For the tenant there is not a better time to secure a lease in a market where rental rates are historically low and vacancy rates are historically high.
Vacancies continue to rise which has resulted in lower rents and decreased rental income for landlords. This trend is expected to continue in 2010 with new building deliveries and tenants renewing for smaller spaces.
The Miami market has 2 new LEED certified office towers. 1450 Brickell is now leasing with immediate tenant build-out. Met 2 is aiming for 2nd quarter 2010 delivery. Together they add 1,335,305 square feet of LEED certified office space to the market with Brickell Financial Center at 605,886 square feet scheduled to deliver in late 2011.
Forecast Report
ComReal Office focuses on Tenant/ Buyer Representation
Why do you need an effective Tenant/ Buyer Representative?
Real estate decisions can significantly impact your business positively or negatively. In order to make sure your decisions have a positive effect on your business, there needs to be careful consideration of your business objectives and financial strategy. Great space can boost morale, assist in recruiting and retention and improve productivity. Cost-effective space can increase profits, reduce liabilities and yield a competitive financial advantage. Without effective Tenant/Buyer Representation you might be taking an unnecessary and expensive risk. Tenant Representation puts you in the driver's seat by providing you a thorough education of the current market conditions, current lease rates and corresponding concessions, advice on risk factors associated with some developments, and guidance through the negotiations of a multi-page lease document that are usually written in the landlords favor.
Strategies and Solutions for a more efficient work environment.
What is a more efficient work environment?
It can mean a smaller space that feels more spacious than a larger space due to careful space planning and the use of glass walls and partitions. It can mean utilizing raised flooring and modular walls so there is built-in flexibility for expansion and contraction of your business. It can mean more efficient and healthier HVAC and lighting options. It can mean taking advantage of the newest communication technologies and saving time and money by telecommuting, teleconferencing, and ultimately reducing the size of the physical office space that is necessary to run your business. It can mean retaining your current space with a carefully re-negotiated lease to ensure you have uninterrupted service and no downtime for relocation. A more efficient work environment increases productivity and profitability simultaneously.
Louise Bendix is a local expert in office leasing. She has closed lease and purchase transactions in the Coral Gables, South Miami, and Brickell markets in the past 6 months. Her clients receive an unprecidented level of attention and customer service. Having a thorough knowldege of current market conditions and a heightened attention to detail, she is able to negotiate very favorable situations for tenants and their respective landlords. Also holding the LEED Accredited Professional credential, she understands how businesses can create eco-friendly work environments that improve the quality of life for their employees and the community at large.
"LEED AP" and the related acronym, and the LEED AP logos are trademarks owned by the U.S. Green Building Council and awarded to individuals under license by the Green Building Certification Institute.
Please look forward to receiving future newsletters that will provide market statistics of the Coral Gables, Brickell, and Downtown market areas as well as timely news and events.
LOUISE BENDIX,LEED-AP Commercial Associate T 786-433-2376 F 888-316-6818 lbendix@comreal.com
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