I didn't say the lowest cost. Low cost is not always the best choice.
This is particularly true when dealing with an incumbent. Your current landlord is an incumbent. The landlord knows that it's far easier for tenant to simply renew its lease than move. Moving costs are avoided. Production doesn't go down due to the disruption of a … (1 comments)

office lease: Hire the Expert, Don't Take Time to Become One - 07/08/11 11:29 AM
So many times in life we try to do something ourselves because we're too cheap to pay an expert. That's why the floor tile is crooked in my bathroom and the faucet at the kitchen sink is loose. Sure I can do it, but can I do it well and for good.
It's the same in business. What am I doing myself that I should be paying someone else to do? Website? Marketing? Adwords? Health benefits? Negotiating a lease?
The amazing thing is that sometimes we do it ourselves when an expert is willing to do it at no additional cost. … (2 comments)

office lease: Top Tips for Negotiating Commercial Leases - #13 Subleases can Save a Bundle - 05/19/11 09:09 AM
Want to save a bundle on your next office lease? Try to find a sublease. Subleases are often priced 20-50% below what the landlord is charging for direct leases. So a building charging $20.00 may have subleases in the range of $10.00 to $16.00. The closer you get to the expiration date of the sublease, the lower the price goes. 
Other factors affecting the rental rate will include how long the space has been on the market and whether furniture and equipment are available for the subtenant. Many subleases have furniture, phone systems, equipment, and maybe even art and plants in … (0 comments)

office lease: The Office Market will Turn Around - Now What? - 03/30/11 02:03 PM
I have been in the commercial real estate business for 27 years so I have seen a few cycles. One thing is certain, whatever things look like today, they will look totally different in a little while. So while landlords have been suffering in this economy, it has been great for tenants who are enjoying lower rental rates and free rent.
While no one knows exactly when things will change, there is general agreement that the tide will turn back to the landlord's favor within the 18 months. So what should a tenant do now? Well, if you are in a … (2 comments)

office lease: Top Tips for Negotiating Commercial Leases - #3 Never Exercise Your Renewal Option - 01/27/11 09:37 AM
This may sound crazy, but exercising a renewal option is almost always a bad idea. The reason is that doing so may immediately obligate you to lease the space before you even know the rental rate. Exercising the option may trigger a series of events one of which is determining the rental rate, but you may be committed already. Not all renewal options work this way, but many do.
So what to do? The main thing is to start looking for options at least 3 months prior to the date by which your renewal option must be exercised (that's date is … (0 comments)

office lease: 25 Facts Every CEO Must Know About Social Media in 2011 - 01/24/11 08:02 AM
Sometimes it's not just about square feet, office leases, rental rates and what's going on in Plano and Frisco. Today it's about marketing in social media. Now I'm not an expert on that so I'm sending you to an article I just read from an expert who gives 25 Facts Every CEO Must Know About Social Media in 2011. In fact, that's the name of the article. Here is the link to the article. And here is the article.
“To tweet or not to tweet? Facebook or not to Facebook? Hire intern or hire agency? Train sales team or keep them … (2 comments)

office lease: Top Tips for Negotiating Commercial Leases - #2 Decide What You Want - 01/20/11 03:44 AM
Decide What You Want? Now I know this sounds crazy, but trust me, it can be much harder than you think. Especially if you have multiple decision markers. But it's a crucial second step. Since occupancy costs are typically the second-highest expense for most companies, you can't afford to get it wrong. Commercial lease terms average five years so they are a fixed cost that aren't easily changed during that term.
So what do I mean by deciding what you want and how do you do that? First and foremost, identify the company's goals and objectives. For example, does the company … (3 comments)

office lease: How to get the VERY BEST DEAL on your Next Office Lease - 01/14/11 03:06 AM
 
The blog post below offers some good advice on how to get the best deal on your office lease. The one thing he says that I don't totally agree with is that you get a better deal for a longer lease. While that's true if you are comparing a 1-year deal to a 5-year deal, I don't think the same can be said for a 3-year term versus a 7-year term. Most landlords in the Dallas, Texas area expect to see some rental increases throughout the lease term so the longer the term, the higher the rent may go. But … (2 comments)

office lease: BOLD prediction by CoStar - "office markets has hit bottom." - 07/15/10 03:14 AM
If they are correct, it's time to lock in the current low rental rates before landlords decide it's better to wait for higher rents than to do your deal. Here is a link to their article - http://www.costar.com/news/Article.aspx?id=195F06A0749794A8335951CD840A973E.
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office lease: Foreclosures good for tenants? - 06/11/10 02:03 AM
How can foreclosures be good for anyone? Surprisingly though, foreclosures create an opportunity for tenants. I wrote an article about it that was published in today's Dallas Business Journal - http://dallas.bizjournals.com/dallas/stories/2010/06/14/smallb3.html.
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office lease: 50,000 new jobs in Texas in the 4th quarter 2009 - 02/09/10 07:34 AM

It's good to live in Texas.  Those jobs create demand for office & warehouse space. And it will eventually change the balance of power in negotiating leases if it becomes a trend. So you might want to consider renegotiating your lease now before landlords start feeling confident of a recovery with jobs. We recommend that anyone with a lease expiring in the next 2 years evaluate their situation with their corporate real estate advisor (tenant rep) to decide when is the right time to take advantage of this depressed market.  Read the article here -http://dallas.bizjournals.com/dallas/stories/2010/02/08/daily4.html?ed=2010-02-08&ana=e_du_pub.  
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office lease: 2009 Office Demand Falls Sharply from 2008 - 01/13/10 09:32 AM
 
A report from Cushman & Wakefield reported that DFW office occupancy fell by 2 million square feet in 2009 and total leasing activity was down 43 percent.  Not surprising given the current economic situation, I know.
But like in most cities, there are winners and losers within the greater metropolitan area.  Buildings along LBJ Freeway and downtown Dallas were hit hard with lots of tenants moving elsewhere or just closing their doors.  The big winners were Plano and Frisco because those submarkets are close to where people live.
Quoted rental rates didn't change much though.  This seems odd when demand … (0 comments)

office lease: Peak Oil - This Could Change Everything - 07/02/08 02:51 AM
I just finished reading an article by Jim Gillespie, a commercial real estate coach, in which he discusses peak oil and its impact on the commercial real estate business.   But first of all, what does Peak Oil mean? 
Jim describes it this way.  “When oil fields are new, and petroleum is beginning to be extracted from them, they continue to produce increased amounts of petroleum every year until the production from the field reaches its peak level. Then after this peak amount of production is achieved, the field will only be able to produce lesser and lesser amounts of petroleum … (2 comments)

office lease: Hold Over - Costly, But Easy to Avoid - 06/26/08 03:53 AM
 
You signed a lease for an office for your company a few years ago, but it will expire in a couple of months. You really want to either move or at least do a market study to be sure that you get a fair deal if you stay and renew.  There is other vacant space in the building so you are sure your landlord won't mind if you stay a little longer than the expiration date.
Everything is working out until you receive a letter from your landlord a couple of weeks after the lease expired.  It says that … (2 comments)

 
Bob Gibbons (REATA Commercial Realty, Inc.) Rainmaker large

Bob Gibbons

Plano, TX

More about me…

REATA Commercial Realty, Inc.

Address: 2108 Merksem Court, Plano, TX, 75025

Office: (972) 468-1946

Mobile: (972) 984-8580

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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.


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