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What To Do When Facing Difficulty Forecasting Your Office Space Needs:

Finding a home for your team is important because, in both business and real estate, location is everything. In addition to selecting a suitable location, it is critical to select the proper building for your business. You could locate a fantastic small space for rent on a busy street, but what if the structure itself isn’t suitable for your company or its clients who visit? That’s why there are 5 important steps to consider before finding your perfect office space:

 

Find A Tenant Representative

Choosing the right Tenant Representative is one of the most critical decisions you’ll make when it comes time to leasing. A competent agent will assist you in navigating the leasing process to increase efficiency, leverage their market knowledge for your benefit, and ensure you are equally represented, just like the Landlord is represented by their Listing Agent. As the market ebbs and flows, there can be different nuances and market trends only a commercial agent, who is in the space day in and day out, is aware of. 

 

Budget

First understanding what your budget is will determine what Submarket in Tampa you can evaluate. Our highest price per square foot markets in Tampa are located in Westshore and Downtown Tampa. Knowing your budget will save time from considering office space. Understanding the three different types of lease structures is very important so you can understand what is included in the monthly rents you are reviewing. Read more about the three different types of leases here.

 

Location

Budget can determine location since each submarket’s rental rates are different. Downtown Tampa and Westshore rents are drastically different than Carrollwood or Wesley Chapel. Location can also be determined by where your employees are located and if clients are coming to your office.

A few questions to consider:

  • Where are the majority of employees commuting from? Where are you focusing on for hiring?
  • Do you want to be close to major highways for ease of access for employees and clients? 
  • What is the culture of your office? For example, if the majority of your employees live in Downtown Tampa and part of the culture is walking or biking to the office and taking advantage of the Tampa Riverwalk, restaurants and bars moving or keeping your office in this location is part of your company culture. Being in a location where employees desire to be or already live can bring an overall sense of satisfaction.

 

What Kind of Layout Do do You Need For Your Team To Thrive?

Was your office previously all remote and scaling folks back into the office? Determining if you will continue a flex office schedule can minimize the amount of space you need. A “flex office schedule” means you have folks coming into the office and on different days and evenings designing your office space where there are “hot seats” where different people are using the same workstations for offices. 

  • Do key people need offices vs workstations?
  • Are our individual flex rooms needed for Zooms calls or phone calls?
  • Are our smaller meeting spaces required for team break-out meetings?
  • Do you want to create spaces for your team to naturally collaborate?
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What Are Spec Suites?  

 


What Are Spec Suites?  

Speculative Suites is an office space designed to demonstrate to prospective renters what the office space may look like. While the finer specifics of what exactly makes a spec suite differ from each Landlord, at its most basic level, a spec suite is a place where the Landlord has invested construction expenditures ahead of time to have the room in move-in ready shape by creating an effective layout for the space, paint, and floors based on current market trends.

 

Who Are Spec Suites For:

Small to mid-sized Tenants with standard office space requirements are best served by spec suites. They’re especially appealing to Tenants who need to move in quickly, generally within three months or less since the office space is in a move-in ready condition.

 

Benefits of Spec Suites:

One of the main advantages of leasing a spec suite is that it reduces your out-of-pocket expenditures for building and finishing. Furniture and construction costs have been steadily rising, making new office development prohibitively expensive. Spec Suites are usually furnished and ready to move in, allowing Tenants to enjoy new, high-quality furnishings without having to pay for them out of pocket. 

For firms who need to be in their new office fast, Spec Suites might be a terrific solution. Depending on the extent of construction required, a new office build-out might take anywhere from 2 to 8 months to complete. The period between signing a lease and moving in can be greatly reduced with Spec Suites. Landlords create select “spec suites” to provide move-in ready options for Tenants who have a quick time frame to occupy quickly. Delayed permits have recently played a role in having quick occupancy options. Some companies are waiting to make a decision (due to uncertainty in their business) having an easy option can give Landlords a competitive advantage to win the deal.

 

Downfalls Of Spec Suites:

A downside of spec suites is the lack of control over the space’s appearance and feel. The Landlord has already chosen the spec suite’s design and finishing and typically may not invest additional money into the space unless the Tenant is willing to cover the cost of signing a longer lease.

 

 

A Tenant Representation Broker can walk you through if a spec suite is a right solution for you. Give Office Space Brokers a call at 813-289-3700.

 

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Benefits of Bringing Dogs To the Office!

 

 

Four Benefits of Having Dogs At The Office:

 

During Covid, there was a heightened increase of pet adoption at the Hillsborough County Humane Society. The trend of companies bringing employees back to the office can be a point of concern for new dog owners, who have been home with their furry, loved one. Not just new dog owners, worrying how long you are gone with your furry friend, is a concern for most pet owners. How can you remove that concern from an employee from leaving their dog at home for a long period of time? Can a company experience a paw-sitive impact in the workplace from having dogs?

 

Here are four benefits of having dogs in the workplace:

  • Reduces Stress: 

Allowing dogs in the office has been shown to help employees feel less stressed while also enhancing productivity. When an employee is allowed to bring their dog to work, oxytocin levels rise. Oxytocin is a hormone that relieves stress and decreases cortisol levels in the body and is proven to make you happier. Not only does having a dog lessen stress, but it may also help people laugh and smile more in the workplace. Both of these things help to relieve stress and anxiety. The goofy activities of a dog may instantly lighten the mood at the office.

 

  •  Increases Productivity:

The presence of a dog in the workplace may boost productivity and creativity. Employees may feel more at ease and get along better with one another. Pet owners are more productive and even creative at work when they have their dogs with them. Employees may take brief breaks to walk their dog outside, giving them time away from work. Short periods of time apart have been found by researchers to boost attention to complete tasks. Also, employees are not worried about being away from their dog while working more hours, hence increasing their productivity.

 

  • Bring Your Team Back to the Office:

Bringing dogs to work can boost employee morale. Employees are happier if they do not have to leave their pets alone, unattended at home, or pay for doggy daycare while they are at work. Especially, if employees are newer dog owners (within the last two years) their dogs are more attached (and vice versa) from working from home.  As a result, the office rapidly becomes a more relaxed environment, with happier and more pleased staff.  Employee happiness, motivation, and productivity all improve as a result. Office morale improves, and employees become happier and less anxious about getting home to their dog.

 

  • ​​Health Benefits:

It has been proven that dogs have been linked to a number of general health advantages, including lower blood pressure, cholesterol levels, triglyceride levels. Pet owners frequently have more of a drive to exercise and do other outdoor activities since pets demand time outside, which can contribute to better health.

 

Do you have a pet policy? Maybe now is the time to consider it as you evaluate how to develop company culture, hire the right folks, increase productivity and overall company morale.

 

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Sales Tax On Commercial Leases: June 1, 2025 Update

Often a surprise to companies who expand or relocate to Florida, Florida is the only state that charges sales tax on commercial leases. Each year this number can fluctuate based on the decisions in Tallahassee and typically is in effect first quarter of the following year. Starting June 1, 2025 to reflect the below. View the document from the Florida Department of Revenue here. View additional resource here. As you see in the below graphic, each county has their own additional taxes that are included in this number. Historically, Hillsborough County is one of the highest.

Always consult your CPA for tax advice especially for in municipalities that collect other taxes such as nuances in Oldsmar, Tarpon Springs, Wesley Chapel and Zephryhills.

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4th Quarter 2021 Tampa Bay Office Market Report and 2022 Forecast

Important Highlights:

Tampa Bay:

  • Office space leasing has been increasing rapidly close to what it was pre-pandemic 
  • The unemployment rate in Tampa Bay decreased to 4.9 % in December of 2021 and is expected to decrease even more in 2022
  • Average direct asking rentals are up .5 percent from last quarter, soon to be back at pre-pandemic rates
  • Rent is up 28% in the Tampa Bay Area 

Let’s Talk Rent Numbers:

Submarket Overall Average Asking Rent-All Classes Overall Asking Rent Class A
Westshore $33.43 Sq. Ft.  $28.04 Sq. Ft. 
Downtown Tampa $40.56 Sq. Ft.  $47.89 Sq. Ft. 
Northwest Tampa $24.01 Sq. Ft.  $28.92 Sq. Ft. 
South Tampa $23.33 Sq. Ft.  N/A
I-75 Corridor $ 24.88 Sq. Ft.  $28.23 Sq. Ft. 
Downtown St. Petersburg $31.45 Sq. Ft.  $32.77 Sq. Ft. 

2022 1st Quarter Forecast: 

  • Confidence in the Tampa Bay market is high, going into the last quarter of 2022 amid sustained new-to-market tenancy.
  • Tenants will proceed to bring their teams back to the office more so in 2022
  • By 2022 remaining new construction space with many buildings is expected to be over 60% leased. 

What does this mean for Tenants?

  •  Managing market expectations in key areas where office vacancies are higher than in Tampa Bay. Due to lower vacancy rates than key markets such as New York and Los Angeles, landlords in Tampa Bay are not as driven to replace vacancies as they are in other areas of the country.
  • Use available sublease space to take advantage of the market conditions we do have, which can give more reasonable rates, shorter terms, and any available furnishings.

What does this mean for Landlords?

  • To acquire a competitive advantage against Landlords who retain their face rates, evaluate concessions for tenants by changing asking rents and increasing Tenant Improvement Allowances. 
  • Make lease terms more flexible. 
  • Expect a surge of new products to hit the market. Tenants from other states are growing or migrating to Tampa. 
  • Start marketing available space 6 with a longer lead time for office space that will become available in the near future.