1) Go to www.rofo.com and sign in.
2) Click on Profile Settings.
3) Once you’ve added your photo and description click Save Changes
Complete all fields and provide a brief description of your role/expertise. Be sure to include a profile photo. Your profile gets attached to your listings, activity, and all Rofo introductions. It personalizes the experience and creates more meaningful real estate connections.
I run a website that lists office space. So I end up seeing a lot of office space. One thing I know about San Francisco is that finding quality space in an amazing location that is move-in ready and at discount to market rents is very hard to come by.
I came across this space today (actually it came to my inbox). If we didn’t have our own nice below market space I’d be hopping on this one.
Here’s the description I received:
We are marketing that 4,052 square foot space for sublease. This is a great space with north-facing views. Furniture can be included. Current layout is 18 low-height work stations, 5 private offices and a kitchen/break room. This is a stand-alone, non-shared space; our client’s other space is on separate floors.
The remaining lease term is through May 2014. The asking rent is $39 per square foot per year, fully serviced, or about $13,000 per month – well below the landlord’s $50+ asking rent.
Floor plan and pics:
Team Spaces at 590 Madison – Midtown Area
590 Madison Avenue, New York, NY 10022
750 sqft | Per Person Pricing
Listing ID: 265016
Great for businesses seeking plug and play office space to occupy quickly. Flexible leasing terms available.
-AV equipment, high-speed internet access, photocopiers and printers.
-All reception and admin services.
-Customized signage and internal office branding.
-Meeting rooms, breakout areas, lounges, cafes and kitchens.
-Grade A working environment.
Powered by Rofo
A very common question with a simple answer: between $500 and $1000 per person.
I know it doesn’t sound very scientific but this is based on renting spaces for Rofo for the last 5 years, 5 years as an office leasing broker, and reviewing thousands of lease comps over the years. I know too much about office space rents.
As with any expense in life, some will pay a little more and some will pay a little less. Some rents will include everything and some rents won’t include a thing besides the space.
And I realize office rents in New York City are not the same as Pittsburgh. That said, all markets offer a choice to tenants in terms of quality and price.
The more important question to ask is what you do in your space? We’re all doing some kind of work. The type of work will influence your choices and rent.
Here are some basic questions to ask (you and your colleagues):
Do you meet with customers?
If yes, then you want to be in a presentable space with easy access.
Do you drive to work or take public transit? Or both?
Typically, spaces near public transit mean higher parking costs.
Do you work normal business hours or round the clock?
If you’re a night owl you may want to consider a more secure space. That often means building security which means a fully serviced building with slightly higher rents.
Are you a sales team or are you an engineering team? Or both?
This dictates whether you need your own space, if you can share space, and whether or not you can get along in a open space or need private offices. The more a space is built out the more the rent (usually).
Does your business have a history?
If you’ve leased space before there’s a good chance this means you have some future visibility. It also means you have a little financial credit. Credit will influence the kind of deal you can negotiate and how much money you must sink into a deposit. The deposit is also a function of how much, if any, a landlord has to spend to get you into a space. The more it costs the higher the deposit. One month of rent or less is great. Anyone who asks for 3 or more months is being unreasonable (unless they are spending a bunch on improvements and commissions to get you in).
How do you know what is right for you and your business?
At the end of the day, your rent shouldn’t exceed 10% of your overall business expenses (that includes payroll). If it does, you may want to think about finding cheaper space.
Share your thoughts with us.
Recently we’ve been getting a lot of questions related to integrating property listings on a corporate website. Rofo offers many built-in tools to help our customers publish their commercial real estate listings wherever and whenever you’d like. And a flexible, light weight, listings widget is one of those tools. Our widget offers a clean, simple design that integrates well with any site and, more importantly, it keeps your website visitors on your website.
Here’s a sample widget from a commercial property owner in San Francisco:
The size of the widget is easily customized and we offer a few versions depending on how you want to filter and display the data.
We can also provide you with the raw data if you’re interested in creating your own app. Our friends at World Business Chicago are doing some really innovative things with commercial property data, enterprise zone data, and other tax credit data.
Over the last couple of weeks, we’ve been rolling out an entirely new way for commercial real estate companies (and teams) to control their data, market themselves, their listings, and their real estate activity.
Companies (brokerage firms, property managers, commercial landlords, developers) can now create a home on Rofo that promotes their portfolio of buildings, their latest news and activity, and their team.
Company pages also serve as a listings management platform. Once a portfolio of listings has been added you’re able to easily manage and share both online and offline. Quickly print a professionally designed flyer for a tour handout. Power your own website with a listings widget. Export your listings in multiple formats to easily share with partners, executives, and other systems and websites that require listing data. Take full control of ‘building pages’ on Rofo with photos, video, amenity info, tenants, and descriptions.
With company pages you can easily manage your listing updates, add/remove/reassign team members to properties/listings, and invite other team members to join.
Team pages work the same as company pages. Most commercial real estate brokers work in teams and now Rofo provides a flexible platform to market your team’s expertise, activity, and latest news. Your network can keep up with your team’s updates by following your page (and eliminating the need to email blast your contacts with attachments).
And with team and company pages you can share listings and updates with anyone (they do not need to be subscribers to Rofo).
Please contact us anytime to learn more about promoting your company or team and taking control of your real estate.
Besides the massive amounts of rent and commissions generated by these social media giants for a few brokers and landlords, how else is the CRE industry benefiting?
I was asked this question by an institutional landlord yesterday who is no stranger to signing really big tech deals (Dropbox was one of their recent deals which started at 40,000 sqft during the first tour and ended up being 85,000 sqft – that is rapid growth).
But as we dove into this topic the question was less about why should they participate and more about defining a strategy to be active participants. How do you make it consistent, local and relevant? I’m pretty neutral on the whole social media ROI debate. Like anything in life, the returns are usually good when you commit and not do it half-assed. And, up front, you need to define the expected return and goal.
The role of Rofo, as I told him, is to help make it just a little more efficient. And provide a platform that enables professionals to organize and promote what they do. We link accounts so when you add an update on Rofo it also appears on Twitter, Linkedin, and wherever else those accounts are connected (usually Facebook). So for this landlord I asked what they do a lot of on a week to week to basis. The answer, of course, was update listings, tour brokers and tenants, and sign leases. All of those activities are marketable events on Rofo and really good Tweets. It’s similar to how the local restaurant utilizes their changing menu to add followers.
To the extent you can leverage your professional real estate activity as a reliable source of Tweets and updates you not only save a bit of time but hopefully answer the question “What the hell am I supposed to Twee?”
Sort of but not exactly. We got a call today from a brokerage customer today in New York City saying that they just picked up an exclusive for an amazing apartment near Union Square. They wanted to add the listing to their profile and have it automatically syndicated to Linkedin and Twitter. The problem was that we didn’t support this type of listing on Rofo or within our app for Linkedin.
We discussed it for about a minute, decided to just do it, and voila, you can now add your apartment listings to your Linkedin profile and Twitter. Here’s a shot of the new listing type on Linkedin:
And here’s a picture of this luxury pad:
We have some more serious product announcements coming next week (hint – we just signed our first customer in Spain).