Archive for the ‘General’ Category
Five Steps to Find Office Space in Alameda, CA
Before starting your search, make sure you have a clear understanding of your business needs, such as your budget, desired location, and required space size. This information will help you narrow down your options and make the search process more efficient. Once you’ve defined your high level requirements, consider these 5 steps:
- Online Listings: Start by searching commercial real estate websites that feature office and industrial spaces. Rofo.com and CityFeet have listings for Alameda and the surrounding areas. Use filters to refine your search based on your requirements, such as size, price, and location.
- Local Brokerages: Reach out to local commercial real estate brokerages specializing in office and industrial spaces in Alameda. Firms like Colliers International, Cushman & Wakefield, or CBRE have agents who can provide valuable insights and help you find the right property. Additionally, consider contacting local brokerages in Alameda that may have more intimate knowledge of the local market.
- Networking: Tap into your professional network to get recommendations for available office and industrial spaces in Alameda. Your contacts may have direct experience or know someone who can help you find suitable properties.
- Local Economic Development Organizations: Reach out to local economic development organizations, such as the Alameda Chamber of Commerce or the City of Alameda Economic Development Division, for guidance and assistance in finding office and industrial spaces. They may have resources or contacts to help you in your search.
- Drive Around: Physically explore the Alameda area and look for “For Lease” signs on commercial properties. This method can help you identify potential spaces that may not be listed online or are new to the market.
Lastly, give yourself plenty of time. Many companies will use an entire year to conduct a search to find the right space. This largely depends on your requirements and the market. But it can be time consuming.
The Dynamic Office Space Scene in Brooklyn, NY
Brooklyn, New York’s most populous borough, has become a vibrant hub for startups, creative professionals, and established businesses alike. The commercial real estate market in Brooklyn, particularly the office space sector, has undergone a significant transformation in recent years. In this blog post, we will explore the current trends and developments in Brooklyn’s office space market, focusing on key factors such as location, coworking, flexible office solutions, and the impact of remote work.
- Prime Locations: Brooklyn’s Office Space Hotspots
Brooklyn’s office space market is defined by several submarkets, each with its unique features and appeal. Some of the most sought-after locations for office spaces in the borough include:
- DUMBO (Down Under the Manhattan Bridge Overpass): Known for its stunning waterfront views and historic warehouse buildings, DUMBO is a hub for technology, design, and media companies.
- Downtown Brooklyn: As the borough’s central business district, Downtown Brooklyn offers a mix of modern office buildings and historic properties, catering to a wide range of businesses.
- Williamsburg: A popular destination for creative professionals and startups, Williamsburg features a mix of converted industrial spaces and new office developments, providing a diverse and inspiring work environment.
- Coworking Spaces: Collaborative Work Environments on the Rise
Coworking spaces have been gaining popularity in Brooklyn, offering businesses a cost-effective and flexible alternative to traditional office leases. These shared workspaces provide various amenities, such as high-speed internet, meeting rooms, and networking events, fostering collaboration and community among members. Brooklyn boasts a diverse range of coworking spaces, from global brands like WeWork and Industrious to local operators such as The Yard and Green Desk.
- Flexible Office Solutions: Adapting to the Changing Needs of Businesses
The growing popularity of remote and hybrid work models has led to a shift in Brooklyn’s office space market. Businesses are now seeking more adaptable and customizable office solutions that can cater to their evolving needs. Flexible office providers in the borough offer a range of services, including short-term leases, furnished offices, and scalable workspace solutions that can accommodate a company’s growth.
- The Impact of Remote Work on Brooklyn’s Office Space Market
The COVID-19 pandemic has fundamentally changed the way businesses approach office spaces, with many adopting remote or hybrid work models. While this has led to a short-term dip in demand for traditional office spaces, it has also created new opportunities for the Brooklyn office space market. As companies reassess their workspace requirements, there is a growing interest in hub-and-spoke models, where businesses maintain a smaller central office and satellite offices in different neighborhoods, providing employees with more flexibility and shorter commutes.
The Brooklyn office space market is in a period of transformation, driven by evolving work patterns, technological advancements, and the growth of coworking and flexible office solutions. As the borough continues to attract a diverse range of industries and businesses, its office space landscape will undoubtedly adapt and innovate to meet the changing needs of the market.
What is happening to the San Francisco Office Space Market?
The San Francisco office space market is defined by several submarkets, each with its unique features and appeal. Some of the most sought-after locations for office spaces in the city include:
- Financial District: The traditional heart of San Francisco’s business community, the Financial District offers prestigious addresses and high-quality Class A office spaces.
- SoMa (South of Market): A popular hub for tech companies and startups, SoMa offers a mix of modern office buildings and converted warehouses, providing a vibrant and creative environment.
- Mission Bay: Home to the rapidly expanding life sciences and biotechnology industries, Mission Bay offers state-of-the-art office spaces designed to cater to the needs of these growing sectors.
- Coworking Spaces: A Growing Phenomenon
San Francisco Coworking spaces have been on the rise in San Francisco, offering businesses a cost-effective and flexible alternative to traditional office leases. These shared workspaces provide various amenities, such as high-speed internet, meeting rooms, and community events, fostering collaboration and networking among members. San Francisco boasts a diverse range of coworking spaces, from global brands like WeWork and Regus to local operators such as The Hivery and Canopy.
- Flexible Office Solutions: Adapting to Changing Needs
The growing popularity of remote and hybrid work models has led to a shift in the San Francisco office space market. Businesses are now seeking more adaptable and customizable office solutions that can cater to their evolving needs. Flexible office providers in the city offer a range of services, including short-term leases, furnished offices, and scalable workspace solutions that can accommodate a company’s growth.
- The Impact of Remote Work on San Francisco’s Office Space Market
The COVID-19 pandemic has fundamentally changed the way businesses approach office spaces, with many adopting remote or hybrid work models. While this has led to a short-term dip in demand for traditional office spaces, it has also created new opportunities for the San Francisco office space market. As companies reassess their workspace requirements, there is a growing interest in hub-and-spoke models, where businesses maintain a smaller central office and satellite offices in suburban areas, providing employees with more flexibility and reducing commuting times.
The San Francisco office space market is in a period of transformation, driven by evolving work patterns, technological advancements, and the growth of coworking and flexible office solutions. As the city continues to attract a diverse range of industries and businesses, its office space landscape will undoubtedly adapt and innovate to meet the changing needs of the market.
The latest about the Phoenix commercial real estate market
Just heard from Lee and Associates regarding the Phoenix commercial real estate market and the industrial market is on fire. While the office market continues to try to find its footing. Seems to be the case in may markets across the U.S.
Executive suite coworking office space photos
Covid 19 and Commercial Real Estate in Michigan
Since the outbreak of the coronavirus in the US, the commercial real estate needs of US businesses have been evolving. The obvious trends are that companies are downsizing office spaces or shuttering retail locations. This makes sense with employees working from home and students studying online. Markets are seeing shifts in the way businesses and local consumers are interacting (or not) with local real estate.
Rofo.com is a commercial real estate marketplace for businesses who are searching for office space, a retail location, or warehouse space.
Starting this week, we will begin publishing notable small business leasing and demand trends and anecdotes we are witnessing on rofo.com It is not all doom and gloom. In fact, our active monthly users (companies searching for real estate) are now higher than the months leading up to the realization of the pandemic.
For the month of October in Michigan, we have seen an uptick in leasing demand in Grand Haven, Bay City, Saline, Plymouth, and Ann Arbor.
This demand is coming from local retailers, financial services firms, marketers, consultants and manufacturers. These are companies that are seeking new locations driven by changes related and unrelated to Covid 19.
If you are interested in getting more information about our data please contact Rofo. And if you are a Michigan business looking for a new location you may post your real estate requirements on Rofo to see what your options are.
Finding Manhattan Office Space for a Law Firm or Hedge Fund
The task of finding the right commercial real estate in New York City is both complicated and critical. There are many requirements you are trying to satisfy: partnering with a reputable landlord, finding the right location based on your neighborhood criteria for amenities and commuting, finding the right price, finding a flexible lease for future growth or contraction, and finding the right office rent structure.
Rofo is uniquely positioned to assist with your search. Not only do we highlight available commercial real estate listings but we also provide a platform to connect with the best tenant rep brokers in your area. Rofo is not a brokerage firm – but we partner with the best firms to help you secure the best space with the best terms.
One of our Manhattan tenant rep broker brokers is Megan Keenan. Megan specializes is representing law firms and hedge funds in finding office space in New York City. Here are a couple of Megan’s recent success stories:
Law Firm Relocation
A national law firm, had a lease expiring in a midtown Manhattan trophy office building. The building was acquired and the new ownership raised prices. How could the client narrow down a list of relocation options that work best for their firm?
Megan was engaged to provide strategic direction and formulate possibilities. Several alternatives were identified and analyzed which the law firm would not have otherwise considered. The law firm ended up relocating to downtown into a building that Megan identified. This building had a just lost a key anchor tenant and Megan used this as leverage to negotiate a below market deal for the firm. In addition, Megan educated them about the Lower Manhattan Tax Incentive Program which created additional substantial savings.
An analysis of the original proposal from the Landlord against the four subsequent counteroffers negotiated by Megan show the law firm saving a staggering $1,811,130 over the lease term. In addition, the law firm was the beneficiary of extensive lease options providing them the flexibility they needed to operate the firm well into the future.
Hedge Fund Start-Up
A start-up hedge fund founded by well recognized industry leaders needed to find permanent space that allowed privacy to meet investors demand. How could they find space that didn’t require a year of security given the fact they were a start-up? In addition, the firm needed a space already built out to meet their needs given their launch date was six weeks away.
Megan was engaged to provide strategic direction and formulate possibilities. Megan identified a building where the Landlord had just spent quite a bit of money to market his building toward private equity and boutique financial users including: adopting a golf simulator area, a backup power generator, a lavish outdoor terrace, and a state of the art gym complete with massage rooms. Megan leveraged the reputation of the founders and educated the Landlord about the hedge fund. She was able to articulate that they were not a global macro fund placing directional bets but a high yield credit fund.
Megan was able to get the security deposit negotiated down to five months which is unheard of for a company with no financials. The hedge fund was able to walk into a brand new pre-built unit that met their needs perfectly at a well negotiated price including five months of free rent.
Contact Megan to get a shortlist of New York City office spaces for your firm.
Rofo partners with SharpLaunch
We are pleased to announce that Rofo has implemented a partnership with SharpLaunch. SharpLaunch is an all-in-one marketing platform for commercial real estate owners, brokers, and asset managers.
The partnership with SharpLaunch expands the marketing reach of SharpLaunch customers. Specifically, property listings that are hosted on SharpLaunch property websites, are now seamlessly integrated with Rofo’s ever-expanding commercial real estate property database via an automated data feed.
The SharpLaunch suite of products have gained traction with many top real estate companies in the United States – offering a turnkey solution for marketing, document sharing, lead management, etc. Rofo is very excited to further extend the marketing and lead generation reach of SharpLaunch and their growing roster of customers.
San Francisco commercial real estate market isn’t slowing down
This is a guest blog post from Eli Ceryak with Cushman & Wakefield.
San Francisco had another banner year in 2015. Office rents pushed up to an all-time high of $70.31 per square foot per year (Class A) and vacancy fell to 5.9%.
With 2016 well underway, there’s a free-flowing debate on where this market is headed. Will the market continue its long expansion? Is a day of reckoning coming? There are mixed signals, and here are 3 things we’ll be watching to inform our decision-making:
Sublease space: We think sublease space could be the leading indicator of a turning market. Several prominent companies have put large blocks of sublease on the market recently, including Salesforce, Twitter, Charles Schwab and Dropbox. However, most sublease space has leased quickly after hitting the market. Dropbox put 200,000sf on the market in advance of their relocation to a new headquarters, and quickly struck deals with Lyft for 100,000sf and Stripe for another 100,000sf. Salesforce also quickly found subtenants in a similar scenario last year. Sublease space represented 16.3% of the total vacancy at the end of the year (i.e. roughly 1/6 of the available space was sublease space, not direct space from landlords), which is higher than average but lower than the previous two quarters.
In short, demand continues to outstrip supply, and thus far the sublease space has served as a much needed relief valve. However, if companies like Salesforce, LinkedIn or Twitter shed significant space, that could swing the pendulum away from landlords.
New Construction: Office development in San Francisco has literally been a field of dreams: build it and tenants will come, likely with a heavy dose of pre-leasing . There is 2.4 million square feet of new construction slated for completion this year, which will increase the total supply in San Francisco by over 3% to 78 million square feet. Two million of that 2.4 million square feet has already been leased. Large prelease deals include LinkedIn‘s lease for 452,000sf at 222 Second; Salesforce’s 440,000sf lease at 350 Mission; and Dropbox’s lease for 300,000sf at 333 & 345 Brannan. 181 Fremont is the only building slated for completion in 2016 that significantly affects availability, with 413,000sf available at the end of the year. Starting in 2017, there are bigger blocks: Salesforce Tower (700,000sf available, roughly half the building), 350 Bush (370,000sf, and a rare north financial district development), the Exchange in Mission Bay (680,000sf) and Park Tower (750,000sf, slated for completion in early 2018). The pace of pre-leasing in these 5 buildings will be a significant barometer of where the market is headed and could heavily impact rents (positively or negatively) as a result.
Valuations & Exits: Many of San Francisco’s bellwether public companies have shed significant value over the past year. Salesforce is a notable exception, and standout, among major San Francisco tech companies with a 16.77% stock price appreciation over the past year and a $6.53 billion increase in market capitalization during that time. However, Twitter’s stock price has decreased by 55% in the last year leading to a $14.9 billion decrease in market capitalization. Other companies hit by declining shares are Fitbit (44% stock decline, $2.7 billion decrease in market value since their June 2015 IPO), Yelp (62.3% price decline in the past 12 months, $2.7 billion in lost market value), LinkedIn (11.6% price decline, $3.54 billion decrease), Lending Club (62.5% stock decrease, $4.8 billion decrease in market value) and Square (33% stock decline, $1.39 billion decrease in market value since their November IPO).
The challenge with the declining values is twofold. First, it could lead to those companies shedding jobs and real estate as they try to streamline operations and keep shareholders happy. Second, it could freeze the exit opportunities for the Uber’s, Airbnb’s, Pinterest’s, Stripe’s and Dropbox’s of the world, and the hundreds of other local start-ups that have similar aspirations. The Wall Street Journal just highlighted the fact that in January there were no I.P.O’s in the U.S., the first month that had happened since September 2011. We’ll be watching the public markets, private investment and M&A activity closely to see how it all plays out.
New Layout for MyRofo and Property Search
We’ve cleaned up the MyRofo account area to simplify the navigation and make it easier to access data and information.
MyRofo is now split into 4 key areas with a 5th section called ‘company tools’ due out in about a week. We also simplified the nav by eliminating the horizontal navigation and organizing by function in the left column.
This is where you manage subscriptions, your profile information, your company profile (if you have permissions), email and alert settings for leads, and messages sent and received on Rofo.
This the area where you can manage all active data and posts on Rofo including property listings, leads received, projects you’ve completed ( this can be news, recent tours, completed client engagements), and any active commercial real estate requirements that you are working on and want to publish for possible solutions.
This include an Active Tenant Search where you can identify active deals in the market and connect. And we’re also now introducing Property Search. This is a professional grade listing and building search function that presents results in a no nonsense grid-like format. It organizes results with basic property data and shows key contacts for those listings. It’s less of a consumer facing search (no maps and basic UI) making it really efficient for someone in the real estate field. This search function is a clone of a Rofo admin tool that a client saw and wanted access to it. One powerful/convenient farrier is the key word search. Now you can quickly search by company, agent, listing ID, etc.
Other Marketing Tools:
This is a tool box where we’ll be adding a lot of great features in addition to the existing widgets and third party app integration.
This section is on the way within the week. It’s enterprise grade functionality for companies large and small. Great for a marketer, manager or research professional. Initial tools include team/user management, user permissions, listings import and export, lead management and routing. We’re very excited to role this out after having in beta with a few customers. Think enterprise CRM meets listing management system. We’ll publish full details when it’s live.
Thanks and happy leasing.