This weekend we pushed an updated version of our search results functionality.  Now you can simply plug in an address (might be your home or an existing office location) and find all commercial real estate listings within a defined radius.  Most people have an idea where they want to locate their business.  Radius search gets you to the available options even quicker than before.

Stay tuned for more website changes and improvements to come over the next few weeks .

For most entrepreneurs and business owners the process of finding a space for your business is an important, critical and THANKLESS task.  We went through it recently as a company and it really is a distraction from focusing on your business.  So, if you’re flying under-the-radar of real estate agents, how do you do it efficiently on your own?  Speaking from experience my number one piece of advice is to plan well ahead and allow plenty of time.  Commercial real estate in general is a slow moving business – you will not miss opportunities because of spaces being quickly snatched up.

We recently revamped our real estate advice section to help you out.  We’re trying to arm you with enough information to get started and not overwhelm you with the detailed terminology that you may or may not encounter.

Our guide to common commercial leasing terms is a very good start.  Always feel free to contact us if you have some sound advice of your own.

Emeryville has been the home to many small businesses and startups that have grown into some of the most recognizable brands. Thanks to Eli Ceryak for providing us with an overview of the Emeryville commercial real estate market.

We have some great things in store for our business users who are contemplating a new home for their business.  We’ll be rolling out videos to help you better understand the markets you’re considering.  The best part is that these vids are coming to you from the experts themselves.  We’d like to thank Trent with Colliers in Oakland who contributed this guided tour of the Oakland, CA office space market.

This San Francisco space listing was recently added to Rofo.  Our office is located very close to this building (the home of Jack Falstaff Restaurant).  Knowing that this location and size are hard to come by, I would think this space would be appealing to many businesses trying to set up shop in the area. . .

This is certainly the conventional wisdom for what’s to come over the next couple of years. Today I saw an article on Reuters that sealed it for me.  Pictured above is Sam Zell (not exactly a household name) who’s Equity Office Properties was sold to a huge private equity firm just before the beginning of the mortgage meltdown.  Zell said the following:

“This is not a time to own commodity (office buildings) in the suburbs,” said Zell, speaking at the DLA Piper Global Real Estate Summit in Chicago. “If there’s going to be a diminution of demand for office space, it’s going to be out there.”

He went on to say that he thought the only the nicest downtown office buildings will fare okay.  Something to certainly keep an eye on if you’re planning to move your company within the next year.

Over the past couple of weeks we’ve had a heavy diet of bad news from Wall Street.  Not necessarily about the markets but about large institutions evaporating.  Many people are asking how this effects commercial real estate and, specifically, the leasing market.  Well, the simple answer is that it does have a rippling effect but its difficult to predict when it will show up in asking rates.

I saw a story recently about the large chunks of sublease space that could potentially come on the market in San Francisco if the investment banks scale back their presence here.  And today I read a story in Time about the “financial madness”.  This was one of my favorite excerpts:

For an example in our backyard, consider Lehman Brothers. Lehman was so flush, or at least felt so flush, that in May 2007 it sublet 12 prime midtown-Manhattan floors of the Time & Life Building — across the street from Lehman headquarters — from Time Inc., which publishes this magazine. Lehman signed on for $350 million over 10 years. (It’s not clear what kind of hit, if any, Time Inc. will now face.)

OUCH!

So, if job growth continues to slow and large blocks of space come back on the market, landlords will eventually feel the pressure to lower rates to compete for business.  Given that the leasing markets have been healthy over the last couple of years who knows exactly when we’ll see that happen.

Today, Rofo reached a new milestone.  The 6,000th commercial space listing (for lease) in the Bay Area was added to the site. The 6,000th space is a 1,000 sqft retail space in Fremont.

With the market softening I expect that number to continue to rise at a good clip through the end of 2008 and into 2009 (many more subleases to be had).

Move in Checklist

The process could take 18 months or 2 weeks. The search process and completed lease should be completed 30 days prior to the move date. . Below is your game plan for the last 30 days:

Countdown Begins:

Days 30-14

• Make sure the necessary improvements do not need a permit from the local city building permit office. These timeframe can be 1 day to 6 weeks. Ask when you tour if any desired improvements will trigger the need for a permit and if so how long the current waiting period is.
• Finalize the lease document with help from a legal professional
• Call chosen internet provider to set up installation appointment. The lead time can be up to 4 weeks, so please call as soon as you identify your new address
• Select moving company
• Select wiring company
• Call furniture vendor to begin dialogue on options for furniture

Days 14- Move In

• Call stationary provider
• Update business license
• Prepare to update website
• Prepare to update phone messages
• Revise insurance policy (you will have to do this as part of the lease). If you don’t have a business insurance policy, it should take less then a week to process finding an insurance broker and getting a policy
• Figure out what equipment is no longer needed at current location and donate to charity or sell to equipment broker
• Notify bank for printing of new checks
• Call Phone company for installation of new phone lines if needed

I read one of the few silver lining stories today on the weakening US economy.  Reuters ran a story today about the commercial real estate leasing opportunities created by the fall out of many national retailers.  Starbucks was one of the bigger stories earlier in the year where they actually planned to shutter a bunch of stores.  That certainly does not bode well for the landlords – but that also really depends on the terms of lease.

The weakening overall retail demand has supposedly created opportunities for the Mom & Pops who typically compete and lose out to the chains.  This part makes sense.  The part that doesn’t make is that the weakening economy is likely having the same or similar impact on the Mom & Pops.  And when that happens these companies tend to retreat a little and refrain from making real estate commitments.  However, in soft markets you will see companies upgrade their space via subleases.

That all said, this company seems to be capitalizing…

I look forward to getting Rofo launched in that market so companies do not have to rely on calling on signs. .