Archive for May, 2009

Office space available for sublease in Fort Worth

Tuesday, May 26th, 2009

Dallas companies have been left with surplus office space due to the recession.

Currently, there is 4.3 million square feet of surplus office space available in the Fort Worth area.

Real estate commentators in the area say that businesses in need of office space for rent in a hurry may be able to snap up a bargain given the current vacancy rate.

Collier county may buy Naples Elks Lodge

Tuesday, May 26th, 2009

Collier County commissioners are to debate tomorrow over the purchase of the $3.5 million Naples Elks Lodge.

The purchase, if approved, would provide the county with 28,000 square feet of extra office space, saving huge amounts in rent currently paid to private landlords.

The property will cost a further $1.1 million to renovate if the deal goes forward.

Triple Five Nevada postpones commercial property plans

Tuesday, May 26th, 2009

Triple Five Nevada has shelved plans to build a giant shopping centre in the northwest Las Vegas Valley.

The building would have contained 1.575 million square feet of space for rented offices and retail outlets, although just before the project was shelved the project was scaled down by one third.

James Grindstaff, vice president of planning at Triple Five, blamed the recession on the delay and said that construction may start as late as 2011.

Pine Brook Office campus leased to NAI Hanson

Tuesday, May 26th, 2009

First Industrial Realty Trust in New Jersey has announced that NAI James E Hanson will lease the offices in Montville Business Centre.

The business centre, known as the campus, is 740,413 square feet in capacity.

Joshua Lever of NAI Hanson, said that there will be 43,370 square feet of office space for rent in the area, at highly reduced rental rates.

Greenwich building bucks trend

Tuesday, May 26th, 2009

An office building in Greenwich, Connecticut, has bucked the trend of plummeting prices.

67 Holly Hill Lane was recently bought by Gambit Holly Hill Associates, for 7.1 million.

The building was worth 335.77 per suqare foot in 2005, but, despite the recession, is now worth $341.34 per square foot.

Developers claim the building has only 12% vacancy in its rental space; an impressive figure in this period.

St Louis landlords forced to negotiate commercial property rents

Thursday, May 21st, 2009

Commercial landlords in St Louis have been breaking with tradition as markets turn in favour of tenants.

Reports of landlords signing lease agreements much earlier in the year than usual are flooding in, as landlords fear rising vacancies.

Landlords are also more willing to lower office space rents in order to avoid losing tenants altogether.

Hawaii State ask landlords to reduce office space rents

Thursday, May 21st, 2009

The Hawaii State authorities have requested a rent break in its office spaces.

Organisations renting commercial property have been under pressure to meet rents since the recession struck.

The state spends over $15.5 a year on renting 746,870 square feet across the state.

Florida Expressway Authority leases office space

Thursday, May 21st, 2009

The Expressway Authority in Orange County has faced continuous criticism for its spending habits in the past few weeks.

The Authority, in a bid to cut spending, is to rent part of its $25 million headquarters.

The building currently contains 20,000 square feet of empty office space.

Weiss Consulting Group urge consolidation of office space

Thursday, May 21st, 2009

Office efficiency consultant firm Weiss has published a study this week that examines how businesses can make their office space more efficient.

The study, which looked at eight different office relocation projects, found that businesses can save money by consolidating small separate offices into one large rented office space.

This is because less will be spent on rent in a singular office space, whilst office equipment and administrative support staff can be shared by more employees.

Atlanta flooded with vacant office space

Monday, May 11th, 2009

Optimistic building projects in Atlanta have led to a sudden glut of office space in Atlanta, adding to the already rising vacancy rate in the city.

Five new office buildings will be completed within 2009, forming a total of 3 million square feet of office space.

The city has already been hit by a drop in occupied office space of 263,000 square feet in Q1 of this year.