- Posted June 14, 2014 by
El Cajon, California
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The New Economy Requires New Business Solutions
Many people believe that that the rental market has not changed from the former large tenant space to the new more efficient and cost effective spaces. People wonder it the office leasing market going to come back.
The answer is that it probably will if you wait long enough and make your space cheap enough. The risk is that excessive time and expense may incur if actions are not taken.
Others wonder if the management headache is worth the cost. The fact is the initial start-up does involve a larger time commitment. After the project is in operation this changes and may result in greater stability and cash flow. As with any business venture, there is risk, expense and time investment in this program.
Office building owners and managers who are struggling with high vacancy rates should consider converting their empty office space into productive executive suite profit centers.
There are multiple benefits to these Business Solutions to the New Economy. Cost benefits, convenience for clients, fuel consumption, time re-allocation, increases in income are a few of them.
These are suburban office buildings and office space as opposed to downtown or high density office locations. These are for building owners and managers who are struggling to fill their office space due to economic and office space demand modifications.
Any building owner who is considering this change should go through a rigorous evaluation process before jumping in head first. First and foremost, determine if the space meets the initial location, visibility and layout requirements to make a viable Center. Then complete a thorough cost/benefit analysis for these functions, then finally test market the site.
It is advisable to find a qualified Executive Suite Consultant to assist you in doing the research to determine feasibility of a successful conversion of your property. At a minimum the consultant should;
• Run a pro-forma with a detailed cost breakdown for initial set-up and operation.
• Run a detailed lease-up analysis to estimate lease-up timing, lease-up income, expense and cash flow.
• Run an initial marketing campaign including on-line classified advertising, signs and banners with a strong internet presence to determine demand.