Are You a Smart Investor
The Pros and Cons of An Open Office Floor Plan
The Pros and Cons of An Open Office Floor Plan
You’ve got everything ready for your new office, now it’s time to decide between the privacy of cubicles or the open spaces that come with the bullpen layout. Earlier this year the New Yorker reported that 70% of offices go with an open floor plan. That being said there are numerous articles discussing that open floor plans may lead to too much collaboration. Here are some key differences between the two styles:
BULLPEN PROS
· Open communication
· Collaboration
· No department segregation
· No “status symbol” desk locations
BULLPEN CONS
· Noise & distractions
· Little to no privacy
· Lack of confidentiality
· No suitable for all personality types
CUBICLE PROS
· Less distraction
· Privacy
· Feelings of ownership
· Collaboration is still possible
CUBICLE CONS
· Lack of a team atmosphere
· Isolation
· Cramped space
· Lack of socialization
Ultimately what floor plan is best for your office depends on what your company’s work and daily responsibilities are. Cubicles can diminish distractions but bullpen layout encourages collaboration. If you are thinking about changing your office’s current layout think about polling your employees to get their input on what would be most effective in your Monroe office. Successful companies have used both types so the decision really comes down to what will enhance and support your office workflow the best.
Top 3 Items To Ask Your Monroe Commercial Real Estate Agent
Top 3 Items To Ask Your Monroe Commercial Real Estate Agent
The process to purchase or sell an office can be a long and tedious one. Working by yourself as a for sale by owner can make this process even more taxing than it needs to be. This is why we definitely suggest working with a Monroe Real Estate Agent on both ends of the deal. If you are a buyer, you may not be aware, but you will not pay a cent more for a real estate agent when you purchase the property. The agent’s commission will actually come from the seller, so the amount you pay will not change at all with or without an agent.
If you are a seller, you may be wasting more time and money than you expect by not utilizing an agent. It is statistically known that a Monroe real estate agent can actually get you more money for your property than if you sell it buy yourself. Of course the amount of time that it takes to show the property, market the property, do the paperwork, contact the closing company, title company, lenders, mortgage, etc is enough for a for sale by owner to throw in the towel. But what should you ask the agent to make sure that you are getting the best realtor for your property or buying process?
Here are some of the main questions that we may suggest asking your next Monroe Real Estate Agent before you sign on to make them your realtor:
- Where are office prices going and will they appreciate over the next few months, years, etc?
- Why should I use an agent when I can shop for an office myself online?
- How great of a benefit is owning an office versus leasing one from a landlord?
If your commercial real estate agent cannot answer these five questions in a detailed and calm manner, you may want to steer clear of signing the documents. Knowing that your Monroe real estate agent can answer these questions fluently will give you a piece of mind that you are in good hands and can rest assured that the process will be an easy one for you and your family.
What The New Workforce Truly Wants
What The New Workforce Truly Wants
The new workforce that is starting to evolve the office environment from what we have seen over the past few decades is coming in at full force with new ideas, new ways of working and new infrastructures. The new generation of workers are motivated in different ways, want a different type of workplace and communicate 24/7. Of course, the Monroe office that you have come to know and love will always be there, but the individuals inside the office may be a little different.
As you can see from the new age techniques compared to the old tried and true methods of working in the office does not necessarily mean that it needs to be in the office. This new workforce is wanting a work anywhere, anytime on any device type of infrastructure and most corporate locations are even buying in to these changes. Flexibility is at the top of the list and the companies that are adapting these new trends are seeing employees that are more dedicated to their work than ever before. With the option to work remotely whenever they want, more hours are being put in to work than during the old fashioned 9-5 work week. This amount of freedom though does force the employee to have a higher level of accountability being away from the office for a set period of time.
Unlike before, many employees are looking to make their own moves up the "corporate ladder" by moving at their own pace. By doing extra work with the anywhere, any device policy, you can actually see employees start to pick up additional projects to assist with outside of their job description. There has also been a noted change in the team mentality as collaboration is still on the top of many employees list. Even though meetings in the office are not happening as frequently, technology is allowing them to make them as concise as possible. This is freeing up more time to complete different projects or tasks, allowing for more work to be completed than before.
Now this does not mean that the Monroe Office is going away. Once again we wanted to reiterate that. What this does mean for your business though is that you have the opportunity of taking work to wherever the individual is. This will increase the amount of work that they are producing and could even improve productivity and overall employee happiness. The Office will always be a crucial part of the business, but with the freedom to work wherever and whenever, you are giving this new workforce the opportunity to work smarter and not harder.
Where Will Our Office In Monroe Be In The Future?
Where Will Our Office In Monroe Be In The Future?
Productivity is always a top priority of every office. How to make the office infrastructure work like a well oiled machine is what every company truly looks for. Many companies now though are looking to a more lackadaisical approach to the office.
Employees have the option of working virtually or even from home when time allows it. Most companies have spread across the globe and have created a way for different employees to work with them simultaneously while not even being in the same continent. But you may want to forget about everything that you think the new Monroe Office of the future will actually look like.
Published in the Harvard Business Review, if you are looking to increase your employees worth and knowledge to the company, it may not be due to the individual employee. Chance and face to face meetings, brain storming sessions or encounters ideal improve performance. This is a big change from what people truly believe as technology technically keeps us together and integrated even when we are working remotely from the office.
From a survey that was conducted, the closeness that individuals gained from the office actually boosted their communication virtually. Of the office employees that worked near each other on a particular project, they were 20% more likely to communicate to each other about the project in a digital manner and sent approximately 4 times more emails to collaborate. In the end, the project was completed 32% faster than the other staff that were working remotely.
The great part about this study is that the Monroe office that you may be commuting to on a daily basis in the next 10-20 years may actually look very similar to the one that you are in right now. Whether it is an open office, cubicles, corner offices or any other design that you company currently has in place for you, that structure may not change. Overall, working in the same place as your co-workers and bosses will allow you to produce at a higher level than when virtual.
Relocating Within Your Monroe Office
Relocating Within Your Monroe Office
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.
Your Monroe Office Rent Is Much More Than Just Rent
Your Monroe Office Rent Is Much More Than Just Rent
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.
What Can A Monroe Tenant Rep Do For You?
What Can A Monroe Tenant Rep Do For You?
Hiring a commercial tenant representative can be the best task that you can do when looking to move from on commercial location to another. Tenant reps are easy to come by, but finding the right commercial real estate agent takes time and know how. But when you find the right one that you are looking for, what can you expect? The main thing that should be on the top of your mind when making this commercial real estate decision is information.
Information is key in 2014 and finding the right tenant rep can make or break your move. In comparison to a traditional residential real estate agent, commercial agents use multiple databases to gather information including, LoopNet, CityFeet, CommercialSource, Xceligent, Costar and many more. Whether you are looking to buy or lease a property, these sites can help to start the search process, but seeing the in depth information will take a trusted tenant representative. Residential agents just have to look on the mls, but with multiple sites to dive in to the information even deeper, the process can get a little overwhelming. Knowing just where to find all of the information and how to discover just what the client needs while doing this can be the bigger challenge. On top of this, seeing a property for yourself on the internet may not show the entire story as it more than likely could be displaying outdated information.
Finding a property for sale is not that difficult as driving down the road and looking for commercial real estate signs is an easy task. Once the leasing agent is on the other end of the phone though, do you know what questions to ask, or how to compare their rental quote to others? Some of the properties may be full service while others could be plus electric. Some commercial offices offer flexibility to the lease agreement. Comparisons must be made as this is your company that you are putting on the line. In order to make the best decision you must know all of the information at hand, but furthermore, you must know what that information means.
All of this factors in to what you can expect from a Monroe Tenant Representative, but at the end of the day, the information and expertise are what will really enhance your commercial experience. Finding a property to lease or purchase is simple, but the steps that come after that are the part that will make you glad that you found the right Monroe Commercial Real Estate agent!
Does Your Monroe Commercial Real Estate Adviser Work Solely With You?
Does Your Monroe Commercial Real Estate Adviser Work Solely With You?
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.
My Ideal Monroe Commercial Real Estate Referral
My Ideal Monroe Commercial Real Estate Referral
As a real estate agent who has been working in the industry for as long as I have, a good portion of my business comes from previous referrals from clients I helped out. Past clients, networking groups and of course some times from different real estate agents will send me their clients they cannot work with for whatever reason as I am a sought after commercial real estate agent in Monroe. The ideal part about a referral is that competition is low and the client already trust me as a talented and experienced agent due to their potential agent sending them my way. But are these particular clients that great for what I am a specialist in?
Obviously, commercial real estate is a very broad industry. You have the office aspect, industrial, retail, construction and more. As a commercial real estate agent and adviser, I work with clients of many sizes to find their ideal commercial needs, whether they are looking to buy, sell, lease or rent in the Monroe, Louisiana area.
What exactly happens if someone that was referred over to me does not fit the criteria of buyers and sellers that I work with? Just because they do not fit within my main structure does not mean that I will not help them out by any means. What this does mean though is that I will not be actively looking for these particular clients or will be spending money on marketing trying to find them either. What this also means is that this particular client or business may be getting referred out as well due to the fact that I may not be the best agent to help with their particular needs. Having a commercial real estate specialist for your particular property is the best choice as you know you will be getting the most out of your real estate experience.
By knowing who our ideal client is, we are then able to work with them one on one and can provide the expertise that they deserve and need in order to find the best property available, or sell their current real estate for exactly what they deserve. Specializing in a particular part of the commercial real estate industry will be a win-win for both sides of the party, leading to a faster transaction with a greater amount of knowledge.
What Does Your Monroe Commercial Real Estate Agent Specialize In?
What Does Your Monroe Commercial Real Estate Agent Specialize In?
The difference that commercial real estate agents and residential real estate agents in Monroe are far and in between. Each sector of the real estate market serves it's purpose to our economy and of course towards our community that needs help moving either their business or their home. In the past 30 years though, the real estate brokerage has evolved and is becoming a very specialized industry.
When dealing with a residential agent, it is normal to see the realtor specialize in geographic locations, pricing of homes, types of properties, types of potential clients and their own type of service they offer. Brokers in this industry are now really seen as Monroe real estate advisers with information on all financial options, market analysis, portfolio analysis and more. What you will be seeing throughout the industry though are agents that are combining two or more of these specialties to encompass the needs of their clients.
Monroe commercial real estate is just a tad bit more specialized than the residential sector. In commercial real estate, agents tend to specialize in four main factors:
- Geography
- Product Type
- Client Type
- Services Provided
Just like the residential sector though, you will see many of these commercial real estate agents working on multiple sections as well to combine a better experience for the transaction. For instance, it is not unusual to see an agent focus primarily on Monroe, offices, for landlords, for purchase. This fulfills all of the requirements and allows them to specialize in this particular field for better results to the client.
When you look to utilize a Monroe commercial real estate agent in general, the higher the specialization the better. You will always have a wide array of options to work with when searching for an agent, but it is extremely important to find the one that serves your area, product, client type and services. You are never emotionally vested with each agent either and are more than welcome to utilize one to sell your home, another to rent you an office and a third to help with your portfolio. The more that you research and learn, the better!
Of course, if you are looking at moving offices, be sure to do so correctly. Check out our previous blog on Why Your Monroe Real Estate Landlord Thinks You Won't Move.