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Hiring a Commercial Real Estate Agent

Posted by on April 15, 2015

When looking for the right space for your company it is very important to consider all of the factors. You may be thinking what are the factors and how can I be sure that I don’t forget any. The great thing is that you don’t have to worry about that yourself. This is the job of your realtor.

Your realtor will listen to all of your worries and parameters and use them to find the office space you want for your company. When working with a realtor your job is to know what you want so you can convey that clearly to them. Once your realtor understands what you want they will be able to find it for you and then get you the best price for it.

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Posted in: Commercial Real Estate, Philadelphia

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Advantages Working with a Tenant Representative

Posted by on March 17, 2015

When looking at an office space a realtor can provide you with a very strong advantage as opposed to looking on your own. A licensed realtor will know what information needs to be provided and what the selling agent could possibly do to make the property or office space seem like a better choice.

A talented realtor will also know how to ensure you get the best price through negotiation and other things they have picked up through their experience. They will help you get what you want not only short term but long term as well. They will know about the materials the space is built from which will inform them of any problems you could have with the space or any problems that may already be present.

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Philadelphia Welcomes Century 21 Department Stores

Posted by on October 22, 2014

During the Philadelphia Business Journal Breakfast at the Hard Rock Cafe Natalie Kostelni interviewed Eddie Gindi of Century 21 Department Store.  If you are from northern NJ or NYC chances are you have heard of or shopped at a Century 21. Philadelphia will now have its first location as the company expands outside the Metro NYC area as of October 28th 2014 at The Gallery on 821 Market Street, Philadelphia, PA.

During the interview by Natalie we heard Eddie say how, ‘Century 21 listens, watches and pays attention to what the consumer wants and likes.’ It sounds like they deliver especially with discounts of 40-65% off. Understanding his customers, or as they call them ‘guests’, it is about the fashion and value. Their model offers fashion at a discount. Their stores are always evolving, the focus is on giving the customer what they want in the product and the store layout and design.

Eddie, like his father, is focused on giving back to the community. It sounds like they are here to stay as Eddie revealed their space is about 100,000 square feet and its is not a ‘short term’ lease.

PREIT reached out to Century 21 regarding anchoring The Gallery.  Eddie said they saw the location in Philadelphia as a chance to service the customers and it was close enough yet far enough to be a whole new market for the Department Store. He enjoys the historic value of Philadelphia and the increase trending for local tourism.
http://www.c21stores.com/

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Posted in: Philadelphia

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Commercial Real Estate 2014 Mid Year Office Market Trends

Posted by on October 22, 2014

By there I mean where the real estate values are increasing at a point above the measurement of the annual rate of inflation. The Consumer Price Index (CPI-U) has increased 2% for the past 12 months through July 2014. This percentage change year over year is a key indicator for the economy and a measure of inflation. By analyzing the national data – YES, we are there!  Keeping in mind the real estate trends vary regionally and with the quality of the product. Looking at the global market and the Vacancy Rate – the CRE industry uses this to track trends and an indicator of the balance of supply and demand for office space. Here are a few of the findings in the national vs local office markets for Vacancy Rates and rent trends.

Based on the Costar’s mid year review the national vacancy rates for leased and owner occupied buildings up to the first half of 2014 is at 11.8% as compared to 2013 which was 12.2% vacancy rates. This is a reduction of almost a half a percent in available office space. The national rent increase year to date in 2014 increased 3.7% as compared to 2013 with only a 1.9%.

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Posted in: Commercial Real Estate

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Are we there yet? 2014 Mid Year Office Market Trends

Posted by on September 4, 2014

Commercial Real Estate 2014 Mid Year Office Market Trends

By there I mean where the real estate values are increasing at a point above the measurement of the annual rate of inflation. The Consumer Price Index (CPI-U) has increased 2% for the past 12 months through July 2014. This percentage change year or year is a key indicator for the economy. By analyzing the national data – YES, we are there!  Keeping in mind the real estate trends vary regionally and with the quality of the product. Looking at the global market and the Vacancy Rate – the CRE industry uses this to track trends and an indicator of the balance of supply and demand for office space. Here are a few of the findings in the national vs local office markets for Vacancy Rates and rent trends.

Based on the Costar’s mid year review the national vacancy rates for leased and owner occupied buildings up to the first half of 2014 is at 11.8% as compared to 2013 which was 12.2% vacancy rates. This is a reduction of almost a half a percent in available office space. The national rent increase year to date in 2014 increased 3.7% as compared to 2013 with only a 1.9%.

 

cre 2014 trends (more…)

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Posted in: Commercial Real Estate, Corporate Office Space, Philadelphia

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Golf4Some Hit the Greens in 2014 – CREW

Posted by on August 31, 2014

It was a joint CREW member effort in Fall 2013, and four gals reaped the rewards this summer, 2014. Debbie Keen, Director, Business Relationships for ADVANCED OFFICE ENVIRONMENTS, supported CREW’s charity last year by purchasing the golf package that Peggy Gallagher, PG Commercial, had donated to the CREW Charitable Luncheon in fall of 2013.

crew golf outing 2014

Awesome foursome made up of Debbie Keen, Advanced Office Environments, Rebecca Udell, KSS Architects, Amanda Ryland, Remington Group Inc., and Peggy Gallagher, PG Commercial Real Estate. Had fun playing 9 plus 9 at WVCC this summer.

The beneficiaries for the CREW Philadelphia Fall 2013 luncheon were Women’s Community Revitalization Project (“WCRP”) and CREW Network Foundation.

Beneficiaries from 2013 Fall Luncheon:

“Proceeds from the silent auction will be donated to this year’s (2013) luncheon beneficiaries: Women’s Community Revitalization Project (“WCRP”), which builds low income housing for women and families led by women; and CREW Network Foundation, which supports CREW Network in advancing the success of women in commercial real estate through charitable, philanthropic and educational programs.”

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Posted in: Peggy's Travels, Philadelphia

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Finding Office Space in Philadelphia

Posted by on June 14, 2014

Finding Office Space in Philadelphia

Whether you are from the Philadelphia region, or not, when it comes to searching for commercial real estate office space it is not as easy as hopping on the web to do a search.  Leasing or purchasing space needs to be seen as an investment with the opportunity for your business to grow, or make changes, without having to sell/move again for maybe a 3,5, 7+ year period.  Some of the obvious options for leasing commercial offices space are located in Center City Philadelphia, which is well known for its skyscrapers with amazing views. But what about finding the right solution for your actual needs long term. How do you know you are seeing all the opportunities that can meet your criteria? How do you know which Landlord’s are a little more motivated, maybe due to a higher vacancy, or another project they want to start? Sometimes the property is off the beaten path, or in a location you would not have thought of on your own, or there is a sublease space with little market exposure. That is where your commercial real estate agent comes to the rescue!  With access to information on the agents for the buildings and data on what is available, but an understanding of regulations, and extras you may not consider. (more…)

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Posted in: Commercial Real Estate, Corporate Office Space, Philadelphia

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Office Space that Works Harder and Smarter??

Posted by on June 13, 2014

Office Space that Works Harder and Smarter???

Just read the news in Natalie Kostelni’s article in the Philadelphia Business Journal about Tony Colciaghi designing office space that “works harder and smarter” for the law firm, Ballard Spahr. I have never had the opportunity to meet Tony but his comments make a lot of sense when it comes to the trend often referred to as shrinking office space in corporate real estate. Apparently on the lease renewal in 2012 there was a significant reduction in the office size of about 34,500 SF in a building with floor plates of about 22,500 +/- SF, the Mellon Bank Building. Beautiful office building built around 1998.

According to the news piece in the fall of 2012 Ballard Spahr signed an 18 year lease for about 189,481 square feet reducing the previous office size by about 34,500 SF +/-. Tony an architect with Francis Kaufman continues his comments by saying “We have to stop thinking it’s all about space reduction. It’s really not. It’s about giving people the right amount of space to do what they do… Before Ballard Spahr…..but the space is working a lot harder for what they do everyday……The space just works a lot harder and smarter.” Hurrah to Tony for his success in designing Ballard Spahr’s office renovations, and for his insights into the recent trends in office design. Congratulations to Ballard Spahr for successfully renewing its lease and living through the renovations.

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LaSalle University Economic Outlook Luncheon in January

Posted by on February 13, 2014

Monday, January 20, 2014

Do you take it for granted like I do, that we have such a stable banking system in the United States? I was reminded why we have such a stable banking system by Dr. Plosser when I heard him speak at LaSalle University’s Economic Outlook luncheon on 1/14/2014.

Dr. Plosser gave us his Perspective on the Economy and Monetary Policy…. He made a point that he was giving us his opinion and not the opinion of the Open Market Committee which he serves on.

We were refreshed on the  history of the Federal Reserve which was created by Woodrow Wilson in 1913. Congress sets its goals, and the last time the goals were set was 1978.  One thing unique about our central bank is that it is comprised of12 regional banks for diversity.  There were over 400 + people there and a reporter from Wall Street Journal, and one reporter from Bloomberg News.

After  insights into the History of the Federal Reserve he shared his opinion on Monetary Policy such as our 3rd round, QE3.  It was reassuring to hear that he thinks the economy has already met the criteria of substantial improvement, and we should conclude the asset purchases. And then we should plan policy for after QE3.. It was interesting to hear his list of Objectives.   A question he raises with reference to the Objectives outlined is  “Do we have the will to do it?”  You can read the details here.

Here are some interesting and reassuring comments from the Question and Answer period.

(more…)

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Posted in: Commercial Real Estate, Peggy's Travels

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How are CRE professionals paid for their services?

Posted by on February 1, 2014
How are CRE professionals paid for their services?

Whether it is a sale/equity transaction, or a lease between owner and tenant, CRE agents receive a commission at settlement, or upon the signing of the lease.  The amount of commission is often calculated as a percentage of the lease, or sale value, which often ranges from four to six percent, more or less. For example if a tenant signs a lease for a 2,000 square foot office at $21 per square foot, a 4% commission to the real estate agent would amount to $5,040.00 (3 years X 2,000 SF x $21 x 4%). The owner of the leased building pays the agent’s commission: typically one –half on the signing of the lease and the remaining one half when the tenant begins occupying the building. In many lease, transactions there are two CRE firms involved, both could represent the owner of the building (sub agent and agent), or one could represent the Tenant or Buyer, while the other represents the Owner.

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