SOLD: Kilpatrick Blvd Office Building
The property at 3000 Kilpatrick Boulevard sold for $1,185,000 on 1/30/15. The building was built in 1999 and contained 11,615 square feet of space on 0.99 acres with B-3 zoning.
SOLD: Kilpatrick Blvd Office Building
The property at 3000 Kilpatrick Boulevard sold for $1,185,000 on 1/30/15. The building was built in 1999 and contained 11,615 square feet of space on 0.99 acres with B-3 zoning.
Recently, Inc.com came out with their list of the world's coolest offices to work in for 2014. With this being their 4th annual review, the stakes were risen. With commercial real estate back up on the rise this year, it is no shock to see that some of these offices are awe-inspiring, spectacular and really just mouth dropping. Some of the winners though are obviously large headquarters, but with the amount of branding, fixtures and views added in to their offices, you will understand why they are on the list.
The part that is truly amazing is that these companies were able to create these offices without a high budget. These commercial offices are sophisticated pieces of art to work inside and outside of and are designed for future use as well. Here are the top coolest offices currently being used in the world.
Now that the top 8 winners have been announced, who do you think should have been on the list, who are you shocked made it, or is this list perfect the way that it is?
When looking for a new place to call home for your Business in Monroe, you have four options that are readily available at any time:
If you are looking to create a new office that is completely designed and customized to the needs of business, but do not wish to fork over the large upfront payment for construction, then a build to suit lease may be the best option. In this particular option, the company would look for a commercial real estate developer to completely design and create a new custom building on a site that is preferred, but will then lease the property from that development company. In this scenario, the business never actually owns the property.
Since this building is designed with the business in mind, space efficiency and location will not be an issue as the completed commercial real estate will provide answers to all previous issues the company may have faced at their last location. You can also be assured that the newest cost-effective energy systems and technology will be a part of this long term project. Employee retention can occur much easier as the entire building can be built with the company in mind, even from an exterior standpoint, projecting their image and branding wherever possible.
With all of this being said though, you must weigh out the pros and cons. A build to suit lease will be more of a long term lease as the market today is showing that properties may have some vacancy from a rebound in the economy. On top of this long term lease, build to suit leases are typically more expensive than renting space from a pre-developed office. Although, in the end you may end of saving money in the long run due to the new energy efficient utilities.
Each company will want to look at the four available choices to choose the one that best fits where their company will be in the near and distant future. Each choice does have their advantages and disadvantages, but if the company can benefit from the uniquely designed office structure, then hiring a Monroe Commercial Real Estate Developer may be the best option to get this project underway.
Whenever you are looking at relocating, moving or just signing in to leasing a Monroe Commercial property, you must obtain a Subordination and Non-Disturbance Agreement. Normally known to the commercial market as a SNDA, the clause enables the rights of the tenant in the building are lesser than that of the lender. In a market that has been plagued with foreclosures a few years back, this is just one of the expected requirements for new tenants to sign.
With many people involved in the leasing process, the grant gives certain rights to tenant, whereas a loan will giver other particular rights to the lender. By signing this document, the lender is thereby stating that in the event that a foreclosure does occur, the lender will not disturb, interfere or stand in the way of the tenant during the process. The tenant must be in complete compliance of the original sign lease of the Monroe Commercial property, other wise the SNDA may be able to be voided or terminated.
As a tenant who is leasing the space, if the lender comes in to foreclosure on the property and the tenant is in the subordinate position, there is a possibility that the lease can be terminated with the tenant not able to remain in their current space. In order to avoid these issues, the tenant in this case would want the lender to have established a nondisturbance agreement as well, allowing the tenant to remain in their current space.
Overall, the SNDA is around to protect the Monroe Commercial property leaser. Although foreclosures are not as dominate in the market as they once were, they still have the potential to cause issues. With that being said though, it would be wise to have a SNDA in place when signing the lease in order to avoid any potential complications at a later date.
Leasing or owning an office is one of the most sought after questions you will hear in the Monroe Commercial Real Estate market. What most buyers find attractive if the option to own your own business real estate. Purchasing or leasing really should not be decided solely upon financial stance alone, yet should be taken to a more comprehensive decision. By owning the property, you are also making multiple risk in having your name on the title of this space. In the end, internal and external factors will play a large part in this decision.
When thinking of owning or leasing the Monroe office, these factors may play a crucial role in your decision:
Business needs should be held with the highest of consideration as owning an office could be quite cost effective in the long run, but if you are looking at expanding then it may be detrimental to the purchase. Owning the facility that you will be working in can be quite the advantage financially long term, whereas a short term purchase may cost you more than expected. On top of that, owning will also bring about operational and risk decisions that you would not of had to make while leasing.
Do not get side swiped in to thinking that owning is an attractive alternative to leasing based on rent alone. You may be paying more due to new risk that you never experienced. In the end of it all though, you must go over all of the crucial roles we displayed prior when looking to purchase Monroe Commercial Real Estate before signing on the dotted line. This can make or break your company for the next few decades and owning a piece of property that you may not want when it is time to move can make your life a little bit more hectic. Weigh out all of the odds and see which one goes in your businesses favor.
The obvious answer to this question is no, the Monroe office is not plotting to kill us. But what we are talking about is more about the health issues that occur from working in an office for too long. Although we work with commercial real estate clients, we still want our clients to be happy and healthy once they have purchased their new space.
All studies will let you know that sitting at your office desk for a long period of time will be quite detrimental for your health. It is actually noted that if you sit for over six hours each day, you have a 18% more likelihood of passing away from diabetes, heart disease or even obesity. Even worse, if you are sitting for over 11 hours per day you become 40% more likely to actually have major health issues within the next three years compared to those that sit under 3 hours daily.
As of right now, on average the normal worker spends 9.3 hours sitting per day, not even including the 7.7 hours that most people sleep. In other words, we are spending approximately 17 hours of our 24 hours not standing or on our feet. Even during the 1980's to the beginning of the millennium, exercise stayed the same, but sitting from desk jobs increased 8% and the obesity rate doubled.
Now we are not saying to avoid the work place as it will make your heart unhealthy, your mind dumber and slowly kill you. What we are saying is that in 2014, the active workplace needs to be something that every Monroe Office should be participating in. Most offices will now host yoga or some form of stretching every morning or afternoon for the employees to live a happier and healthier life. You can even see standing desk in some workplaces that will allow the employees to stand while they work. Another great idea for anyone looking at moving their office and wanting plenty of space for team building activities or even a place for these new standing desk.
Here are some helpful tips to have the office work for you and not against you:
There are no limits to how you can beat the percentages, but staying active even in your Monroe office can mean the difference between a healthy life and one filled with potential issues.
In 2014, you can find Monroe office space available just about anywhere, but in the end, great deals on that particular office lease are not found, they are negotiated. Using all of the tools to your advantage can help your bottom line while giving you the space you need to succeed and grow. There are multiple items that have an impact on how you can negotiate with your broker:
Of course this is just a few items that can have a major impact on the office lease, but quantifying the effective rental rate can make a large difference when putting your pen to paper. By seeing the potential lease agreement from the side of the landlord, it is plain to see that the effective rental rate will be the net profit from the lease.
When landlords look at their effective rental rate when making the office lease, they will look at:
When comparing the effective rental rates, you will be able to see just what you should be paying for your office lease that will make it a win-win for both parties involved. The more that you can quantify in your negotiations the better. Knowing the bottom line for the Landlord will allow you to negotiate your Monroe Office Space that much simpler.
When you are looking to move in to a new building, what is the first thing you look for? Do you try and find some place local that will gather a lot of foot traffic? Maybe even a Monroe office that will give you potential signage to display your companies name? At the end of the day, your rent in your Monroe commercial real estate is really your advertising.
You can ask any tenant advisor and they will all say the same thing... location, location, location. You will always want to move to where all of the action truly is. When moving your business to a new Monroe Office, you really don't have to do much work. All you need to do is look for an anchor store and the traffic will follow. For instance, businesses like Best Buy, Starbucks, Home Depot, etc have all done their research and know where to set up shop. It would be smart to follow suit on these large businesses.
Nothing every draws a crowd like a crowd that is already there. To advertise on the radio, television or through print is increasing daily. People are becoming slowly immune to these types of advertising, so location is the next best thing. When you really look at it, the more expensive the rent, the better the advertising.
Walgreens and CVS normally do big volume because they look for great locations to plant their stores. If your Monroe commercial real estate location is located in a highly visible area, you already have a leg up on the competition in every aspect possible. Foot traffic will increase, advertising will be done locally, and the implication that you are better than your competitors will be present.
Advertising is all about be the top of the mind. When they need what you are selling, you need them to remember you. Location will help to keep you at the top of their mind and displaying that you are in a prime real estate location will make it even sweeter. Cheap rent will never get you anywhere as it will just make the public think that you are not as big as you want to be. Spending a little bit more money each month on your commercial real estate location will make your business a higher return on investment easily.
In most commercial leases that you will see in the Monroe office market, many landlords will state that the tenant may be moved to accompany a larger tenant that is looking to lease in their office. No matter what size business you own, you should never allow this to be written in to the contract. Choosing your next office space for the upcoming years is always a crucial step for any business. There are several factors that allow the tenant to decide on that particular office including views, visibility, closeness of noise, potential foot traffic, air conditioning and other proximity issues just to name some of the main reasons that businesses are excited to sign the lease agreement.
On the other end of the spectrum though, the landlord usually has a reason to keep this provision in the document. Most of the times, relocating your business normally falls on the landlords feet to pay for all of the moving expenses. In theory, the landlord of your Monroe office should technically only think about using this provision in desperate times. Think of it this way, if you currently own 2,500 square feet of the floor and the other 22,500 square feet become available, a potential client may state that they will only rent the 25,000 or nothing. Without your company moving, this is lost income for the landlord and a terrible issue to come by.
The mechanics that could occur if this was to ever happen are fairly straight forward:
1). Every cost involved in the potential move are to fall at the feet of the Landlord. Lease improvements, IT infrastructure, special equipment relocation and replacement of marketing collateral are just a few that come to the top of the list when thinking about this move.
2). The new Monroe Office Space should be equal in size and overall quality. The business owner/ tenant should not see an increase in monthly rent either if the new space is larger in size or an upgrade in any way, shape or form.
The chances of a relocation of your business are not likely to happen, but in the chance that they do, having all of your ducks in a row are the best way to act on this possibility. During the relocation, the tenant will actually have a good deal of power in the negotiations. Having it stated in your lease that you will not move due to a new tenant coming in to the building can save you the hassle of dealing with anything at all. But on the chance that it does occur, you can have the upper hand to find a space that potential fits your growing company even more.
Who does not love a good old fashioned debate when it comes to open offices versus private offices? Monroe commercial real estate is right in the middle on this debate as many commercial buildings are featuring both types of plans as the 2014 year pushes past it's half way mark. In this debate though, there are plenty of pros and cons as to which one works the best for worth ethic and of course how the future of the office space will look. One thing that is noticeable though is that cost efficiency has taken a huge turn for the worse as Monroe offices are starting to feature less space with more employees.
With that being said though, many people have started to go against the open office space trend that has plagued the 21st century, as many corporate businesses are not enjoying the layout as much as they thought they would. In comparison to the old open vs. private office debate, many companies are looking at how the users can have a more productive space instead.
What we do know for sure though is that one space does not fit all. Although open offices may work for the Silicon Valley tech companies, that may not actually be the same for the Monroe Real Estate corporations. The other item that we do know is that change is inevitable. Trends will come and go and this open office trend may just be as big of a fad as we have seen this decade so far.
What will effect the next change though will definitely be technology. As technology becomes a bigger part of the everyday life, we can only imagine that this will play a big factor in how office spaces look in the next 10, 20 or 30 years. As of right now though, the private office is still at the top of our list, but having an open office space may continue to top the charts as must have options for future tenants. Of course, one thing you must have present when signing the lease of the open or private office space is a tenant advisor.
Wanting to Learn More About Office Space?
When you are working from a commercial office, having your name anywhere you can on the building can help your marketing tremendously. Just from the drive by traffic, the foot traffic and of course the marketing that the building does alone can help you out. In real estate there is always a saying of location, location, location.....
Whether in a downtown setting or even in a city office, parking should always be discussed. The areas of parking are typically there for the tenants, clients, visitors and customers. In many cases, commercial leases will have a...
Most lease agreements that you will see in the normal office building are extremely complex and require a seasoned professional to read through them. Of course in this rent could and more than likely will include maintenance fees, operating expenses of the building...
The typical commercial lease ranges anywhere between the average of 5 to 10 years. The long term lease has become a normality in the commercial industry and will not be changing anytime soon. But inside these contracts typically include a potential renewal clause that will allow the tenant to renew their lease for beyond...
Whether in a downtown setting or even in a city office, parking should always be discussed. The areas of parking are typically there for the tenants, clients, visitors and customers. In many cases, commercial leases will have a designated clause that will allow you to see just how many spots you can receive based upon square footage of your office or a negotiated amount. This can be a negotiated in to your contract and should be as many cities are facing a problem where public transportation is not widely used, instead personal cars are driven daily to and from work.
The cost incurred for parking is one item that many landlords are willing to work with in order to sign a new lease. In downtown area specifically, this cost can become a little pricey as the company grows and could increase your price per square foot immensely. Suburban markets do not see as much of an issue as the business sector tends to be noticeably larger in downtown areas.
Of course, having the luxury of a covered spot is just that, a luxury and come come at a cost as well. These are all few items that may need to be discussed in the contract negotiation portion of the Monroe Office agreement and should not be taken lightly as you will need to plan for the now and the future.
Take a test drive of the parking lot as a future tenant. Obviously when you first preview the building you will be parking in the visitor lot with ample parking spaces and proximity to the building. When you are in the garage, tenant lot or wherever the tenant spots are, this may add a slight inconvenience to your office space. Although this is not normally a hot button issue when searching for your next Monroe office, it should not be passed over so easily.
Even in some buildings, you will see the issue of too many tenants with not enough spaces. This could be due to the fact that the building owner does not have enough parking in general to take on the amount of tenants, or they are not enforcing the current rules and restrictions as set in the contracts. Spending 10 minutes on a daily basis to look for a spot that may be even further away from where you will be working can add up to additional frustration when you have signed a long term lease of 5-10 years. This should not be overlooked as it can cause unforeseen issues from day one.
Always have your Monroe Tenant Advisor look in to these issues before you sign any lease and of course negotiate the parking so you will not have any problems over the next few years. You never want to work in a great office that will cause you stress at the beginning of the work day. Parking issues may not seem like a big issue, but it can easily cause frustration for you and the entire company.
Most lease agreements that you will see in the normal office building are extremely complex and require a seasoned professional to read through them. Of course in this rent could and more than likely will include maintenance fees, operating expenses of the building, utilities bills and much more. These fees are passed on to the tenant in which case it may be seen as Additional Rent to the renter.
There are three main types of lease agreements that will display the type of rent you will be paying:
1). Expense Stop: This lease agreement states that the tenant renting the given space must pay a set amount per square foot. This is typically built in to the rent and only square footage over that which is stated will be paid through the pro-rata.
2). Base Year: A base calendar year is decided upon, normally the year in which the renting begins, and the tenant must then pay their pro-rata amount towards the operating expenses when it is over the base year amount.
3). Net Lease: In this final agreement type, there are no stop or base years. The tenant renting the space must now pay their pro-rata amount per each year they lease.
If you take a look at the lease agreements from all landlords, most of the time they are very broadly defined and leave a lot for the imagination. As a Monroe tenant representative though, seeing all of the calculations of the operating expenses are a necessity from the beginning. With that being said though, landlords will consider taxes, insurance and utilities to be uncontrollable operating expenses.
At the end of the day though, the operating expense or additional rent item on your monthly rent amount if just one of many ways that the landlords can confuse their tenants in to paying more than necessary. Having an experience Monroe Office Representative on your side can help you immensely to make sure that you are getting the best deal possible for your business. Negotiating a lease can be a daunting task, but with the help of a tenant advisor, all risks will be mitigated.
The typical commercial lease ranges anywhere between the average of 5 to 10 years. The long term lease has become a normality in the commercial industry and will not be changing anytime soon. But inside these contracts typically include a potential renewal clause that will allow the tenant to renew their lease for beyond the amount initially stated. In the end, this is a big time benefit for the tenant.
What Is The Difference Between Short Term and Long Term Leases?
It may not seem like it when you initially sign the contract, but the long term lease will benefit your business. Commercial real estate agents and the landlords tend to focus on the signing of long term leases as the advantages add up very quickly. The disadvantages to signing a short term lease include:
In the end though, short term leases and long term leases truly come down to the flexibility that you can receive. Longer term commercial real estate leases will generally result in a smaller expense. This will include a higher amount of flexibility if you do look to renew and will favor your business exponentially in the long run.
Pieces of the Renewal Option
The renewal option is a necessity to have in your contract that will allow you to renew your current space for the same if not relatively the same amount of money per month. Here are parts of the renewal process though that you may wish to think about before beginning:
Of course, the renewal options do protect the tenant in many cases. Without these renewal options, you may be looking at your space being let go without the option to resign.
In any contract with your Monroe Commercial Real Estate, the renewal option should be a top priority. It is always wise to think of the future and this will allow for you to make the best decision possible when you decide whether or not your business should move from your current space. Always assume that the market will be in the current landlord's favor whenever you look to renew your space.
The build process of an commercial real estate development can always be a very tedious task. maintaining control of this process will greatly allow you to enjoy your new Monroe office space than if you were to let the potential development to becoming wildly unstructured. Adding in a tenant improvement allowance inside your lease agreement is a very key component of the leasing process. When looking to redo the space that you have in your new office, there are two ways that the improvement allowances could be completed:
1). Turn Key Build-Out
2). Stated Dollar Amount
In the turn key build-out, the landlord will take on all of the monetary items necessary for the build out. The Monroe office expenses would not be your responsibility and you will be just an onlooker during the construction process. The stated dollar amount option though will allow the landlord to state that they will pay x amount of dollars in order for the construction to occur. This normally is a set number to cover any architectural and engineering fee that may be incurred during the daunting process. During the lease agreement though, many tenant representatives will strive to opt for a turn key build-out as that would limit any, if not all, of the out of pocket expenses for the new tenant. Saving on the bottom line of the Monroe Office is obviously top priority for the tenant representative as no one wants to pay any additional money for the space that is being rented.
There are a good amount of issues with the turn-key approach though as their may be additional areas of the renovation that are cut due to higher cost. The tenant does not have much say in the turn-key approach and may have a good amount of their needs left unsatisfied. It is a give an take at the end of the day as you can save a large sum of money, but at the same time you may not get precisely what it is that you want.
Two major factors that many Monroe office representatives may want to keep in the back of their mind are:
1). Maintain Quality Control of the entire Build-Out Process
2). Look for the best fit for your construction as the bidding process begins
First and foremost, you must maintain the build-out process to remain on schedule, within budget and completed by a time that you find ideal. Working a tenant improvement in to the lease is not the easiest of tasks, and having the right tenant representative can make all of the difference. Before you sign the lease though, make sure that your potential needs are met as far as construction occurs, otherwise you will be looking at a long office contract that may not be negotiable.
Finding a Monroe commercial real estate adviser in 2014 is not that hard of a task, but finding one that can tend to your needs when you are looking for information can be the tricky part. The top tenant advisers that you would like to work with are much more than just a one time broker. They work with you between each transaction and answer questions as an ongoing representative to your business.
What can you do if your current Monroe Commercial Real Estate broker works with multiple landlords or is working for a full-service company? First off, you may have chosen the wrong commercial real estate agent to begin with. By providing a full service to multiple clients you are actually becoming hindered from their job. Will your information be confidential with other potential landlords on their client roster? Will the other landlord clients change the way that your real estate representative works with you? At the end of the day you need to sit down and think, will my relationship with my ideal commercial real estate agent have any issues based on their current business?
Your company should be your top priority and it's status inside the full-service commercial business should be thought of first. If new accounts are taken on, how will your current level of service be effected? Will their rate of completed projects diminish with the new clients? If you have an issue with your current landlord and try to get a hold of your Monroe commercial real estate agent, how long will it take them to contact you back? When looking at all of your options remember that trust is a high key factor to place on the line. Without a pre-built relationship that includes the trust and know how to complete every task asked for, the end result will be a complete waste of your time and money. With all of this said, return on investment is always key, and having a broker/ adviser that can answer questions, help fix problems and be there when needed is a must have in any business.
When you are looking at who you would like to begin that commercial real estate partnership with, it is important to keep it professional with an eye on the bottom line. Real Estate can hinder that bottom line very easily and you want to make sure that all of your items are aligned before any documents are signed. Look around at multiple Monroe commercial real estate agents before you sign to begin that relationship the right way.