Archive for June, 2009

New York landlords offer new services

Tuesday, June 16th, 2009

In a bid to attract tenants for rented office space, New York landlords in office towers are throwing all kinds of free services in with their properties.

Reports abound of landlords offering rent free months, ultra-low rents, and pre-built office space.

They are pushing the envelope further by offering flexible lease terms, concierge services and even environmentally sustainable office suites.

Charlotte landlords go to historic lengths to secure tenants

Tuesday, June 16th, 2009

In Charlotte, where the office space rental market is normally tough on tenants, landlords are going to any lengths to maintain income.

Some landlords are reducing rents halfway through contracts to keep hard-up tenants in situ.

Others are allowing breaks on rent with no penalties, whilst one particularly innovative broker is giving tenants free HDTVs to sweeten the deal.

Fayettville City Council fears office rent defaults cost taxpayer money

Tuesday, June 16th, 2009

Fayette City Council members have questioned the decision of the council to pay the office space rents of two local organisations.

Mitchell Brewer Richardson, a law practice, is currently a resident at the Festival Park Plaza, whilst School Link Inc was a resident last year.

Both organisations fell behind on rent, and in a bid to attract investment to the plaza, the City Council paid the outstanding balance.

Some members of the council are now concerned that this 45,000 bail out is an unnacceptable use of taxpayer’s money.

Idaho businesses close due to high commercial property rents

Tuesday, June 16th, 2009

An office supply store in Ketchum, Idaho, has closed due to an inability to keep up in the recession.

This is the latest of a number of businesses to close in the area.

Doug Brown, owner of the store Jane’s, said that increasing rent on the commercial property, as well as the Castle Rock Fire in 2007 and the recession, made running the business impossible.

California business provides office space and childcare

Tuesday, June 16th, 2009

Cubes and Crayons, an innovative California business, is offering small businesses or freelancing the opportunities to solve childcare issues and get out of the house at the same time.

The business rents out office space to busy workers, as well as providing a creche, where tenants can drop off their children under licensed childcare.

Felicity Chapman, the founder of the company, says that tenants range from graduate students to management consultants to entrepreneurs looking for peace of mind over their children whilst they work.

Massachusetts office buildings may be demolished

Tuesday, June 16th, 2009

The owners of the Ames shovel factory complex in Easton, Massachusetts, are fighting to have the buildings demolished.

Developers George and Robert Turner, who own the historic complex, have had their lawyer write to the town’s building inspector, requesting that the complex is demolished.

The letter states that the buildings are “uninsurable, unsafe and in a state of disrepair,” despite the fact that several businesses currently rent the office space inside them.

Maguire may default payment on office space campus

Tuesday, June 16th, 2009

Maguire Properties may be forced to default payment on its 566,000 square foot Californian office space campus.

The default is due in part to the loss of its major tenant, Washington Mutual Bank.

Separately, the company has sold its 531,000 square foot Michelson Drive office tower to a New York City buyer.

Washington office building at full capacity despite recession

Tuesday, June 16th, 2009

Since the recession hit, landlords across the USA have complained of rising vacancy rates.

In Washington, however, one office building is bucking the trend, with 100% occupancy despite the economic downturn.

Triton Towers in Renton, Washington, is fully leased, with none of its 400,000 square feet of office space available.

Talks to go ahead for planning of World Trade Centre office space

Tuesday, June 16th, 2009

The Mayor of New York, Michael Bloomberg, has said that talks will continue until an agreement is made between bodies involved in the construction of commercial property at the World Trade Centre Site.

The Port Authority of New York and New Jersey and Silverstein Properties have been involved in a long debate over financing the construction of the new office space, and have missed the deadline of 11th June for coming to an agreement.

Silverstein has been unable to secure loans to fund construction of new office towers, and wants the Port Authority to fund the building of two of the towers, but the Authority has refused on the grounds that it is already building one of the towers.

Fox Interactive Media abandons new office space plan

Monday, June 8th, 2009

Fox Interactive Media, owner of MySpace, has abandoned plans to occupy almost 420,000 square feet of office space.

Fox claims that it can no longer afford the $350 million lease due to financial difficulties.

The company has already planned to make redundant some of the staff who would have occupied the new offices.