Have you wondered what the long-term effect of coronavirus on the office leasing market will be? Will the office space persist as it is?
Here are the major trends in the office leasing market.
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When working with an office tenant, one of the first questions we ask is, “How much space do you need?” Surprisingly, many times a client isn’t sure, or has unrealistic expectations of their size requirements. In the past, office buildings were built to accommodate approximately 3 or 4 people per 1,000 square feet of rentable space. With rent being one of the highest expenses for a company, many organizations have looked to place more people in the same square footage. Why is this not always feasible? Well there are a few reasons:
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It has long been a question that has puzzled many commercial property owners. Many accountants suggest it, but it's worth is still rarely clear.
Many owners barely even understand how it operates and is thus unable to determine its worth. As that’s the case, we’ll thoroughly explain what it is and what’s it for, but more importantly, whether or not it is worth it in the overall picture.
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Commercial Brokers International real estate agent Richard Cheng sits down with CEO George Pino to answer questions about commercial real estate and his life. This is part four of our agent introduction series and we hope you can learn a little more about our team and the people behind Commercial Brokers International
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by George Pino
I receive calls like this almost every week…. “Hello, my lease is expiring and I need a new office space” or “Hi, we’re moving our company to Los Angeles and we need new office space.”
Inevitably, when I inquire about their timing they say they’re in need of a new space in one or two months. Although that time frame is possible it brings difficulties. A big misunderstanding among first-time commercial lessees, as well as many experienced lessees is that a commercial space can be found, negotiated, and leased within a couple of weeks.
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Gone are the days of sitting for hours behind a line of desks and in compartmentalized cubicles in front of bulky computers.
Workers want more natural light, interaction and collaboration with colleagues, to have the ability to work outside and have access to other amenities in or around the office building, panelists said at Bisnow's Los Angeles Office: Workplace of the Future event Wednesday at the Convene coworking space at the Wells Fargo Center in downtown Los Angeles.
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