The COVID-19 pandemic disrupted typical American life in almost every way. Businesses have felt the severe blow of this impact, from drastic sales losses to massive layoffs. Yet business owners still face office space rental leases. Many are wondering how they can pay on these leases without going broke. Here, we look at ways to sublease your unused office space to help you mitigate the financial impacts of the Coronavirus shutdown. If your office space rental agreement allows you to sublease, you can rent out unused portions of your office to other businesses looking to downsize. Subleasing is an excellent option to help alleviate your business’s financial strain. As earning plummet in the face of the pandemic, many companies are looking to subleasing to pay the bills. The Work-From-Home Shift As COVID-19 took hold across America in early 2020, many businesses shut down. Some laid off large swaths of their workforce. Even as many return […]
The ideal commercial office space will both attract and retain tenants. But in today’s hyper-competitive business environment, investors and owners must consider where employees work. The layout, functionality, and aesthetics of office space all determine whether or not a tenant chooses your location and stays long-term. In this article, we’re exploring commercial office construction and build-outs: what they are, why they’re important, and how to finance each project. Commercial office tenants want workspaces that increase employee productivity and morale. What’s more, tenants want their spaces to reflect their brand and company culture. And they want offices that help attract and retain high-performing employees. In the current CRE market, landlords must therefore offer more amenities and more flexible spaces for commercial tenants. Today’s Commercial Building Construction Trends Commercial building construction saw a fourth straight year of more than 50 million square feet of new office completions in 2019. Last year, 56.4 million square feet of office […]
A weakened energy market combined with slow job growth hasn’t done the Houston office market any favors. Over the past few years, Houston has struggled, but now the area is seeing signs of stabilization due to a decrease in available sublease space and a decline in energy sector layoffs. A Year of Fluctuations – Q1 2016 to Q1 2017 At the end of Q1 2016, the Houston office market had a 15.3 percent vacancy rate. The average vacancy rate rose by 100 basis points during Q1 2017 for an 18.5 percent vacancy rate. So from Q1 2016 to the end of Q1 2017, the vacancy rate rose by 320 basis points. Although vacancies rose across the board, this rate is not the same throughout the metro area. In suburban Houston, the Q1 2017 Class A vacancy rate was 20.5 percent, up from 16 percent in Q1 2016. Houston’s CBD (central business district) had a Class […]
Nearly 60% of your monthly utility bill comes from cooling and heating your building. This is a tremendous waste of energy.