In general, leasing is far more common in commercial real estate, especially in large urban areas. Commercial properties are often owned by large holdings companies who lease out to tenants. Lease terms also tend to be longer, at three, five, ten or more years, rather than the one-year leases common with residential spaces.
There’s no denying that price per square foot is an essential factor to consider when choosing a space. However, it’s not the be-all-end-all number that many brokers make it out to be. Flexible lease provisions — renewals, contractions, expansions, subleases, etc. — can be just as valuable as the low price per square foot figure. And, of course, you have to weigh the value of one location against another. The truth is that there’s no single calculation that will let you know the best deal for your business but the focus should always be moving to what will make your team the most productive.
Obviously, you need the basics that will allow your team to do its job. The best office spaces, though, also end up serving as powerful recruiting tools to attract the best talent. Employees want to work in comfortable offices that facilitate great work. Space for collaborative areas, room for growth, overall image, and cool features should factor into your decision.
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Michael Staskiewicz, CCIM, Managing Principal of Effective Realty Advisors and a team of strategic partners, help financial decision makers of mid-size companies perfectly align their real estate with their business needs, so that they increase profits and improve operational and financial performance.
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