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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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How Office Space Can be Used to Hire and Retain Employees

Tenant lounge and shared areas started trending in Tampa around 2017. In commercial real estate we say, “if you build, they will come.” Landlords who wanted to fill and maintain buildings started using this to leverage office buildings to be used as a competitive advantage to gain and retain Tenants. When Covid first hit, these building amenities were shut down for a period of time and thankfully up and running again.

Companies that are facing hiring challenges and desire to bring their folks back to the office are looking for ways to stand out amongst their competitors and create an environment their team wants to experience. Gone are the days of giving lunch on Fridays and maybe a ping-pong table will cut it for “workplace culture”. Maintaining a holistic community focus is an imperative factor to accomplish both goals.

 

Where is the office building located?

The first factor in a holistic community is where the office building is located. When selecting sites ask yourself the following:

  • “Is my team already driving here?” I.e., is a grocery store nearby, popular gyms, and other stores? When companies are requiring their employees to come to the office, being located where employees plan on running errands is convenient for cities like Tampa where most folks are individually commuting.

 

  • “Is the building easy to access?” i.e., is located on major highways like i-275, Veterans Expressway, and i-4. Folks have been used to not commuting to work and being able to minimize the commute time is a lifestyle preference.

 

  • “Does my team feel safe and comfortable in the surrounding environment?” We all know when the time changes in Tampa and the sun is setting at 5:30 pm, there still can folks working past 5:00 pm whom you want to ensure are comfortable walking to their car if they are in the office later.

 

Does the inside and outside of the building support a healthy and happy lifestyle?

Tenants want to look for buildings with amenities like an onsite gym, workout classes, and outside community spaces. Tampa Bay is surrounded by water, we have outside-friendly weather the majority of the year and have the best sunsets in the entire country. Looking for buildings that incorporate an outdoor design and other wellness-oriented amenities into projects creates a flexible feel for employees to recharge and alternative workspaces to boost focus and productivity. Some great examples to look for is wifi outside, walking path, and even yoga classes offered before work or during the lunch hour.

In a day and age where finding and maintaining the right people is tough, having a holistic approach with your office space will give companies the edge needed to win the right people who align with their company.

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Will The Office Market Experience a Surplus of Sublease Space?

While many office space locations remain nearly vacant to prevent the spread of the coronavirus, one question remains certain: “Will the Office Market Experience a Surplus of Sublease Space?” The short answer…it’s too early to tell. However, events such as the election, a second potential lockdown in Tampa Bay and 4th quarter happenings will play a vital role in the response.


2020 Presidential Election:
Historically, new administration brings new policies which impact the business sector. With the 2020 Presidential election now behind us, we play the waiting game. A new administration, new policies will be rolled out in the beginning of 2021, this could impact major decision makers as they decide what is next for their company for 2021 and the future.


A Second Lock Down:
Another hot topic that has been on everyone’s minds: “Will there be another lock down?” Since Europe has recently entered into their second lock down and now we are seeing states like California, Illinois and New York transition back into a severe lock down, is this on the horizon for Florida? Whether Florida experiences a second lock down or not, companies whose Corporate Headquarters in Illinois, New York and California, are announcing maintaining a work from home policy through 2021 or later. What does this mean for Landlord’s in Tampa Bay? The same companies who have additional offices in markets like Tampa or St Petersburg are maintaining their work from home policies across their entire company for consistent company culture, even though Tampa, has different Covid restrictions and regulations.


4th Quarter Happenings:
As we quickly approach the end of 2020 and the fourth quarter is in full swing, we are going to start seeing companies begin to strategize their future plans for office space. Typical commercial office space lease in Tampa Bay have running a minimum of 5 years. Many companies have been forced to allow their employees to work from home and satisfy the rent on their lease. However, as companies near the end of their lease some will begin to test the market by reducing the size of their office space or even taking the huge leap to go completely remote.


With so much change and uncertainty over the past year it’s hard for many to tell what 2021 could bring. Having a Tenant Representative on your side will provide an advantage only an expert with their ear to the ground on a daily basis can deliver insight and market specialization. Give our team at Office Space Brokers a call 813-289-3700, for a consultation to strategize your company’s office space steps.

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The #1 Most Under Utilized Employee Retention Tool

We sit down with CEOs when discussing their office space requirements and growth of their companies. One of the most common frustrations we hear is, “It’s difficult to find the right talent.” The local Tampa Bay economy has been flourishing the past few years and continues to do so.

High demand for good people puts the employees in the driver seat when job searching in the market. In fact, Hillsborough County’s average annual wage of $54,278 is the highest among all Florida counties, according to Enterprise Florida’s State of Florida 2018 Average Annual County Wage Data Report. Pair that with the lower cost of living in Tampa and it makes for a very attractive place to want to work.

But how do you stay competitive when there are other companies fighting for and marketing to your employees?

By thinking beyond the space-and-place mindset.

It is one thing to actually land amazing, qualified people for your office, but it is another all together to keep those employees on the payroll, at their own choosing, well past their first work-anniversary.

One-third. That is the estimated amount of a lifetime that an average person will spend at work. When you factor in commutes to and from the office, it quickly adds up just how much of an employee’s day is actually work-related.

A survey by Fidelity reveals millennials, which make up the largest population of our current workforce, will happily take lower pay for a healthier work life, research shows. Do you still think it’s enough just to hire the best and brightest for your company?

Not if you want to keep said employees.

Having a culture where they feel heard, to be innovative and work for a purpose and greater cause then just a paycheck. You need the right environment to be a conduit of this type of culture. Spend time before you sign a property agreement identifying the aspects of your company’s culture that need to be reflected in the office space.

  • Do you need an open floor plan? Or more formal, designated offices?
  • Do you need a large kitchen? Or a small break room?
  • Do you need a trendy, sleek exterior? Or a more traditional design and style?

By determining exactly what type of environment will best suit your employees before you lease office space positions you further along the road towards the happy land of employee retention far beyond the yellow brick road.