May 22, 2007 by jack petrie.

Ron Roel, a former Newsday editor and a co-founder of the real estate educational service Real Estate Next, has written a white paper called “Real Estate and the Media: Understanding news coverage and its impact on the housing market.” While the paper examines the issue of whether the media unduly focuses on negative real estate stories in the residential real estate markets, it also raises the important question of how the media shape public opinion about the commercial real estate markets.

The Commercial Analogy

Roel describes the recent increases in stories about a housing “bubble” being ready to burst. The media equivalent in commercial real estate would be the increase in coverage of the unrelenting rise in the prices of commercial office space in Manhattan. Before opining on this coverage, let’s examine some of the underlying facts:

• Average prices in Midtown and Downtown are at all-time highs;
• Vacancy rates are at recent historical lows;
• Vacancy rates are below the consensus rates of “equilbrium”;
• The majority of real estate pricing is subject to supply and demand curves;
• Real estate pricing, like the economy itself, is cyclical and subject to both upturns and downturns;
• Commercial property owners are major advertisers in the local media;
• Real estate brokers are paid higher commissions commensurate with higher rents and longer lease terms;
• Most real estate brokers at any given time are representing the interests of a property owner.

What does this mean for the commercial tenant today?

1. If you face an upcoming lease expiration, think long-term. Consider renewing on a short-term basis until this market cools down. We often recommend a short-term renewal in order to allow time to execute a process that leverages the market. If you’re out of space and need to relocate, sign a short-term relocation lease.
2. The recent rise in prices has been fueled primarily by a lack of supply. For Downtown tenants, this will change as new construction breaks ground at World Trade Center. For tenants in Midtown, the peripheral boundaries have expanded in all directions. Tenants must now evaluate the west side, Midtown South and Northern Manhattan (Harlem).
3. Many companies are currently “inventorying” excess space. If and when the economy falters, this inventory will initially become “hidden” or “shadow” space and ultimately, sublease space. Currently, corporate “belts” are cinched at the loosest notch.
4. Don’t believe everything you read. Media coverage of the market is inherently biased. Examine the individuals quoted in the media. Understand which firms they work for. Ask yourself if those firms represent major property owners (and if in doubt, turn the page and look for their advertisements). Ask also if these professionals are incentivized to promote a market frenzy.
5. Commercial real estate is not like residential. Leasing office space is not like buying a home. There are no “hot” properties. There is only new construction and old construction. Companies do not select locations because of the property marketing, they select based on a matrix of criteria, including cost, commutation, amenities, efficiencies, etc. (i.e. Long Island City is still located in Queens).
6. Higher a trusted advisor. Understand how your advisor is compensated. Understand who your advisor’s other clients are and if any of those clients represents a potential conflict of interest.

In summary, navigating today’s commercial real estate market is fraught with greater peril than ever. The risk is in “locking in” a long-term rental rate that will leave you underwater in a market downturn. Take a deep breath, turn the page of that publication and let sounder reasoning take its course. There are many more options to discover from which to benefit.

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May 16, 2007 by jack petrie.

Working for a real estate firm that focuses exclusively on tenants, we don’t have the advertising & marketing budgets of our competitors who represent landlords and can “slap” their names and logos on buildings or tombstone transaction announcements throughout the media.

However, when life gives you lemons, it’s time to make a great batch of lemonade!

The Dearth of Midtown Meeting Spaces

Many attendees at CresaPartners-hosted events have been witness to the power of one of the greatest marketing assets our firm possesses – our conference/event space. Due to the shortage of affordable meeting/conference space in New York City, our conference facility (offering close proximity to Grand Central Terminal and a maximum seated capacity of about 75 people) has recently been in great demand.

Since our relocation to our 100 Park Avenue offices three years ago, I have offered this space to every group imaginable – Chambers of Commerce, Industry Trade Associations, Marketing/Networking Groups. Surprisingly, not everyone accepts. Not surprisingly, sometimes we’re asked to join a sponsoring group. Not a problem though, as we have found a successful formula for networking within this type of group.

The Service-Firm Marketing Model

Taking a page from the marketing playbooks of the law and accounting firms, we have found that event sponsorship offers tremendous marketing value and provides a high level of marketing awareness among attendees.

Additionally, from sponsoring and attending so many events, I have learned a lot about the event dynamic, itself.

Three Networking Lessons

1. Don’t “Eat Alone” - One lesson learned is that (like Keith Ferrazzi describes in “Never Eat Alone“) it is more efficient to market to 75 people collectively rather than individually, particularly when one has the credibility of being an event sponsor or host. At CresaPartners-sponsored events, I typically deliver a quick elevator pitch to the audience. But I don’t stop there. I usually network before the event and collect cards and I definitely follow up after the event.
   
2. Be an Early Bird - Another lesson learned from panel discussions is that the best time to network with the panelists is before the event, when everyone’s standing around waiting for the event to begin and the panelists are up front and eager to get started. If you wait until after the event, you’ll get lost in the horde and quite frankly, at that point the panelists are in a hurry to get home or back to work.
3. Always Make Re-Introductions - After attending several events the likelihood increases that I will have previously met some of the attendees and/or panelists. When this is the case, I always reintroduce myself and say hello to someone I’ve met before. I also try to approach the panelists (pre-event, of course), reintroduce myself to anyone I’ve previously met and say a few quick words. Many times, a warm reception and/or recognition from one of the panelists makes it easier to introduce yourself to the other panelists.
   

By utilizing this approach the benefit is that once the event starts, the “heavy lifting” has been completed and you can focus on the event content and stay as long as your schedule allows. This approach also allows for “double booking” or attending multiple events in a morning or evening. It can certainly make networking extremely efficient.

Event sponsorship is no substitute for the sales process, but calling on prospects who have visited your offices and have a familiarity with your firm and personnel can instantly warm up a sales call. It is a lot easier to make a warm call to someone who already knows who you are, what you do, “where you live” and who has visited your workspace and observed your company culture recently.

Next Steps…

1) Planning your next office relocation? Here’s a quick tip: double the size of your proposed conference facilities!

2) Looking for event space? Contact me at jpetrie@cresapartners.com and perhaps we can discuss a possible fit with our facility.

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May 15, 2007 by jack petrie.

Many tenants mistakenly feel there may be a potential savings to be had by forgoing an advisor when entering into a lease negotiation, particularly on a lease renewal. However, in the absence of an advisor, the commission monies (which are a line item in any transaction’s pro forma) revert to the landlord’s agent or management company. In essence, you are paying for an advisor whether you choose one or not.

From our experience exclusively representing tenants, engaging an exclusive advisor does the following:

1. Protects you from any brokerage claims of third parties claiming to have represented you or a prospective property,
2. Provides industry expertise that allows you to preserve internal company resources (i.e. “time”) for your core business,
3. Provides an objective, unbiased voice in comparing competitive properties and scenarios,
4. Provides a process that creates leverage for your tenancy and identifies all potential occupancy costs,
5. Gives you greater credibility and leverage with the landlord community,
6. Attracts the top tenant representation available.

To conclude, the New York City lease is a formidable document crafted by the landlord’s leasing team to protect the landlord. It is the summary of a large set of historical contingencies that gradually attempts to close any and all tenant loopholes or ambiguities. Each clause in the lease has monetary impact. Do not attempt to tackle this one without adequate protection in the form of an objective, tenant advisor.

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April 24, 2007 by jack petrie.

It is a well documented fact that the physical design of a workspace has a direct effect on job satisfaction, productivity and profitability.  Companies with workplaces that encourage collaboration outperform those without intermingled workspace.  The architectural firm, Gensler, recently conducted a survey – demonstrating that workplace affects attitudes about work and makes companies more competitive, as proud workers show off their workspace to important customers.  Additionally, positive workspaces can promote health and well-being. 

A potential relocation offers the following opportunities for companies in New York City: 

• Market Leadership – a cutting edge space design can signal to clients and community that a firm is a step ahead of their market and potentially, create some publicity for their office.  Think of all the free publicity Google has gotten for their space at 111 Eighth Avenue.
  
• Culture – having a hip and positive work environment will encourage employee collaboration and extended work hours, and will make a positive impression on recruitees, visiting clients and other guests.  Again, think of all the prospective employees banging down the doors at Google. 
• Efficiencies – there are two elements to efficiency – energy efficiency and space efficiency.  It is well documented that a sustainable or ”green” environment improves productivity at minor cost increments.  Furthermore, a space efficient, or open-plan environment can improve collaboration and productivity. 
  
• Technology – A relocation is a great opportunity to upgrade technology.  Some possible suggestions are: a wifi network, mobile laptop computer docks, centralized printers and document production, improved lighting, electronic white boards, web-based video conferencing, paperless office, etc.
  
• Design – the creative use of color schemes can create and emphasize cultural elements of an environment: creative, fun, welcoming, etc.

If a company is offered the opportunity for a landlord’s “turnkey” installation, why accept a landlord’s paradigm of what an office environment should look like.  If you look at how your firm actually works and at your client workflow itself, certain types of functional work areas might enhance your process and client service.  For example: 

1. Tight bullpen layout with central storage & production areas – to foster collaboration and greater awareness of other’s project work, elimination of “horizontal storage”, i.e. countertops;
   
2. Small conference room(s) – with some exceptions, the largest internal meetings are oftentimes never more than six people.  This capacity could be met with smaller rooms, including informal, “breakout” rooms;
   
3. Telephone Booths – during the day many conference rooms are used for private phone calls, this function could easily be replaced with smaller, one- and two-person phone rooms;
   
4. Client Incubator – How about one or two “guest” private offices to incubate clients in transition?  Think of what a loyalty builder this could be…;
   
5. Reception/pantry – Think of the definition of the word reception… Is that what your company’s entranceway suggests? How about a welcoming area at entrance for guests to sit, use the restroom, have a beverage.  Such a space, if designed appropriately, could also serve as the location for actual “receptions” in the form of hosted events;
   
6. Auditorium/theater – in lieu of a large conference room; the focus would be on a state-of-the-art information communication and presentation area.  Create a “home field” for hosting prospect meetings and presentations; 
7. Workflow/process – this is more conceptual, but there has to be a physical way to demonstrate a company’s workflow process and to use the presentation as a selling tool, similar to a retail environment.  Looking around your office, do you get any indication of the product or service that your company sells?

In working with our clients, we recommend a very detailed and specific process when advising them about space needs.  Most often the recommendations involve engaging an architect or space planner to observe, interview and program the work environment and to translate it into a physical footprint.   A relocation can be a huge and positive marketing event which can tie into many of the other efforts to build and grow a client base and market awareness.  It starts with the recognition and definition of corporate culture and the implementation of that culture into the workspace.

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April 17, 2007 by jack petrie.

1st Quarter 2007 Market Report 

Tenant’s Viewpoint

Overall occupancy costs will continue to rise due to increasing rents, higher construction costs and space remeasurement by landlords (to create higher “loss factors”).  Regarding construction, most available space will be delivered demolished and will require complete renovation, while landlords are providing smaller tenant improvement allowances and less base building work.  These factors result in relocations becoming more expensive, necessitating increased time for budgeting and planning when determining whether a relocation or renewal is the best alternative.  It is critical for tenants to understand the speed at which current transactions are expected to close, once negotiations begin.  Landlords will not hesitate to retract the issuance of draft leases, once any sign of hesitation or improved market economics emerges.

Market Overview

The city’s economy continues to fuel strong demand for office space.  Since January of last year, job growth in the private sector alone has grown by 2%, creating over 60,000 new jobs.  This job growth has had a dramatic effect on vacancy rates and consequently, rental rates, which in the overall Class A market increased by 26.9% over last year.  In turn, rental rates in formerly good value submarkets such as Midtown South and Downtown have risen sharply, as well.  Downtown asking rental rates are now comparable to Midtown Class B rates.  The scarcity of space and higher rental rates have created a ripe environment for new speculative development for the first time since the late 1980’s and early 1990’s.

Trends & Statistics

Midtown
In the first quarter of 2007, average office rents rose $3.95/rsf (5.9%) to $71.40/rsf for Class A space.  This is an historical high figure.  The asking price for Class B space saw an increase of $1.67/rsf (3.9%) to $44.44/rsf.  Vacancy rates continued to drop decreasing by 0.6% from 5.2% to 4.6% within Class A space and remained stable in Class B space at 4%.  Class A net absorption was 1,170,437 rsf and Class B net absorption was 34,822 rsf for Q1 ‘07.

Midtown South
Average asking rents rose substantially by $2.15/rsf (5.4%) from $40.05/rsf to $42.20/rsf.  Net absorption was 224,484 rsf for Class A&B space combined.  Vacancy rates remained stable at 5%.

Downtown
Downtown Class A space rose by $1.54/rsf from $45.27/rsf to $46.81/rsf, while Class B space experienced an increase of $3.59/rsf (9.9%) from $36.38/rsf to $39.97/rsf.  Total net absorption was 1,452,878 rsf and (-16,605) rsf for Class A and Class B space, respectively.  This was the first negative absorption of Downtown Class B space since 2005.  Class A vacancy rates dropped 20.4% from 10.3% to 8.2%, while Class B vacancy rates remained steady at 10.0%.

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April 4, 2007 by jack petrie.

Matthew McCall, Managing Director of DFJ Portage, recently posted an article  http://alwayson.goingon.com/permalink/post/12090 on toxic elements of the commercial real estate leasing process for startups and technology firms. 

He identifies six (6) core mistakes that many newly-funded entrepreneurs make in securing new or growth space for their enterprises.  A tactical interpretation of these concerns:

1. Avoid long-term leases, or alternatively, secure the company’s investors (via convertible notes) ahead of the landlord’s security interest,
2. Right size the space being leased based on current needs and build in expansion flexibility (the proverbial “nice problem to have”) through increasing density within the existing space (see my article “Tech Firms’ Diminishing Space Standards“),
3. Avoid construction projects by leasing an existing installation.  If renovations are necessary, have the landlord build the space or slash the construction project budget,
4. Use a tenant advisor.  (I like this one.)  In tight markets, conflicts of interest are real and conflicted brokers tend to “drink the landlord’s koolaid” with regard to market trends and conditions,
5. In a landlord’s market (like today’s), avoid long-term leases.  Try to play the market by commiting for a shorter lease term and renew for a longer term in a softer market.  Historically, market cycles have occurred approximately every seven years or so, so that would be an ideal maximum lease term,
6. Select a property offering a tenant improvement allowance.  It’s built into the base rent and many landlords in trendy submarkets (Soho, Midtown South) only offer space to lease in “as-is” condition.  Even if the existing space is built, improvement allowances are transferable to subtenants.

Additionally, from our experience representing startups and newly-funded technology firms, we can offer some this advice:

1. Start early.  Real estate leases can take sixty days to document, architectural documentation and permitting can take thirty days, construction itself can last 120 days.  For a sublease, many tenants forget once the sublease ink is dry, the landlord can take up to 45 days to officially approve the sublease.  By ramping up the learning curve earlier, tenants can be more opportunistic with market alternatives. (We recommend commencing the process 12-18 months ahead of a lease expiration).
2. Focus on total costs.  Too many tenants focus only on a base rent number.  This strategy only serves to play to a landlord’s strengths.  A particular building’s $40 rent number will differ from another building’s, based on what is included or excluded, i.e., cleaning, water charges, security guard, overtime air conditioning, etc.
3. Create a space program.  Every landlord’s definition of space varies, so why eyeball it?  With a space program based on actual needs, a tenant creates a template of usable square footage required that can be overlaid onto any floor plan.  The space plan will quickly identify space inefficiencies in comparable properties.
4. For construction projects, hire a project manager.  A PM will act as tenant watchdog and manage to a defined budget and equally important, a finite schedule.  A good PM will save much more money than the PM fee.
5. Explore municipal incentives.  Many govermental grants associated with job creation exist which can help offset lease costs.  We see many companies neglect these benefits.

Like visiting the IRS or the oral surgeon, leasing office space can be a painful process.  Additionally, most tenants only lease space once every 5-10 years.  By starting early and planning appropriately, tenants can insure a more satisfying outcome.

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March 14, 2007 by jack petrie.

One of 25 “Most-Read Stories”

CRESA Partners’ SVP, Greg O’Brien, recently contributed the following article to ”The CoStar Green Report”:

Color Me Green?  - Reviewing Shades of Reality

Tenants are now considering the environmental impact of a building during the decision-making process. As a result of the establishment of the United States Green Building Council and its Leadership in Energy and Environmental Design (LEED) Green Building Rating System, environmentally responsible design and construction practices are now becoming a determining factor in the site selection process. But as with many new concepts introduced into a marketplace, there are significant differences between the common perceptions of green developments and the realities. Let’s take a look at a few.

Perceptions Versus Realities

1. Perception: Green buildings cost more to lease or own. Reality: Fundamental green design and construction practices-such as proper orientation of the building, increased day-lighting of the space, reduced irrigation requirements, controlled stormwater runoff, construction waste recycling, and specifying low toxicity materials-are not more costly and can actually reduce ongoing operating expenses.
2. Perception: The quality of office space has very little impact on the productivity of the occupants. Reality: Recent studies by major corporations and universities have determined that improving the indoor environmental quality (IEQ) of office space, classroom space, and/or light assembly space improves productivity by 2% - 17%.
3. Perception: LEED certification is a complicated, cumbersome, and costly process that is not worth the time and effort. Reality: The recently released LEED 2.1 version is now streamlined, refined, and online. All LEED-registered projects now submit 100% of the required documentation electronically, thereby reducing certification costs and simplifying the documentation process.
4. Perception: Corporate America and governmental agencies are not committed to supporting sustainable design and construction practices in their owned and leased properties. Reality: “Triple Bottom Line” accountability (economic, social, and environmental) is rapidly evolving as publicly held corporations respond to the demands of socially and environmentally responsible institutional capital.

Final Conclusion

The time has arrived for the “greening” of the real estate acquisition process. So what is your organization’s green strategy? 

About The Author 

Greg O’Brien, senior vice president of CRESA Partners in Atlanta and a LEED Accredited Professional created CRESA’s The Green Team to assist corporate tenants with understanding the value of green in their real estate transactions.

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March 6, 2007 by jack petrie.

 I often say that one of the perks of working in commercial real estate in NYC is that a broker doesn’t just deal in properties, but in landmarks & icons.

Having recently subleased a client’s floor in the tower, I’ve come to understand how no other property in the world occupies a higher place in our emotional landscape than 405 Lexington Avenue, famously known as the Chrysler Building.

Having worked in the building in 2003, I certainly know its flaws: landmarked obsolescences such as wind-whipped window frames, outmoded plumbing, creaky elevators.  (The two most bizarre days of the year were the semiannual treks of the window washers to our floor - to climb outside the 47th floor facade, supported by a mere canvas belt, to manually wash each window’s exterior and thereby juxtaposing their career’s unique combination of monotony and danger.)

Everyone has a Chrysler Building story:

• From the historic - Chrysler was constructed from 1928-1930, and during a race to momentarily occupy the status as World’s Tallest Building, the seven-story, 185 foot spire was secretly delivered to the site in sections, assembled inside the elevator shaft, and hoisted through a roof opening in a matter of hours to claim the crown (from 40 Wall Street, currently, The Trump Building), but only until the completion of the Empire State Building the following year. 
• Chrysler also claimed its status in 1930 as the World’s Tallest Man-Made Structure from The Eiffel Tower.
• Chrysler remains the largest brick building in the world and was the first large building to extensively use exterior metalwork.
• Chrysler was home to the studio of LIFE Magazine’s first female photojournalist, Margaret Bourke-White, whose photography of the gargoyles and spires remain classics today.
• Chrysler was commissioned by Chrysler Company founder Walter P. Chrysler and would later become the North American HQ of Daimler-Chrysler, who would never occupy the property and who would eventually buyout of their lease obligation (at a rumored 100% of their fully escalated rent obligation.)
• Chrysler’s ornamentations on the tower and setbacks reference the era of the automobile, with metal hubcaps, radiator cap gargoyles, car fenders, and hood ornaments.  Additionally, the interior ceiling fresco depicts scenes from the Chrysler assembly line.
• To the mundane - the lobby security will tell you endless stories of the daily visits by tourists to the front desk asking for directions to the observation deck.

No better conversational icebreaker exists than this property.  My mother’s 80-year old husband and I share the experience of working in this building (a floor apart) at different times.  No other building spans generations like the Chrysler Building. 

No other building has such a place in of American history.

At the time of it’s construction, $75 dollars would equate to three weeks pay for the average worker and would bring home two washing machines.

Today it buys a square foot of real estate on the 57th floor.

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March 5, 2007 by jack petrie.

Tenant Sticker Shock 

As companies across Manhattan consider renewing their leases or expanding or relocating their businesses, many have been shocked by what landlords are now proposing for rental rates.  In many cases, lease proposals are coming in at 125% – 150% of what rates were a year ago, and in some cases, the proposed rent is more than double what the company is currently paying! 

Shift in Market Dynamics

Unfortunately, for companies looking to lease space today, the days of a favorable tenants’ market are long gone.  With vacancy rates at recent historical lows and tenant absorption substantially up, landlords are negotiating from a position of strength and confidence.  No longer are landlords hungry to find tenants for their properties and willing to do “whatever it takes” to persuade tenants to sign leases in their buildings.  The market has shifted, which for tenants translates into increased rental rates and a lowering of tenant improvement allowances, free rent, and other concessions, particularly lease flexibility options and clauses.
 

Market Evidence (2004-2006)

An example of these rate increases can be seen in some of the Midtown submarkets: Midtown Class A buildings which were averaging $53.91 per rentable square foot (rsf) in 2004, finished 2006 leasing for an average of $61.72/rsf, a 14.5% increase.  In the Plaza District, the increase from 2004 to 2006 in Class A rents was even more dramatic – from an average of $61.55/rsf in 2004 to $71.47/rsf at the close of 2006, a 16.1% increase.  In Downtown Manhattan, Class A space which leased for $34.40/rsf in 2004 was averaging for $43.05/rsf last year, a staggering 25.1% increase.  Even in Midtown South, a historical haven for cost conscious tenants, average leasing across all property classes rose by 18% from $31.38/rsf in 2004 to $37.02/rsf at the end of last year.  As the first quarter of 2007 nears closing, those rental rates seem almost nostalgic as a substantial portion of this year’s rent increases are already taking place.
 

Possible Solutions 

So….how do companies manage their costs in an environment like today where landlords are inflexible, rents are high and concessions are low?   
 

Most people do not realize that office space and facilities represent the 2^nd or 3^rd largest expense on a company’s balance sheet, next to payroll and inventory.  Effective management of these costs can be one of the major determining factors in the profitability and productivity of a company as a whole.  Overpaying for office space or facilities can often translate into the inability of a company to hire or retain quality employees, make a strategic acquisition, or create or expand a product line.  
 

Surf the Market Waves

Although intuitive, a good rule to remember in the current environment is: Sign long term leases when rental rates are low; sign short term leases when rental rates are high.  So, in a market like we have today, the key (if possible) is to renew in your existing space for short periods of time or find a short term sublease to get you through this segment of the real estate cycle.  Once the market shifts again and rates go back down, then sign longer term leases to lock in lower rental rates and enable your company to get through the next cycle of upward trending rents.  On a short term renewal, assuming you do not need to make significant modifications to your space, most landlords will be willing to give you a break on the rent in exchange for minimal retrofit costs. 
 

Salvage the Value of Existing Spaces  

If you cannot renew or expand short term in your existing building, or if you cannot postpone relocating your company, I would offer a few recommendations:  First, try to find a space that has been previously occupied by another tenant that is built out in similar condition to how you need your space to layout.  In a market where you are already looking at high rents and reduced concessions, the less a landlord has to spend to build out your space, the more money overall that you will be able to save on the transaction. 
 

Employ a Bidding Process to Keep Construction Vendors Honest 

If you have to retrofit, most landlords today are offering insufficient tenant improvement allowances to cover total costs.  Exacerbating this condition is the fact that there has been a nationwide increase in the cost of raw materials and labor.  As a result, many tenants are getting stuck with unexpected bills (of up to hundreds of thousands of dollars) because they did not realize that the cost to build out their office space was going to exceed their allowance.  Make sure that you have multiple contractors bid out your proposed tenant improvements to protect against unwelcome surprises.
 

Expand Your Boundaries 

Third, you may want to consider looking at less expensive buildings for the short term until the market turns around.  For example, if you are currently in a Class A building, you may want to consider leasing space in a Class B or a back-office building, assuming of course that it would not be detrimental to your business to do so.  Many companies are taking advantage of this strategy in today’s market to try to keep their office and facilities costs at a reasonable level.
 

Don’t Ignore Hidden Costs 

Lastly, it is important that you evaluate all of your relocation costs, as there are a number of other items outside of tenant improvements that will be important for you to account for.  A few of these items include cabling, telecommunications, furniture purchase and installation, the physical move, new stationery, updated marketing materials, announcements, the financial impact of downtime, and increased commute times (which could cause decreased productivity and turnover).  It is imperative to factor each of these costs into your analysis so that you can evaluate the total cost of your potential relocation.
 

Ultimately, one’s perspective on the marketplace boils down to which side of the fence you are on.  If you are a landlord or developer, times are good.  If you are a tenant however, this is not a market to be excited about, and careful planning and execution is critical.  Having a trusted advisor on your team will be a big advantage in helping you to navigate effectively through today’s marketplace.
 

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January 21, 2007 by jack petrie.

Did you know that in the U.S., buildings account for: 

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