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Commercial Real Estate...
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Commercial Real Estate... - March 17, 2011, 07:59 AM

So my company pays 407k/mo rent for our building.. 214,000 sqft building..

Is that just ridiculous or is this normal for big buildings like this??


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March 17, 2011, 08:08 AM

using those numbers, thats $22.82/s.f. per year- which, depending on the area, might be VERY reasonable.

but im guessing your lease is prolly like $24-25 a s.f.- cause there's stuff which is not rentable, if you follow BOMA standard for measuring office area.


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March 17, 2011, 09:04 AM

Comm. real estate prices are quoted in $/sq ft.

Just looked at my market report and the average office lease rate for the region is hovering around the $23-24/sq ft per month range, so what you're co. is paying is about in line with market averages.

If they were in DC, that would have jumped to $39-41/sq ft. per month.

Now you know why your CEO & CFO sweat bullets at night. This and payroll are the two biggest expense line items for a business.



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March 17, 2011, 09:16 AM

that's why companies need to move virtually like IBM has been doing and get their ppl to work from home. smaller office buildings with just meeting rooms ftw


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March 17, 2011, 09:28 AM

Quote:
Originally Posted by pauliodotnet View Post
that's why companies need to move virtually like IBM has been doing and get their ppl to work from home. smaller office buildings with just meeting rooms ftw
My friend work(ed) for IBM (Laid off 2 weeks ago) and this is exactly what they do.
40% of the time he was working from home. 30% he's on-site near the client when on a project. The last 30% he was in the office but that was really just an office suite with 3 meeting rooms 2 offices and a handful of cubes that supported 50 employees for his division use mostly for client meetings or staff meetings - and half the time, the staff meetings were just conference calls from home.



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March 17, 2011, 10:15 AM

It all depends on the area bro. We were paying somewhere around 22/sqft in our location in Tysons. The new location we wanted to move to wanted about 35/sqft where the Linen's and Things / Best Buy used to be. Prime spot. So all depends on the location bro and in NOVA shits expensive.


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March 17, 2011, 10:30 AM

Quote:
Originally Posted by Bikrsk8r View Post
using those numbers, thats $22.82/s.f. per year- which, depending on the area, might be VERY reasonable.

but im guessing your lease is prolly like $24-25 a s.f.- cause there's stuff which is not rentable, if you follow BOMA standard for measuring office area.
This. When I was a property manager a few years ago, Class A office went for a helluva lot more than that. Of course this all depends on what type of lease you have, whether its all-inclusive, CAM is included, etc. But it sure sounds like a good deal to me.


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