PG Commercial Real Estate – Commercial Realtor Montgomery County, PA and Greater Philadelphia Region

Safe And Sanitized Workspace

Safe And Sanitized Workspace

In just a few weeks, the emergence of COVID-19 managed to change the way we live and work. Even though the virus continues to spread across the US and many organizations are moving to remote work, some companies still need their employees to be on-premise to do their job. 

This largely refers to the companies that work with sensitive materials or proprietary systems, where employees or shift workers have to be in the workplace. In this case, it is extremely important to adopt some safety practices that will keep the workplace healthy and sanitary.  

In this post, you will learn how to maintain a clean office during times when the world is going through this critical public health issue. 

Schedule Regular Cleaning and Disinfection Routines 

The spread of the novel coronavirus may seem unavoidable at present. However, a dependable cleaning and sanitizing routine at the workplace that is in sync with the CDC’s guidelines will significantly reduce the risk of COVID-19.  

The Centers for Disease Control and Prevention has provided detailed instructions on how to keep workplaces clean and disinfected. You can also check out their list of EPA-approved disinfectants that are highly effective against the virus that’s causing this pandemic. 

Here is a general overview of these guidelines: 

Use disposable masks, gowns, and gloves for cleaning and disinfection. These disposable personal protective equipment must be discarded in the trash once used. 

A surface of an object should be cleaned before you disinfect it. This helps the disinfectant to be more effective in eliminating the coronavirus. 

If you don’t have access to EPA-approved disinfectants, you can use a mixture of water and household bleach as well.  

High-touch surfaces like common room furniture, doorknobs, toilets, light switches, sinks, elevator and elevator buttons, etc. must be cleaned and disinfected every day. 

Clean the Air Ventilation and HVAC Systems 

Sanitized Office SpaceWhen it comes to preventing the infection, improving the indoor air quality is as important as wiping down the commonly-used surfaces.  

Workplaces are home to several sources of air contamination, including viruses, mold, bacteria, and volatile organic compounds (from furniture and cleaning chemicals). Poor ventilation makes the presence of these contaminants a lot worse. 

To maintain the indoor environment to remain in a perpetual healthy status, start focusing on ventilation and filtration systems that remove and filter pathogens. 

Consider using services such as Edifice Rx that can engage their Industrial Hygienist to assist you in minimizing COVID 19 risks, review the Indoor Air quality and complete an HVAC Hygiene Inspection of your office.The company also provides a virus detection service to determine whether there is a viral load present on a surface/object. So, if you’re looking for a pre-entry health and thermal screening service for your company, Edifice Rx can help.

Make Social Distancing in the Office Mandatory 

Companies that require on-premise employees should make sure their employees are practicing social-distancing at all times. Here is how to achieve this: 

  • Set flexible hours and shift to limit who comes into the office and when. Use A/B shift system to accommodate for limited workstations and cleaning schedules.  
  • Put up partitions between social spaces and desks, and update seating arrangements accordingly. 
  • Either keep visitors to a minimum or prohibit them altogether unless absolutely necessary. Forbid personal packages to be delivered to the office.   
  • Upgrade the office entry to be touch-less. There are many systems in the market that allow the employees to enter into a building using just their phones. 

Follow This if You are Back in the Office

There is no doubt that the COVID-19 pandemic has created a number of new challenges, especially for businesses that are looking to reopen. Employers as well as managers may feel a sense of urgency to get their business back to normal ASAP; it’s vital to understand that things can’t go back to “normal”. 

To make sure the employees and workers feel safe to return and resume their jobs, some key steps need to be taken. This includes ensuring the facility is fully clean, disinfected, and well-equipped to maintain safe conditions.  

It’s recommended to create a plan for a safe and healthy work environment that protects employees and customers alike from exposure and transmission of COVID-19. 

Here are a few simple ways employers can help in keeping their workplaces safe from the risk of coronavirus: 

  • Hire professional cleaning and disinfecting service providers on a regular basis to reduce the risk of viruses and other contaminants in the workplace.
  • Make hand sanitizers and disinfecting wipes easily accessible to everyone, especially in the common areas and near high-touch surfaces. Also make sure that everyone knows how to use them effectively.  
  • Try to reduce your reliance on touch-based amenities like light switches or keypad door entry systems. Instead, go for touch-less systems such as motion sensor lights, digital entry systems, and double-swinging push doors.  

Have Questions? Call us Today!

If you are reopening your business and want to make sure your employees and visitors are protected, you may need to discuss with your Landlord changes to existing janitorial services or building operations to minimize disease transmission. 

PG Commercial Real Estate Inc. has over 20 years of experience in representing corporate tenants and buyers, and helping with real estate decisions for their business such as searching for locations and/or renewing a lease for existing locations. Call us at 215.793.0406 or contact us online to know about the hottest deals in the market right now.

Posted in: Corporate Office Space

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Tenant Representation During & After COVID-19

Tenant Representation During & After COVID-19

The COVID-19 pandemic has resulted in widespread economic disruptions, with many companies facing financial challenges and working hard to reset their businesses. If you are a corporate tenant or potential buyer of commercial office space, you should have a competent and experienced commercial real estate agent to represent your interests during and after COVID-19. 

Reviewing Contracts & Special Language

Whether you have an existing contract in place with your landlord or you are planning to sign renewal documents, make sure you understand the language of the contract and the likely changes of any clauses in the backdrop of COVID-19. For instance, the “Force Majeure” clause is now going to be more critical than ever because it can temporarily protect you against non-performance when an extreme event occurs. This is also a reason to have a real estate attorney on your team in addition to a tenant broker.

How the applicable language of this clause is drafted will determine whether your rent payments may be suspended indefinitely or for a specific time period. The ideal way for a more tenant-favorable contract would be including events such as public health emergencies and pandemics in the Force Majeure clause.

Similarly, another important clause to consider may be business interruption insurance, which is often a part of a commercial lease. If your landlord requires you to obtain this insurance coverage as a tenant, you need to consider whether events such as COVID-19 pandemic qualify as a covered business interruption in the insurance policy.

Addressing Safety-Specific Space Concerns

In the wake of the COVID-19 crisis, you may be re-evaluating your requirements for office space. Make sure you have a knowledgeable tenant representative to work with you regarding what business terms can likely be achieved in the current market. You may also want to consider adding an architect to your team to plan urgent improvements to your current office space. Instead of having collaborative workspaces, you may want to enhance social distancing norms in your new office space.

At present, many landlords, likely with an extension or renewal of lease term, would be willing to negotiate and make the physical infrastructure changes that you want in order to address the safety concerns for your employees and visitors. 

Re-negotiating a Current Contract 

Due to economic conditions caused by COVID 19, the market may be titling in favor of a tenant. Some landlords have concerns that their existing tenants may shut down or downsize, which could leave them with huge vacancies. Therefore, if you are looking to renew a lease, re-negotiate a current contract, or purchase commercial space, the time is ripe for it now. 

After understanding your business needs and site criteria, a dedicated tenant rep can gather current market information for your review, and guide you about negotiating the terms and conditions with landlords in the present market. They can also provide you useful information about how reliable a particular landlord is, which buildings have reputable property managers, and how these landlords and managers have responded to tenants during the pandemic.

With a Tenant Representative on your team you increase the chances of obtaining the best deal in terms of lease rates, rent abatement, tenant improvements, and various other special tenant incentives in the light of the prevailing economic conditions.

Evaluating Leasing vs. Buying 

In the commercial real estate market at present, you might be able to find buying opportunities at very attractive price points. A more significant point is that Interest Rates for Mortgages are low. Therefore, it makes sense to perform an objective cost-benefit analysis to determine whether buying may be more financially advantageous than leasing for your long-term business needs. 

A knowledgeable tenant rep will help you evaluate your options, with reasonable assumptions, so that you can make an informed choice between leasing and buying a new commercial space.

Posted in: Commercial Real Estate

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Benefits of Working with a Tenant Representative During COVID-19

Benefits of Working with a Tenant Representative During COVID-19

When looking for an office location, or negotiating a lease renewal, a real estate broker or sales associate can provide you with a very strong advantage as opposed to looking on your own. A licensed broker, or sales associate, will know what type of information a landlord will look for from a potential tenant and what incentives may be available at a particular time from a landlord/landlord’s agent in order to compete for a company’s occupancy. 

A new twist – having market experience to assist you in negotiating the best possible price, a talented broker, or sales associate, working as a tenant representative can help you ask the right questions about changes to the janitorial services and operations of the building due to the COVID-19 pandemic to protect your employees and visitors.  They will help you sift through the market information on available locations and obtain the location you choose at the best terms available in the market at the time.

Posted in: Commercial Real Estate

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COVID-19 Impact on Commercial Real Estate Market

COVID-19 Impact on Commercial Real Estate Market

While the economic disruption caused by the COVID-19 pandemic is indiscriminate, the commercial real estate industry is one of the hardest hit. Hotels, bars and restaurants, entertainment complexes, sports venues, retail and the commercial office market are severely impacted as people and workers stay home following shelter-in-place orders and business shutdowns.

Challenges for Corporate Landlords, Tenants, and Buyers

At one end of the spectrum, commercial tenants are sending requests for rent relief to their landlords as they are unable to operate at full capacity from their premises or generate business cash flows. On the other end, the landlords themselves are facing challenges because they have bills to pay, and they cannot sustain too long without generating rental revenues. 

From the perspective of commercial real estate buyers, sellers and investors, the market is in a state of disarray as it is hard to foresee whether the current economic decline will worsen or will it all clear up soon. If the recession is short-lived, fresh demand for office space should pick up as soon as jobs come back. But if the economy takes longer to revive, the commercial office market may continue to be somewhat subdued.

Although the warehousing and industrial space market is currently facing supply chain disruptions, this is one sector that could bounce back very fast once economic activity begins to gather pace in the US and other parts of the world. Warehousing demands could significantly rise, considering that more consumers are expected to rely on ecommerce than ever before.

Redesign Office Spaces 

Innovative commercial real estate operators and corporate interior planners and designers are already working on how corporate, education, healthcare, and other commercial spaces can be adapted/redesigned to meet the future needs of safe social distancing at the workplace

Creative solutions can be found to achieve the goals of social distancing at work, while maintaining a cost-effective, comfortable, and fully functional workplace for employees, customers, and other business associates. For example, forward-thinking companies such as Corporate Interiors are creating a range of practical solutions to meet the new office needs.

These solutions can be efficiently implemented to transform your workplace enabling you to restore normalcy to your business operations as soon as possible – without any compromise on the social distancing norms that may continue to be in place for the foreseeable future.

Corporate Interiors is providing solutions that maximize the use of existing furniture, while putting in place additional barrier screens and other social distancing provisions in high traffic areas at your office. Clever and Creative.

Prepare Well to Get Ahead

It is best to start preparing now to set up these new solutions (such as the ones offered by Corporate Interiors) at your workplace. So, when the local economy in your area opens up, you will be fully geared to re-start at full capacity while ensuring the best social distancing standards and practices for your employees and visitors.

From the point of view of a commercial real estate tenant, buyer, this could be the time to find opportunities at compelling prices and at the lowest possible financing rates than you might ever get again. 

PG Commercial Real Estate, Inc. has more than two decades of experience in representing corporate tenants and buyers with exceptional market insights and dedicated due diligence. Contact us now to learn more about how we can help you obtain a competitive advantage and achieve your goals in the most effective way in the current market.  

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Insights on COVID-19’s Impact on the Economy

Insights on COVID-19’s Impact on the Economy

“At work, on the go, at home. Work happens everywhere.”

Thank you to Stacey Boston from Hayworth for inviting me to Hayworth Connect which allowed me to listen to the March 26, 2020 webinar with Dr. Marci Rossell.  Dr. Rossell shared her insights and opinion of the impact of the COVID-19 pandemic on our economy.

There is so much uncertainty with the current situation, however some of Dr. Rossell’s insights seemed reassuring. Below are a few of her insights that resonated with me.

COVID-19 is a shock to our economy that came from the outside. She talked about how it impacts our economy in three ways: loss of income, effect on the stock market, and change in uncertainty.

Loss of Income

In most recessions, the loss of jobs is a lagging indicator. In other words, in most recessions there are liquidity or solvency problems resulting in loss of jobs.  Due to social distancing and closing of active businesses, we have a big spike in unemployment claims and job losses. Dr. Rossell mentions that this is not a solvency crisis, rather a shock coming from the outside and the government needs to mitigate the loss of income and turn on the revenue spigot.

Stock Market   

In 2008, 50% of the market evaporated and recovered around 2010 but took about four years to completely recover. Dr. Rossell thinks the current situation looks more like 1987, which took less than 2 years for recovery. She mentioned different shapes of the economic curve used to describe recoveries, but it was her concept relating social distancing and the bottom of the curve that struck me the most. She stressed that as long as we practice social distancing, we will be along the bottom. 

Uncertainty

Dr. Rossell explained some of the effects uncertainty can have “on the long term risk environment.”  She noted that savings rates will increase worldwide. For example, in 2006, the US savings rate was zero. It rose to 8% in 2018. She predicts this will climb up to 10% after this crisis and anticipates it will put downward pressure on interest rates.

It was comforting to hear that this will be temporary, with social distancing in place two months, 3 months, or 6 months. Dr. Rossell is 99% sure this crisis is not the same as the Great Depression that spanned over a decade and began with bank failures, widespread drought, and crop failures. She mentioned that policy makers have learned from the mistakes made in the past. 

It was interesting to hear her answers in a Q&A discussion about the effects on commercial and residential real estate. As far as commercial real estate, she said it depends on which industry and where you are located. One example was that the conference industry will not recover until we have a vaccine. Cities like Los Vegas will suffer as a result.  Retail commercial estate is different. The retail industry was having trouble before COVID 19. Companies may recognize they need less square feet of office space., but will likely demand a more high end space for when clients visit and for employees when in the office.. One key point about residential real estate was the projection that Gen Xers and Millennials will want larger homes in order to work from home more.

This concludes my key takeaways from this webinar, however it was jam packed with useful information. Thank you to Hayworth for implementing Hayworth Connect to share engaging and inspiring speakers to enlighten their clients and community.

 

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Benefits of Supporting Non-Profits

Give Employees a Cause to Get Behind

By Supporting a non-profit, you build a culture of caring, showing your employees that you care about more than your bottom line in your business.

Support a Good Cause and Get Tax Breaks

An obvious side effect of non-profit giving is the tax breaks that it provides. Help the community, help the cause – help yourself!

To Give Back to the Community

If your organization is active within the local community, being involved in non-profits is a great way to show your community support. Consider seeking board positions for high ranking officials within your organization.

Provides Positive Public Relations

Who doesn’t love good press? Being involved with non-profits in your business provides a positive outlook for your company’s charitable and philanthropic ventures. Sponsoring their events also provides advertising opportunities while building community trust.

Making the Most of your Charitable Dollars

A dollar within a for-profit corporation is different from those within a non-profit. They are experts at stretching their dollars, and are able to do so due to their tax breaks and community relationships. Even small amounts donated on behalf of your organization will go further than you realize.

 

 

 

 

 

 

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3 Reasons You Should Move Your Company To Philadelphia

3 Reasons You Should Move Your Company To Philadelphia

The city of Philadelphia is on the rise as its business sector booms with growth. With lower rents then its neighboring big cities of New York and D.C. yet still close by proximity, Philadelphia is quickly becoming a powerhouse player for businesses to call home. Call a Philadelphia Commercial Realtor or Tenant Rep to help you move your business to this bustling city.

3 Reasons why you should move your company to Philadelphia

Rent costs are cheaper

Sylvie Gallier Howard, the First Deputy Commerce Director for the Philadelphia Commerce Department, told NBC 10 Philadelphia News in August of 2018 that the same amount of space in New York City would likely cost three times what it would cost in Philadelphia. And with rent being one of the key fixed costs for a business, this is an extremely important factor to consider, especially for small businesses. Hiring a tenant rep can help you find the right location and negotiate the best commercial lease for your business.

The city is growing

Philadelphia has already begun to boom with the arrival of the tech industry and more and more college graduates deciding to stay, as Joshua Davidson explained in an article for StartupGrind. With less competition than other major cities, Philadelphia is attracting recent grads. Davidson wrote that in 2015, Philly Magazine reported a 41.2% growth in millennials during 2006-2014, many of whom are searching and ready for work. The city itself offers incentives for startups and entrepreneurs, as well. One such program is Jump Start Philly, exempting new businesses from certain taxes and fees. A licensed Philadelphia real estate agent who works with Corporate Tenants and Buyers of commercial real estate can help streamline this process and make your move to Philadelphia as smooth as possible.

Philadelphia is central to other locations

In addition to being home of Philly cheesesteaks and lots of U.S. history, this rich and diverse city is central to other major East Coast cities, allowing its denizens to arrive in New York City, Washington D.C. or Baltimore in less than two hours. With lower rents, Philadelphia in spite of its U&O tax, and its suburbs can be the perfect location for your business outside those major cities yet still within easy driving distance to each. A Philadelphia Commercial Realtor or Tenant Rep can help you pick a location within the city that is best for your company’s needs.

With lower rents, a business-friendly environment, entrepreneur/startup incentives and a central location, Philadelphia is the perfect city to move your business to.  There are also areas designated as Federal Opportunity Zones in the city and suburbs. Call a qualified commercial real estate professional today to begin to discuss the possibilities!

 

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3 Tips for Negotiating A Commercial Lease

3 Tips for Negotiating A Commercial Lease

Prior to deciding on a business location, an entrepreneur and/or business owner should know there are many steps in the location decision process.  Negotiations for the commercial lease location will eventually follow. No matter what stage you are in concerning the location for your business – staying grounded, realistic and professional with a customized market survey of available office space will help you make better decisions.  Hiring a commercial realtor, ideally one specializing as a tenant rep, will help ensure the process is streamlined and the result is beneficial to you and your business.

3 Tips for Negotiating A Commercial Lease

Know length of lease

How long will that office location and size work? Is it too much space or too little space for a three, five, or seven + year period? Who will pay for the tenant improvements? Length of lease term can have benefits for both the tenant and the landlord. Time goes by quickly. Often a new business looks for a lease term of 2-3 years as ideal to allow for flexibility, accommodate growth, and, making sure the business is viable. Longer leases can bring in a better rate with more benefits, and still have some flexibility. In most cases a deal is struck if it is beneficial to both the landlord and tenant. Often the longer term office lease allows the landlord to invest dollars in tenant improvements and include cost (within reason) into the rent. So make sure to talk to a qualified commercial realtor to help you figure out the best deal for your needs. Also, are you interested in options such as renewing the lease? Figure out what your needs are before you enter negotiations. Typically office leases include some services and industrial and retail leases lean toward triple net terms.

Prepare yourself with knowledge

Before you go into negotiations for a commercial lease, prepare yourself by doing a little research. Hiring a real estate professional is a great choice for handling the procedure but knowing a bit of information yourself will be beneficial as well. One thing would be to know the lingo/jargon that will be used, such as the names used for various types of leases (full service, gross, net, triple net, or percentage).  The type of lease is usually associated with specific property types too. In the end it is the lease document that defines what is included – not always what is not included.  Negotiations and knowledge gathering generally begins with three items. Location criteria, a survey of what is available based on your criteria, and the step of touring the available space. The agent or broker you select can assist you with these three steps. Think about other team members such as architect, voice and data provider, project manager for tenant improvements, and real estate attorney.

Read the details carefully

Everything is in the details. Examine the lease thoroughly, even though it could be upwards of 50 pages. While hiring a qualified commercial realtor or tenant rep and a good real estate attorney  to examine the document and negotiate for you is a smart choice, examining it carefully yourself will be a second set of eyes in making sure you’re getting exactly what you want. Items such as a termination clause, non-compete clause, notice periods, common area maintenance (CAM) fees, or annual operating expenses are all important to know and may, or may not be clearly defined. Understanding what you’re responsible for, such as maintenance, repairs and upgrades, is imperative as each can greatly affect your bottom line.

Commercial lease negotiations can become tedious, but hiring a professional commercial realtor and a good real estate attorney to examine the details can make this process much smoother. Contact PG Commercial Real Estate today to speak with someone that can assist you and your business in securing the best deal for the right property at the right price. Market information and knowing the standards that are being used in the area can save you time and money.

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Leasing vs Purchasing Office Space in the Philadelphia Region

Leasing vs Purchasing Office Space in the Philadelphia Region

Your business has to operate out of somewhere, and when it’s time to look for dedicated commercial space for your company, you’ll have a lot of decisions to make. And one of these decisions is whether to lease or purchase your office space.

Both options come with their own set of advantages and disadvantages, so you’d be well advised to do your due diligence and conduct a little research before deciding which option works best for your company.

So, the question remains: is it better to lease or purchase office space in Philadelphia?

Understanding the Pros and Cons of Leasing Commercial Office Space

Commercial real estate investors might assume that purchasing office space is the better way to go, but leasing office space comes with its own set of pros and cons, including the following.

Pros of Leasing Office Space

No down payment required.

As with any other types of real estate purchases, a down payment is required. However, a lease doesn’t require such a large capital investment up front. Rather, a security deposit will be required, which is typically substantially less than a conventional 20 – 25% down payment, maybe 10% with SBA loans. In Philadelphia, you frequently see landlords requesting a security deposit equal to about one or two months’ rent.  Or, it could be more and varies with credit worthiness of tenant and landlord’s investment in tenant improvements for tenant.

That means you’d have a lot more capital for your business, that would otherwise have been tied up in a down payment.

No maintenance or repair obligations.

Every building will require its own fair share of maintenance and repairs over time. It’s inevitable. But where these responsibilities lie depends on whether you’re leasing and your type of lease, or paying a mortgage.

If you’re the rightful owner, the obligation to maintain and repair the structure lies 100% on your shoulders. That means you’ll not only have to cover the financial cost of these repairs and maintenance costs, but you’ll also have to manage such efforts.

If you’re leasing, however, these obligations often lie with the landlord, not you. This can free up a lot of effort that you can otherwise dedicate to your business.  

Flexibility to expand/or contract.

If your company reaches a point where it’s time for expansion, a lease can provide you with the flexibility to grow, as opposed to being restricted by the size building that you’ve purchased. Among all the factors to consider when it comes to deciding between leasing and purchasing office space in Philadelphia, one of the more important ones is flexibility to expand.

A growing business will find that a lease can provide them with a much better way to accommodate expansion as opposed to buying. With the right commercial real estate agent in your corner when you negotiate the lease terms you may be able to obtain options to renew, an early termination clause or an option in the lease that can provide you with the “right of first refusal” to acquire space that might become available in the office building.

Purchasing office space, on the other hand, can limit your size flexibility.

Cons of Leasing Office Space

While leasing comes with a certain set of advantages, there are some drawbacks to consider.

Potential increase in rent.

Most office leases have annual rent increases. And on a lease renewal it’s always possible that your landlord will increase your lease price. If the cost is out of your budget, you could find yourself uprooting your business to find a place with a lease price that fits in better with your budget and profit margin.

Improvements made will stay with the building.

If you decide to make any changes or upgrades to the building to better accommodate your business operations, you can’t take them with you when you go. The only person to benefit from the time, effort, and money spent on making such improvements when you leave may benefit your landlord.

Understanding the Pros and Cons of Purchasing Commercial Office Space

Now that you’re familiar with why leasing office space in Philadelphia has its pros and cons, consider those of purchasing office space.

Pros of Purchasing Office Space

Build equity.

One of the biggest perks of buying property is the opportunity to build equity – and subsequently wealth – over time. Every mortgage payment made goes towards building equity. And over time , if you maintain, and keep your property up to date , you may see the value appreciation as well.

Payments less likely to fluctuate.

Unlike rent, which can change every time it’s time to renew your lease, you can be more comfortable knowing that your mortgage payments will stay the same – assuming you’ve chosen a fixed-rate mortgage.

Opportunity to make extra income.

If you own your property, and it has extra space for the growth of your company you have the freedom to lease out a portion of it to generate extra income. Versus sub-leasing your excess leased office space which is more complicated. In the lease the Landlord may control the rate for the sublease and who you can lease to.  And, who would spend the money on Tenant Improvements? In a sub lease most likely you and you can not leverage the Asset.

Make improvements to add value.

If you choose to improve your property, you can maintain and sometimes add value to it as you build equity.

Take advantage of tax benefits.

When it comes time to file your taxes, you’ll have the opportunity to deduct certain things such as property taxes, improvements, mortgage interest, and so forth.

Cons of Purchasing Office Space

Upfront cost is higher.

Buying comes with much more significant upfront capital invested costs compared to leasing. And typically you should purchase a building that is larger than your business require to accommodate future growth. This is precisely why many businesses choose to lease. In addition to the actual mortgage payments and down payment, there are several other closing costs and Due Diligence costs associated with buying property that you wouldn’t be faced with had you chosen to lease instead.

You’re responsible for maintenance and repairs.

This can just be added to the list of costs associated with owning property. When you’re the owner, the onus to maintain and repair the property is 100% on you.

At PG Commercial Real Estate, we strive to ensure that our clients know as much as they can about both sides of the coin in order to ensure that they make a sound decision that’s best for their business. Whether you decide to lease, or purchase your office space in Philadelphia, we’ll be with you every step of the way in order to ensure you enter into a solid agreement.

 

 

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Neighbors: An Important Factor When Selecting Your Business Location

Neighbors: An Important Factor When Selecting Your Business Location

Neighbors: An Important Factor When Selecting Your Business Location

When choosing a location for your business you need to keep a lot of things in mind.

In addition to the location and quality of the building and Lease, or Sale, terms you may want to consider are who your neighbors are. Just like when buying a house or renting an apartment you want to find a place that is in a good neighborhood that you feel safe in, and that has people who are like minded to you.

To take it a step further when you are looking for an office space you should think about what types of businesses will be around you.  For instance, if you are an orthodontist, is there a dentist in the same office complex or down the street that can send you referrals?  If you are a specialty cake shop is there a coffee house nearby that you can partner with to display your cakes?  Or if you are a high-end clothing retailer is there a dry cleaner in the area that you can refer people to make sure they take care of the clothes they purchase in the proper way?  These types of neighborly relations may be more important to retail and healthcare businesses.  But even general office users may care about neighbors when it comes to employees.

Not only do you want to identify these potential partnerships or referral sources but you want to “be a good neighbor” to them and build a relationship with them so that they not only know who you are, but they like and trust you enough to refer their clients, friends, and family to you. Also there can be a downside to having neighbors that are in similar, or competing businesses. You may have concerns about competition for employees, or concerns about trade secrets.

If you find an office that is in a strip mall, a mixed-use building, or one of the new and popular shared office space locations make sure you are being a good neighbor at all times.  What does that mean?  Well it’s pretty simple, it’s the golden rule you probably learned in kindergarten.  Treat others the way you wish to be treated. Don’t steal their parking space, don’t be overly loud as a neighbor, don’t leave trash or other smelly items in your workspace/office that could bother others.  Be friendly, cordial, and respectful and build a genuine relationship and friendship.

So not only do you want to select a location that has good neighbors but you want to be a good neighbor to them and focus on building relationship because you never know where your next referrals may come from.

 

 

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