I was at a networking event recently where we were asked to do an intellectual exercise. The speaker posed the question: If you had a magic wand, what would you change—even if it was disruptive—to make your life better? The point of the exercise was to get us thinking about our businesses and the services we offer from a different perspective.
It’s a presidential election year, and while that often has implications for markets, it is also a useful insight into people’s thinking. Politics engenders passion, so what we often see are people entrenched in their positions—sometimes while ignoring potentially important points of view.
There is seemingly an infinite number of ways real estate is owned and sold.
In most cases, the owner of real estate has a deed for a property, and when the property sells, the deed is transferred to the new owner in exchange for value. In other cases, the property may be owned as shares in a corporation.
“Don’t let a crisis go to waste.” This proverb from Winston Churchill, made famous again in 2008 by Rahm Emanuel, is applicable to many things in life, including the expiration of a commercial lease.
The stock market is a leading economic indicator. It affects the psychology of companies. When the market is up, there is a tendency toward growth and expansive thinking, but when it’s down, people are less likely to spend money on real estate and investments.
Denver, Houston, and Edmonton are just 3 of many cities that are heavily dependent on oil and gas. A prolonged slowdown in these markets, as we are seeing now, creates a tremendous ripple effect, impacting office spaces, retail spaces, labor markets and more.
Most companies are reactive in their commercial real estate needs, especially as their business locations increase. To become proactive, companies need to see the big picture - there needs to be a vision that comes from the top. If the CEO or Division Manager hasn't defined a vision for the business, it's hard to be proactive with real estate. A vision tells people where they want to go, so real estate can be planned and managed in order to support that vision and those business goals.
- Lexington Avenue, between 101st and 102nd Streets
- Approximately 50,000 square feet of buildable area
- Retail Component of approximately 10,000 square feet
- Ground and Lower Level will have high ceilings
“Total cost” encompasses more than the rent.
When negotiating a commercial lease the “total cost,” including each of these factors, must be considered:
When corporations are looking for office space, they typically start by casting a large net. This involves taking the interests of all key players into consideration before narrowing down the choices.