So what do these Assessments Entail?
The vacancy rate in San Francisco jumped from 2% in 2000 to 9% in 2001. Now, landlords are less picky and will often divide up floors of their buildings to suit smaller tenants. The area itself will dictate what you have to pay, so check out the average prices per square foot, and think about the location needs of your business long and hard before making your move. That depends on where you’re looking. In most markets, space is readily available (San Francisco being the least easy market). So, you can see that as of the end of last year, things were still pretty much booming in the world of commercial real estate, albeit slightly less so than in 1999 and 2000. Does that mean you’ll have a hard time finding office space?
Make sure the property you are interested in has been measured using these guidelines so you don’t end up paying for space you don’t have. Estimate your space needs as accurately as possible, but keep in mind future growth and account for that as well. Also, begin the process as early as possible to avoid being rushed into making the wrong decision. Next, let’s move on to your time frame. Before you even begin looking for space, make sure you’ve thought about exactly what you need. How Long Will This Take? Probably longer than you think! How long is this whole process going to take? You’ll save yourself some considerable time pounding the pavement, as well as eliminate a lot of wasted effort.
The classes are based on the age of the building, the type of construction, the location, the amount of renovation, and the amenities that the building provides. You may also run across what is now being referred to as Class E Office Space in some cities. They usually have very high ceilings, lots of large windows, and lots of wood. These are old buildings class B buildings that are being considerably renovated to become spaces with a totally different look.
In order to compare apples to apples from a cash flow standpoint, you also have to take into consideration the change in the value of today’s dollar versus a dollar five years from now. You can arrive at this number by multiplying the interest rate of the loan by each month’s preceding balance. This are known as the discount factor and can be calculated using most spreadsheet applications. You’ll also have to know the amount of your interest deduction that you will get on your business’s taxes.
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