One desk, $100?

One desk, $100?

Late 2014 was the most exciting time to be a Detroit agent in years. It seemed like everyone wanted to move! Our phones rang off the hook. We got calls from companies overseas, as well as companies in the US, all wanting to open an office here in the Detroit area. We also got many a call from the smaller businesses in the area who felt it was finally fiscally safe to rent office space.

As the demand for small space increased, the executive suites here in Troy filled up fast—and yet, the calls kept coming. The hardest thing about this demand was that the businesses moving from home had unrealistic expectations. Sure, there may be that magical unicorn of a space: the rare two room suite that you can lease for $12/square foot—but for the most part, executive suites are expensive, and certainly, much more expensive than working from home. The cheapest one I know of charges $700/month for one office! And that doesn’t come with phones, nor internet. If you want them to collect your mail, or answer your phone, suddenly, you’ve got an added cost.

What most prospects don’t realize is that by the time you lease an office and add phone/data services, plus furniture, and a conference room space, the cost is high—but not that high. If you’re a small business owner, we encourage you to set realistic expectations as you look to move from your home office to a professional office. The costs will go up, yes—but the rewards will be worth it!

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About the Author

Lynn Drake’s status is well known in the industry: She’s the commercial realtor focused on maintaining “true north” for her corporate clients. It’s a reputation built on 35 years of commercial real estate experience. Lynn became a commercial realtor in 2001 after 15 years in corporate real estate. Thus far in her career, Lynn has successfully completed over 1,500 real estate transactions ranging from small business tenant leases to the sale and purchase of industrial complexes.