Text Messaging while driving – should it be outlawed?

I’m guilty of this.  Maybe we should be allowed to text at traffic lights?  What do you think?

By Matt Burns

Drivers in the great state of California will no longer be able to TXT while driving starting this January. This includes sending, reading and writing, folks. Those found conducting the soon to be illegal action will face a $20 fine the first time and a $50 for each recurring violation.

“Banning electronic text messaging while driving will keep drivers’ hands on the wheel and their eyes on the road, making our roadways a safer place for all Californians,” said Schwarzenegger.

There you have it surfer dudes, no more TXT UR BFF while driving.

Really Simple Goal Setting

http://zenhabits.net/2008/09/really-simple-goal-setting/

My favorite simplicity blog, Unclutterer, recently did a good post on goal-setting software calledLifetick, which is actually pretty cool. But as I was playing around with its nice little interface, I realized that for me, such a program is overkill. [Read more]

Press shots of Verizon’s BlackBerry Storm surface

http://www.engadget.com/2008/09/28/press-shots-of-verizons-blackberry-storm-surface/

by Darren Murph, posted Sep 28th 2008 at 11:40PM

Why “Goal Setting” Makes You Cringe

A great article on lifehacker.com.  If you’re not subscribed to their RSS feed, I highly recommend it.

When you’re good-looking, smart, hard-working, or lucky, good things just happen to you—or at least that’s how it appears. The teenage entrepreneur who becomes a bazillionaire, the first-time author who sells 60 million copies of her novel, the ADD-afflicted kid who started swimming and took home eight Olympic gold medals—everywhere you turn you hear a story of someone who’s achieved almost impossible goals, looking smug and untouchable in all their enviable glory. The part you don’t hear, however, is about the moment those people made a decision to try to do something, got laughed at and talked about, doubted themselves because of it, but worked their ass off to get there anyway. That’s what goal setting is, and that’s why if you want to get anywhere you want to go, you’ve got to do the same thing. [Read more]

Creative tenant solutions: The blend-and-extend

One of my former co-workers just put this online.  He’s based in Ottawa but we do the same thing for clients here in Toronto.

As vacancies rise and commercial real estate rates begin to fall in Ottawa’s west end, some companies may grow frustrated about being unable to take advantage of a newly favourable market. So I thought I’d discuss a strategy that might be of interest: the ‘blend-and-extend.’

A blend-and-extend is when a tenant, typically with a few years of remaining lease term, signs an early renewal agreement with the existing landlord to add a few more years to their current lease. Usually this is done for one of two reasons: to achieve a lower rental rate today, or secure financing from the landlord to offset future construction costs.

In both cases, the rental rate on the additional term is blended into the existing rate to create a new ‘blended rate’ often lower than the original.

The mechanics of a blend-and-extend are relatively simple to understand. Let’s imagine a 15,000-square-foot company has two and a half years left on its office lease, and is paying $30 per square foot, in a market where the rental rate for a new lease has dropped to $25. Using simple math, if that tenant extended its lease for an additional two and a half years at $25 then the new average, or blended, rental rate would be $27.50.

This would represent an immediate reduction of close to $100,000 spread over the original two and a half years.

Executing a blend-and-extend, however, can be very challenging and depends heavily on timing and reading the market. How do you know market conditions are right? How do you convince a landlord to go along? When is the right time to bring it up? It all depends on the situation.

Indeed, the Kanata office market is an interesting place right now. In the midst of its current high vacancy rate, take note that many of the newer buildings were built between 1999 and 2001 for large users whose leases will roll over in the next two to three years.

Additional large blocks of space may turn over very shortly, creating a certain degree of risk for local owners. This opens the possibility for creative tenant solutions like a blend-and-extend.

The best part is if you aren’t able to negotiate enough of a savings, you already have several years of lease term remaining and have lost nothing but time.

In the context of a falling market, tenants can look at things from the landlord’s perspective and identify a positive rationale for the owner to go along. Perhaps having your firm extend by a few years will eliminate some upcoming risk in their portfolio that you might leave. Ottawa’s commercial real estate is predominantly owned by institutional organizations like insurance companies and pension funds that are very risk-averse, who might be open to this type of idea.

If they aren’t, in a few years they may have to compete for your tenancy on the open market and have a better chance of losing you to a competing building. Showing them how to eliminate that risk could be very appealing.

If your firm is planning major renovations or a sizable purchase of expensive equipment that’s expensive, or even impossible, to move then a blend-and-extend might be a good solution. Spending major, non-recoverable dollars in someone’s building is a clear sign that you aren’t likely (or able) to move at the end of a lease. Thus, a savvy tenant should take preventative measures, such as a blend-and-extend. Otherwise, they may find themselves without any real leverage come time to renegotiate the rent.

A successful blend-and-extend requires a lot of work and a high degree of market intelligence. Tenants must have a good idea of their landlord’s current bottom line, or they are setting themselves up for a failure before they even begin. Do your homework. Talk to other tenants in the building or in the business park to get a sense of where the market is heading.

Are there any big leases expiring close to your own in your landlord’s portfolio? Will they be eager to lock down your tenancy or will they be happier to wait a few years in hopes that the market recovers? This is information you must have because, rest assured, your landlord is a local market expert and certainly takes the time to stay informed – it’s their job. n

Darren Fleming is a senior adviser/broker for GVA Devencore Worldwide.

Creative Marketing Solutions

Here’s another great site for creative 3d panoramic views of office space or your listings.

http://www.3dvista.com/

Online Calculator

If you ever find yourself without your calculator, here’s a great backup solution!

www.ecalc.com

Colliers/BMO economy outlook

Here’s a video of a recent real estate conference sponsored by Colliers International.

How to convert PDF File to JPG, TIFF, GIF Image Formats Easily

Ever have a client that “can’t open that file!”?

Here’s an easy way to convert it!
http://www.zamzar.com/

How about some BIG office space for a change?

I haven’t been posting large availabilities as I feel most of the audiance that finds this site are looking for deals and small suites, but here are two suggestions if you’re looking for a few deals.

401 Bay Street – 2,675 sf to 11,908 (up to 3 contiguous floors)
2 Queen Street East – 15,637 sf – furniture available!

Please note the attached office space is not listed with OfficeSearchToronto.com and remember to call us first at 416-992-9869 or chris@officesearchtoronto.com for floor plans and additional information.

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