Are renewal options important? 95% of the ones I’ve seen set the renewal option at market rate, and the other 5% are set at a rate I would deem as “important.” How do you know? Well, you start by taking a look at a CoStar report to see what the ...
July 16, 2014Lynn Drake
As a brokerage firm, we have been disappointed with some of the attorneys reviewing our client’s leases. Why would this be? An attorney is an attorney, right? So you’d think. But you’d be wrong. Wrong, wrong, wrong. Assuming all attorneys are alike is no different than asking your gynecologist to ...
July 1, 2014Lynn Drake
Our new offices are in a Class A building. The suite looks more like an art gallery than an office space, with high ceilings, and an 8-foot glass wall along one side of the office. The only thing missing is a gym—good thing we’ve got one right next door! Beginning your ...
May 22, 2014Lynn Drake
When we leased our last office, we were so excited to move out of my house and into an office space. We thought that we would be there for many years. However, two short years later, we ran into a couple of bumps in the road. For starters, our building ...
April 2, 2014Lynn Drake
There is much debate about the open floor plan. As you read recently, Compass Commercial moved offices last year, and as we began to search for space, I wanted one that would attract a younger generation of workers—which meant going with an open floor plan. Are you considering doing the ...
March 19, 2014Lynn Drake
Some of us speak Greek, Spanish, French or Mandarin, in addition to English. We think that if we can speak these other languages, surely we can speak real estate. But that’s where we’re wrong. See, not everyone can speak real estate. That’s why it’s important to work with a tenant ...
March 5, 2014Lynn Drake
In late 2013, we moved into a really nice new office space. You probably think it was a slam-dunk, since office space is what we do for a living. We might know our stuff, but that doesn’t mean our search was a piece of cake. For one reason or another ...
February 20, 2014Lynn Drake
I’ve lived in Troy, Michigan for most of my life. If you ask me, it’s a great community with great amenities. Last year, Troy High School was listed as one of the top 20 best high schools in the United States. We have great shopping – people come from miles ...
February 5, 2014Lynn Drake
While many people might consider agents to be animals, the animals I’m referring to here are the 4-legged furry types. In 2012, I ran a column asking for the oddest lease clauses that people came up. The most amusing answer I received was about a location where the tenant wanted ...
November 22, 2013Lynn Drake
One thing very few people remember to take into account when they make the decision to move into a new office space is their phone number and internet service. For instance, my lease expires this year and as of now, I’m unsure as to whether we’ll move or renew. If ...
September 18, 2013Lynn Drake