Tower Self Storage on Fulton Dr. in Monroe recently sold for $5,365,000. The seller was Tower Storage of...
Motel 6 on Martin Luther King Jr. Drive in Monroe was sold to Monroe Hospitality LLC for $1,500,000. The property is over 2 acres in size and was sold by G6 Hospitality Property LLC on March 14, 2017.
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:
· Open communication
· No department segregation
· No “status symbol” desk locations
· Noise & distractions
· Little to no privacy
· Lack of confidentiality
· No suitable for all personality types
· Less distraction
· Feelings of ownership
· Collaboration is still possible
· Lack of a team atmosphere
· 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.
World's Coolest Commercial Real Estate Offices
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.
- Beats Electronics
- Culver City, CA
- Office Designed By: Bestor Architecture
- Tel Aviv
- Office Designed By: Camenzind Evolution
- Office Designed By: MoreySmith
- Office Designed By: BSK Arkitekter
- Nasty Gal
- Los Angeles
- Office Designed By: Bestor Architecture
- Office Designed By: Simon Bush-King Architecture & Urbanism
- New York City
- Office Designed By: WorkAC
- Washington D.C., Wonder Bread location
- Office Design By: WeWork
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?
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
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?
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.
Considering A Build To Suit Monroe Office Lease?
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:
- Lease out an office that is vacant
- Purchase a building and potentially renovate the interior
- Build your own office and own the building
- Utilize a build to suit lease
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.
Monroe Commercial Leases and SNDA's
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.
Should You Own Or Lease Your Monroe Office?
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:
- Leasing Benefits
- Leasing Risks
- Ownership Benefits
- Ownership Risks
- Required Capital
- Required ROI
- Short and Long Term Business Plans
- Employee Headcount now and in the future
- Market Conditions short and long term
- Income Tax
- Financial Reporting
- Exit Strategy
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.
Is Your Monroe Office Plotting To Kill You?
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:
- stand periodically through out the day
- take a break to walk around to stretch and relax
- chew gum to increase your energy and alertness
- climb the stairs to where you are working
- stretch outside of your desk with co-workers
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.
Negotiating The Office Lease with Financial Analysis
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:
- Total Business Size and Credit of the Tentant
- Current Monroe Market Conditions
- Building Placement In The Marketplace
- Overall Timing of the Negotiations
- Negotiation Skills of Participants
- Tenant's Attractiveness to the Landlord and the Building
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:
- Rental Rates In The Market: What are other companies charging?
- Total Operating Costs: How much does it currently cost to run the building?
- Transaction Costs: Commissions, Improvements, Free Rent
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.
Your Monroe Commercial Real Estate Is Your Advertising
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.
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.
Open or Private Office Plan Debate
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?
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