Commercial Leasing

[La Flames Fan]

Our office lease is up at the end of September and we are on the search for a new commercial lease.

Honestly, we haven't had a good experience with commercial brokers (our first office lease resulted in the sub-leaser not knowing we were moving in on moving day )

Commercial Leasing seems like a secret, hidden in a shroud, wrapped in an enigma and I have no idea how it works. Especially now since there's nearly 14,00,000 SQFT of unused commercial space in the city - it seems like there'd be some great rates out there, but I have no idea where to start and find them.

We don't need a lot of space and don't have a huge budget - where should be start?

[Locke]

Where do you want to be?

Do you need anything special and/or specific?

I am not a professional Realtor in any respect, I merely have a PhD in Forestry, but I have done this a couple of times myself.

[I_H8_Crawford]

Start with messaging J pold - I think he can help point you in the right direction.

[Locke]

Originally Posted by I_H8_Crawford

Start with messaging J pold - I think he can help point you in the right direction.

J Pold is a magician, he has helped me out a lot over the years.

[Slava]

Originally Posted by La Flames Fan

Our office lease is up at the end of September and we are on the search for a new commercial lease.

Honestly, we haven't had a good experience with commercial brokers (our first office lease resulted in the sub-leaser not knowing we were moving in on moving day )

Commercial Leasing seems like a secret, hidden in a shroud, wrapped in an enigma and I have no idea how it works. Especially now since there's nearly 14,00,000 SQFT of unused commercial space in the city - it seems like there'd be some great rates out there, but I have no idea where to start and find them.

We don't need a lot of space and don't have a huge budget - where should be start?

First, the disclaimer that I'm not a commercial realtor.

But regarding the bolded, there are great deals. As soon as you're actually interested though, those deals are out the window. That's my cynical view on things.

[La Flames Fan]

Originally Posted by Locke

Where do you want to be?

Do you need anything special and/or specific?

I am not a professional Realtor in any respect, I merely have a PhD in Forestry, but I have done this a couple of times myself.

Not too far from the action - central-ish. Right now we're right around Chinook and that's been a good spot.

Nothing too specific either, except great internet in the area. It's really just for our edit suite and a couple other spaces for gear and collaboration.

If we ever get into the timber business I'll definitely know who to call, that diploma of yours speaks volumes.

[La Flames Fan]

Originally Posted by Slava

First, the disclaimer that I'm not a commercial realtor.

But regarding the bolded, there are great deals. As soon as you're actually interested though, those deals are out the window. That's my cynical view on things.

I've had that same experience. Feels like market lease rates should be pretty close to zilch, but lo and behold they haven't changed much? In a city with 30% vacancy?

Yikes.

[J pold]

Feel free to shoot me a PM if you'd like some help.

I promise I'll keep the real estate broker sleaziness to max 3/10.

[Hack&Lube]

I talked to J pold before and he definitely kept his realtor sleaze dialed down

Our company just switched offices as well to some shiny new space to take advantage of the market and it makes a difference.

[Locke]

Originally Posted by J pold

Feel free to shoot me a PM if you'd like some help.

I promise I'll keep the real estate broker sleaziness to max 3/10.

Look here sir....you've helped me out a lot and I think you're wonderful. Both as a commercial realtor and as a human.

But...come on, lets be real, we're talking a 4? 4.5 Max?

[calgarywinning]

For a lot of the commercial space, which is big downtown floors, the investment companies tax break versus renting out for less then marker or cap rate is an ongoing challenge. They'd prefer to have it valued low and not pay city taxes and operating.

[station]

Originally Posted by La Flames Fan

I've had that same experience. Feels like market lease rates should be pretty close to zilch, but lo and behold they haven't changed much? In a city with 30% vacancy?

Yikes.

Landlords have the opposite logic though in that the vacancies actually justify higher than market rates. When so many units are empty, they need higher rates from occupied units to make up the lost revenue.