Top 25 Commercial Real Estate Brands!

Every year the Lipsey Company comes out with the top Commercial Real Estate brands.  Colliers hit number 2!

10 Important Factors To Consider When Leasing Your Space

Original Post From ROFO

Below we will reflect on how most companies make the decision about where to locate the office.

1. Location, Location, Location: Not only a real estate adage, but a fact of life. The location of the office is usually described as the either the biggest benefit or biggest negative.
2. Commute Patterns: Take a preliminary survey of your companies thoughts on their current commutes to determine how the new office location might effect their commute pattern.

3. Amenities: What restaurants and coffee shops are available nearby? Being in an isolated office park can be a very bad situation for the comfort of employees. At times in cannot be helped, but being in close proximity to the amenities employees use during their lunch break can be a huge recruiting advantage. Try a site like Walkscore.com.

4. Safety: What is the neighborhood like late in the evening? Have there been office or car break ins in the neighborhood recently? Would a female employee feel comfortable walking to their car or public transportation after working late on a project? All of these issues should be considered when considering your next location.

5. Layout of the Space: Is the layout of the space desirable. Is there good separation between the lobby and the work space? Is there separation between the kitchen and the work space so food smells don’t permeate the office. Is there good natural light?
6. Image of the Building: The question depends on how you are trying to present yourself to your clients and potential employees. If you are a law firm that helps with class action suits, it might not make sense to have the top floor of the nicest building in town. If you are the high powered corporate firm, it might be absolutely necessary to display that image. The location, layout, and feel of your building and space will leave an impression on your visitors and should be considered in your decision making process.
7. Parking/Public Transportation: The proximity to public transportation and affordable and convenient parking are extremely important. Many of your key employees might need quick access to transportation as they visit clients while others need convenient and affordable ways to get to the office. The more transportation options the better.
8. Recruiting: Will your location and building aid or hamper you in your recruiting efforts for top talent. How will the location effect current employees?
9. Expansion: Will your location allow for easy expansion? Is there space available nearby that can work if there is not space within your building?
10. Building Ownership & Maintenance: Is the ownership local? Is the HVAC system consistently broken? Your landlords involvement and attitude and responsiveness towards tenant repairs should be a critical element of your building decision.

A Real Estate Agents job can be like a dating website

A good real estate agent will put you and your company first.  Not only will they listen to your real estate needs but also about your business and what it is you do.  The really good agent will update you on your competition and companies within your industry and can even refer you business.  Imagine having business referred by your real estate agent instead of the other way around!

Plentyoffish.com – Part of my job is to set tenants up with temporary space – either in my clients offices (the ones that have extra space right now) or in a business center like Regus, CSI or Comaraderie.  It’s like speed dating or a friends with benefits scenario – all about the short term commitment or no commitment at all.

Lavalife.com – for those tenants looking for a slightly longer term or life commitment.  These tenants are tired of playing the field and want to settle down with just the right landlord and space and get down to business.

Finally – there’s AshleyMaddisson.com – Tenants that want to sublease, downsize or get out of their complicated long term relationships but want to do it expertly and quietly.

Just a thought… what dating site do you need your agent to be?

5 Questions from your Landlord about YOU

Original Post – Rofo

1. What is the credit of the company I am signing a lease with?
Most landlords have loans in place and at times a lender will ask to approve a lease before it is signed as they technically are part owners. If a landlord wants to refinance a building, a large part of the valuation of the building will depend on the buildings rental stream and likelihood of this rental stream continuing (ie your financial picture and credit history). Some landlords will not be comfortable leasing spaces to start up companies because of this credit risk.

2. How much do I have to spend to get them to start paying rent?
The issue here is concessions that a landlord gives to a tenant. These included custom tenant improvement build outs, free rent, and commissions paid to brokers involved in the transaction. The more a landlord must pay to start your rental stream, the more scrutiny they will use in analyzing your company as a potential tenant.

3. What security do I have if this company defaults?
Most likely the security that a landlord has the most access to is your security deposit.  Theoretically they can get in the line and be one of the debtors attempting to collect some of your business during its liquidation, but this time investment is rarely made by a landlord. If you are unlucky enough to personally guarantee the lease, the landlord might pursue you personally to cover the remaining lease obligation or at least the marketing time and cost for procuring a new tenant.

4. How long do I have to wait for another tenant to come along?
During the negotiation process or when you are potentially behind on your rent, the landlord will consider this argument. If the market is doing well and there is lots of demand for space, your ability to negotiate will be decreased because the landlord will have a rough idea of how long it will take to find a higher quality tenant. If the market is weak (like right now), the tenant will have a lot more leeway to negotiate and can use this argument as part of the negotiation process.

5. What is their use and how will that affect the building?
If a company is cramming 15 people into 1,000 square feet, these people are having an adverse effect on the buildings systems and building community. For example, a school that leases space will have a few hundred students using the lobby, parking lots, and bathrooms when a normal office user might have 30 full time users affecting the building. A landlord will think carefully about your use, your clientele, the type of consumer who comes to visit and how that will affect other tenants in the building and the buildings value.

Top 5 Questions When Hiring a Commercial Real Estate Broker

Original Post

1. How active is the broker in the marketplace?

If the broker you hire is very active in San Jose, but never works in Oakland, it would be a mistake to work with them. They might be worth hiring if they can prove to you that they have the ability to find the tough to find spaces and get information on the most recent transaction. If they can pass both of these hurdles and seem qualified, an out of town broker can provide the right level of service. If not, ask them for a referral to a local broker.

2. How long have they been in the business?

Less experienced brokers might work very diligently but you are more exposed to common mistakes. Veterans of the industry can quickly make you aware of common mistakes and help you avoid them. A good rule of thumb is within 3 years, a broker has learned all the necessary tricks of the trade.

3. References?

Will the broker provide some contact information for recent clients who can speak to their diligence throughout the process? Questions you ask these references should be specific based on negotiating skills and time spent on the process.

4. Do you have a specialization?

Many brokers specialize in types of firms or industries.  If you can find the broker who specializes in your industry, you might get a leg up in the negotiation. Specialized brokers might have some other clients who are going through the process at the same time and excess information helps throughout the process.

5. Do you have any conflicts of interest?

Some brokers might work for many landlords throughout the city. If they do, at times their fiduciary duty is challenged when they represent both parties. Most brokers are ethical and this would not create a bad situation, but exceptions do exist.

Royal Bank Plaza – Leed Gold Marketing Piece

Oxford Properties has done a mailer outlining some of the great Leed Gold features of the Royal Bank building.  The only problem I have with it is it doesn’t motivate me to be there so what’s the point?

Impressions, thoughts on this market piece?

Rainbow Cinemas to the Rescue of Carlton Theatre

3 Tips When Negotiating Your Lease

Great suggestions from ROFO.com

Besides claiming that you are a young, growing, and cash strapped business that the landlord should help out of the goodness of his heart, I always found a few methods helpful.

1. The first one was to discuss the other spaces you are looking at using the real financial terms with the broker and or the landlord. Once they realize you might go elsewhere, they usually will attempt to cut to the chase and put their best foot forward.

2. The next technique is to attempt to phase your growth into the space. For example if the space is 2,500 square feet, you begin with the justification that you need 1,500 square feet now, but will need the 2,500 square feet a year from now. If you are signing a 3-5 year lease, the landlord should be willing to let you pay as you go which will strongly help the economics of what you are trying to accomplish.

3. Negotiate the rent as far as the landlord will move and then move on to concessions like free rent or tenant improvements.

Commercial Real Estate Map – Downtown Toronto

I use this map daily with clients looking for space Downtown Toronto.  Now you can use it too.

Click here.

Featured Client – Chick Advisor – 96 Spadina Avenue

I had the pleasure of meeting Alex and Ali de Bold at a number of tech related networking events.  As an up and coming start-up with lots of influence in the industry I was eager to help them out.  It took some patience to find the right premises as there were not a lot of vacancies at the time and both Ali and Alex had a solid vision on the type of space that would suit the company.  Further, it wasn’t the smoothest transaction trying to deal with Allied Properties and getting all of the construction covered and amortized into the rental rate.  However, at the end of the day we secured a lease, had the space built out to their specs and moved in on schedule.  If you would like to know more about ChickAdvisor.com you can check them out here!

If you want guidance on how to find your new office space contact me!

About ChickAdvisor

Nothing beats a good recommendation and that’s what ChickAdvisor is all about! We are a social media platform for women with user-generated reviews on the best products and local services in North America. In addition to our online presence, we host local events a Product Review Club and videos!

Our goal is to help women make better purchasing decisions by getting advice first on a wide range of topics from electronics to electrolysis. Our members determine the hottest trends, the best local services, and the coolest products, and we deliver the location and purchase information to make getting what you want faster and more affordable.

ChickAdvisor launched in September 2006 by husband and wife duo Ali and Alex de Bold as a solution for Ali’s constant search for the perfect hair salon. The company has been profiled in many major on and offline publications including CBC Newsworld, GlobalTV, The Toronto Star, CBC Radio, Canadian Business, Media in Canada, Slice.ca and Rogers Media.