5. Leasing vs. Buying

May 7, 2010 Leave a comment

You should compare the benefits of leasing versus buying your property from ­a cash standpoint, as well as the more obvious needs standpoint, such as long term space requirements and expansion possibilities. While there are benefits to both options, for startups there appear to be more benefits to leasing than buying. Cash flow is, of course, an issue and buying takes a larger portion of your hard earned cash up front.

Here are some other monetary benefits of leasing:

  • Your credit rating will not be quite as critical for leasing as it would be for buying. So again, for startups, this might be a sticking point.
  • Your monthly lease payment is tax deductible because it’s a business expense.
  • You may be free from paying for building maintenance.

Here are some non-monetary benefits of leasing.

  • Freedom to sublet and move to another location if you find the need to.
  • No hassle of selling before you can move to another location.
  • No loss from owning a building in a bad real estate market.
  • No assignment of personnel to oversee property issues that the owner should oversee.

Buying also has its benefits. It all depends on your situation and the type of business you’re in. Here are some of the monetary benefits of buying.

  • Interest on the mortgage loan is tax deductible.
  • You can take annual depreciation deductions on your taxes.
  • In the long run, you’ll probably come out ahead because you won’t be facing increases in rent.
  • You’ll benefit financially if the real estate market is good when you sell.
  • You may be able to lease out a portion of the building if you determine that you have excess space.
  • If you need to make substantial changes to the building to accommodate your business, those changes are owned by you and not your landlord.

Non-monetary benefits of buying include:

  • You can make any changes you want to the property.
  • The hours of your business can be whatever you want them to be.
  • You are free to stay in the same location as long as you wish.

Cash Flow Analysis
If you can’t make a decision based on these pluses and minuses, you can (and probably should) do a cash flow analysis to see which option makes more sense from a cash standpoint. Before you can do this, however, you have to have all of the necessary information for making your comparison. This includes information like the full cost of purchasing, the terms of the lease, the depreciated value of the property at the time you would want to move, an estimate of the property’s value at that time, estimates of maintenance costs, and your tax rates.

To do the cash flow analysis, complete cash flow budgets (sample Cash Flow worksheet in Microsoft Excel format) that include all of the expenses you would incur for either buying or leasing over a set period of time. For the lease analysis, you’ll need to determine your net cash outlay, which is the amount you end up spending on the lease once you’ve subtracted the tax savings you receive from it. (Remember your lease payment is considered a business expense.)

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. 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. You can arrive at this number by multiplying the interest rate of the loan by each month’s preceding balance.

Now for the tricky part… remember above where I mentioned estimating the value of the property when you would be selling it? This is the number that will ultimately determine who wins in the battle of the benefits of buying versus leasing. Obviously the longer you stay in the building, the better off you will be because you will be gaining more and more equity. However, do you know how long you will actually be there? Do you know what the real estate market is going to do in that time period? Not unless you have a crystal ball.

So, study the current market, as well as trends and predictions for as far into the future as you can get. Keep in mind that the farther out the prediction, the less reliable it will be. Arm yourself with as much knowledge as you can, and then make your best estimate. You know your business and you should have a good idea of where it is headed. If you know you want to be in an area for the foreseen future (say 10 or more years), the market is strong, and you’ve identified a building that will suit your needs for that timeframe then go for it. Ten years of equity can be substantial. If you can get a good deal on the property (at or below market value) then it certainly makes sense to buy if you’ll be there for ten years. If you know the building is priced at or above the fair market value, or if you think five years may be more the length of time you’ll be there then think about offering to lease.

Let’s move on to the leasing process and how you can educate yourself and avoid some pitfalls.

Source: http://money.howstuffworks.com/office-space5.htm

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4. How Long Should you be Looking?

May 7, 2010 Leave a comment

Befo­re you even begin looking for space, make sure you’ve thought about exactly what you need. You’ll save yourself some considerable time pounding the pavement, as well as eliminate a lot of wasted effort. Also, begin the process as early as possible to avoid being rushed into making the wrong decision.

  1. Estimate your space needs as accurately as possible, but keep in mind future growth and account for that as well.
  2. Know what features you need in the space. (See our sidebar for additional office features that you may not have thought about)
  3. Have an “ideal” timeframe in mind, but remember it may not be feasible.
  4. Know your budget. If you know the upper limit of what you can spend, you’ll not waste time looking at spaces out of your ballpark.
  5. Know the length of lease you need. Don’t let yourself get tied into a long contract for space you know you’ll outgrow too quickly.
  6. Get familiar with the lingo. Don’t let a communication breakdown lead to paying too much for your space. Know what they mean when they say “usable square feet” versus “leasable square feet.”
  7. Have a list of questions ready to ask about each location that include items like “what utilities are included in the lease?” or “what are your maintenance responsibilities?” Having a list ready will help you more efficiently compare each property and not leave items out.

OK. So, now you are a little more prepared to begin this process. To give you an idea of the length of time this might take, here are some guidelines for spaces up to 50,000 square feet. (More detailed schedules are posted by TenantWise, a company that will help you search for, negotiable and finalize your property deal, and OfficeFinder)

  • Determine your needs — estimate anywhere from 2-3 days to two weeks.
  • Conduct the search — 1-4 weeks
  • Walk the spaces and narrow your choices — 1-4 weeks
  • Lease it! — 2-4 weeks (includes negotiation and legal work)
  • Modify the space — 4-5 weeks for simple construction modifications, or 6-12 weeks for major construction modifications

So, by pulling out the old calculator, you can see that this endeavor may be over as quickly as one month, or may drag on for almost 7 months. Planning for what you need and can afford along with understanding the terms of leasing and real estate in general will help tremendously.

Source: http://money.howstuffworks.com/office-space4.htm

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3. How Much Space is Enough Space?

May 7, 2010 Leave a comment

If you know you need a physical space for your business, and you know what features you need in that space, then your next question is probably, “how much sp­ace do I need?”

According to OfficeFinder.com, in typical office scenarios, you can estimate 175-250 square feet per employee. If you know, however, that you’ll need a couple of large executive offices then you need to estimate more square footage for those. Typical “presidential” offices range from 150-400 square feet. Secretarial and administrative space, on the other hand, will range from 60-110 square feet.

Don’t forget about meeting room space. Conference rooms should allow 25-30 square feet per person for a traditional conference room arrangement. If you’re using it in a classroom (or theatre) style setup you can estimate 15 square feet per person.

Your reception area should accommodate your receptionist, as well as the average number of people you would expect to enter at any given time. If you expect to routinely have groups of 6-9 people arriving and waiting in your reception area, then make sure you have at least 300 square feet. For smaller groups of 3-5, you need at least 200 square feet.

Other space requirements, like filing areas, library space, break rooms, mail rooms, and general storage should not be left out either. The space requirements for these types of areas will vary depending on your use and needs. Here are a few more guidelines:

  • For filing cabinets, allow 7 square feet per cabinet.
  • In your library, remember to account for people as well as your media shelving.
  • People-space can typically be estimated at 15 square feet per person for sitting at tables for break rooms, libraries and meeting rooms.

Remember to plan accordingly for telecommuters and other “transient” workers. If a large portion of your workers telecommute, or are out of the office for a majority of their time then set up non-assigned workstations that they can use when they come in. In most cases, designated office space is not necessary for employees who work from many locations. You can save tremendously on your square footage by using this type of system. It may mean that more filing cabinets, printers, etc. are necessary in employee’s homes, but you’ll still come out better in the long run.

These are just a few guidelines for determining your space needs. Many web sites offer space calculators. The Links section of this workshop provides links that will take you to more of those sites.

To ensure that space is measured on a consistent basis, most building owners follow the Building Owners and Managers Association Guidelines (BOMA) Standard Method for Measuring Office Floor Area in commercial real estate buildings. 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.

Next, let’s move on to your time frame. How long is this whole process going to take? Probably longer than you think!

Source: http://money.howstuffworks.com/office-space3.htm

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2. What Functions Does the Space Need to Serve

May 7, 2010 Leave a comment

When deciding what purposes you need your office space to fill, think about your expected everyday activities.  For instance:

  • Will you expect clients to visit your office? — Think about….a nice reception area, easy parking, product display areas, conference areas
  • Will those clients stay for extended periods of time? — Think about…. larger meeting rooms, audio/visual rooms, the impact and impressions that the rest of your office space will make on them… Should there be a closed-off area that clients visit?
  • Will groups of your employees have regular project meetings? — Think about…. having several small meeting rooms with white boards, computer hook-ups, overhead projection systems, etc.
  • Will many of your employees travel extensively or telecommute? — Think about…. setting up central, non-assigned workstations where anyone can plug in and do their work with access to e-mail, and voice mail.
  • Will you need open spaces that will foster creative thinking and teamwork? — Think about…. setting up separate areas where collaborative efforts can easily be discussed and brainstormed without disturbing others.
  • Will you have employees involved in phone negotiations, research study, and other tasks that require more quiet concentration? — Think about…. private offices where more independent work and private discussions can take place.
  • Will you have employees or clients with sight or hearing impairments, physical challenges, etc.? — Think about…. special accommodations for employees or clients with special needs.
  • Will you need a break room? — Think about…. lunch room space, kitchen appliances, games and activities to relieve stress and foster creative thought, restful decor, energetic decor, etc.
  • Will noise be an issue in any respect? — Think about…. sound proofing meeting rooms, break rooms, product development areas, manufacturing areas, etc.
  • Will you need loading and shipping dock areas? — Think about…. future ventures into product lines you may not offer now, receiving large orders of supplies, etc.

There are probably other uses for your office space, so make sure you’ve thoroughly thought through all of the activities you see being performed on a routine (and even a non-routine) basis and write them down. Your final selected space should accommodate most if not all of those needs.

So now you know the uses the space will have, but how much square footage should you look for? Let’s go to the next session to find out how to estimate the size office you need.

Source: http://money.howstuffworks.com/office-space2.htm

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1. Current Office Space Trends (US)

May 7, 2010 Leave a comment

First, ­let’s start with what the other guys are doing. Around the turn of the century (that would be this one), you couldn’t get office space in San Francisco without first showing your potential landlord your business plan and offering stock options.

You had to pitch your landlord the same way you did your venture capitalists. Landlords realized they could pick and choose tenants and interview them, rather than vice versa. Since the dot-com bust, however, that has changed drastically. 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. Here are a few numbers for the statistic-happy among you…

At the end of 2000, the regions with the lowest average vacancy rates were the:

  • Northeast with a 4.7% vacancy rate
  • West with a 6.9% vacancy rate
  • South Atlantic with a 7% vacancy rate
  • Midwest with a 8.9% vacancy rate
  • Southwest with a 11% vacancy rate

Source: REIS, Inc.

Some of the fastest growing rental rates at the end of 2000 were in these cities:

West Coast Market

  • San Francisco — almost double that of 1999 ($63.65 psf average rental rate)
  • San Jose — 41% increase over 1999 ($46.73 psf average rental rate)
  • Seattle — 16.2% increase over 1999 ($31.62 psf average rental rate)
  • Oakland-East Bay — 25.2% increase over 1999 ($31.61 psf average rental rate)
  • San Diego — 14.7% increase over 1999 ($24.07 psf average rental rate)

Southwest Market

  • Austin — 16.7% increase over 1999 ($26.17 psf average rental rate)

Eastern/Northeastern Markets

  • DC — 7.7% increase over 1999 ($35.82 psf average rental rate)
  • Boston — 19.2 increase over 1999 ($42.09 psf average rental rate)
  • New York — 23.4% increase over 1999 ($50.82 psf average rental rate)

Source: REIS, Inc.

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? That depends on where you’re looking. In most markets, space is readily available (San Francisco being the least easy market). 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.

Other trends include more telecommuting and working from home offices. According to the William Olsten Center for Workforce Strategies, more than 50 percent of companies in North America offer some form of telecommuting to their employees and about 75 percent have plans to expand the programs. According to the U.S. Census Bureau, home offices have also jumped from 4 million in 1990 to 11 million in 1997. The number is expected to increase to 20 million in 2001. Allowing telecommuting has a definite impact on your office space needs. Those workers still need space when they come to the office, but they don’t need a designated desk that sits empty three days out of the week. The key is to have central workstations available that anyone can plug into when they’re in the office. This reduces the space requirements for your office, and still allows your telecommuters to get work done while they’re in the office.

What About Virtual Offices
Do you really need real estate in order for your business to succeed? Obviously, if you are planning a large manufacturing venture, you’ll need commercial or industrial space in which to do it. But what about the smaller guys who are beginning a consulting service? How many hours would you or your employees spend in an office anyway? Do you need face-to-face contact with your employees, or would phones and e-mail suffice? Video conferencing is also widely available. Is a physical office really worth the expense and upkeep? Perhaps a good virtual office would really be the most you need. By taking advantage of technology and other new office services, you can offer your clients many of the same benefits as your real estate-leasing counterparts. You can even have a prestigious sounding address complete with a suite number available through places like Mailboxes Etc. and other packaging and mailing businesses. Most of these businesses offer the equivalent of a post office box, but with a “suite number” rather than a P.O number. You can receive packages, and have 24-hour access to your box.

Office Space Options

If your work involves traveling, you have many options for where you can get your work done. The most obvious, and least comfortable, is the parking lot outside your client’s building, or the seat you find at the airport while waiting to board your plane. Other more comfortable options include:

  • Telecenters This is a business center that rents space along with access to clerical assistance, e-mail, voice mail, fax services and a receptionist. These are useful for work forces that travel the majority of the time. Most major cities have several of these centers.
  • Tenant space These are rented spaces that are used for specific projects for short periods of time (usually weeks or months).
  • Hotelling Popular in the consulting, financial, and high tech fields, this system allows you to buy or lease a smaller space than you would otherwise need. It works for businesses that have the majority of their employees on the road most of the time. With this system, employees reserve workspaces for specific blocks of time and keep all of their files with them on a personal computer or other electronic device. The whole process is facilitated by a “concierge”.
  • Executive Suites These can be leased for as little as $100-200 per month. (For very limited use.) This type of arrangement provides you with a receptionist, voice mail, e-mail, and other services, along with access to private offices, a reception area, a meeting room, and more that is shared with other businesses and managed by a management firm.
  • Business Incubators These are groups that foster new business startups by providing the usual office space and services, as well as management and finance assistance.
  • The Ultimate Home Office In the not so distant future, it is projected that many urban areas will have what is called Live-Work Condominiums. The idea is to take advantage of office space that is only used 8-10 hours out of the day, and turn it into combination housing and work environments.

For those of you who know you need some type of permanent office space, let’s look at the possible functions you may need in office space.

Source: http://money.howstuffworks.com/office-space1.htm

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New Trend in Commercial Property Leasing

April 15, 2010 Leave a comment

In the past few months I’ve noticed a definite trend towards organisations searching for new premises.

A year ago, this was not the case at all. The bulk of our work then was negotiating rent reviews and lease renewals. People were still nervous about making decisions in recessionary times.

What’s also interesting is that we are now seeing more and more new clients who previously would have taken a DIY approach to managing their commercial property leases and negotiations.

Executives are increasingly recognising that property is more and more complex and involves significant risk. They see the value in outside expertise such as that offered by us at Parallel Directions Ltd.

That value is tangible and can be directly related to profitability and direct return on investment.

Take for example a franchise
A franchise holder may have plenty of expertise in the product or service they offer, but know little about the complexities of searching for premises and negotiating a commercial property lease. The biggest pitfalls are the ones people are completely unaware of.

There are known unknowns… things that we know we don’t know. But there are also unknown unknowns… things we do not know we don’t know. It is the latter category that tends to be the difficult ones.
- Donald Rumsfeld

The risks involved really struck home when I told one client that the entire profit from their franchise over the 3 year period of a property lease could be completely wiped out by the tough “make good” clause.

This is the clause that requires a tenant to restore the property to the state it was in when they signed the lease. It can involve huge costs, such as removing partitions and all alterations made during a fit-out, relocating lighting and air conditioning, and painting and redecorating parts of the property that may have changed during the term of the lease.

So while many organisations have personnel with some property management expertise, there are a large number of increasingly complex matters that many are unaware of and therefore unprepared to handle effectively.

As I often say, smart management of property leases can have a significant impact on profitability. In complex and increasingly volatile environments, it pays to have the right expert advice.

Source: http://www.officeblog.co.nz/new-trend-in-commercial-property-leasing

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Hospitality landlords urged to help tenants

March 31, 2010 Leave a comment

Hospitality landlords urged to help tenants
By GREG INNESS – Sunday Star Times Last updated 05:00 21/03/2010

Landlords in the hospitality sector are under pressure to drop rents or risk being left with vacant buildings.
It is a common arrangement in the hospitality sector, which includes pubs, hotels, motels, cafes and restaurants, for an investor to own the premises, and lease them to an operator who runs the business for a fixed term.
Often the investor who owns the premises is also a former operator of the business, who previously owned the whole package on a freehold going concern basis, but later sold the business with a lease in place, perhaps to retire, and kept the premises as an investment.
However, it is also common for business operators to sell before their lease has expired. That lease will then continue to the end of its term with the new owners and can then be renegotiated.
But tough times in the sector have forced a significant drop in the value of leasehold businesses for sale.
The hospitality business is notoriously fickle and “under new management” signs are a common feature of the industry.
With banks generally more conservative in the current economic climate, they are being cautious when assessing funding applications from people wanting to buy leasehold businesses such as pubs, motels and restaurants.
Peter Harris, a broker with Bayleys Real Estate who specialises in South Island hospitality businesses, said banks would generally fund up to only 50% of the price of a leasehold business, meaning the purchasers would have to provide the rest as equity. Even then, the banks would take a close look at the borrower’s track record in the sector and the risks associated with the business they were wanting to buy, with a particular emphasis on its cash flow.
Difficulties raising finance had seen prices tumble for leasehold businesses, in some cases leading to bargains.
“A [leasehold] business I might have sold two years ago for $300,000, you might be able to buy now for $225,000,” Harris said, a decline of 25%.
However, a bargain was usually a bargain for a reason, and that often had as much to do with the fact that the business was struggling as with any difficulties raising finance.
Country pubs were struggling.
“I think it’s just because of new attitudes now to drinking and driving,” Harris said. “People are taking a more responsible attitude and are tending to take their liquor home because they can’t afford to get caught drinking and driving.”
Lack of patronage at some traditional pubs had forced owners to look for new uses for their properties, such as conversion to a backpackers hostel and turning much of the bar area into a cafe. But with an oversupply of such accommodation in the industry, the market for such properties had “certainly softened,” Harris said.
The businesses that were performing best were those on the tourist trail which were able to attract a mix of local patrons and visitors.
Hospitality Association of NZ chief executive Bruce Robertson points the finger at unrealistic landlords for the problems many businesses are facing.
“I think what is at the heart of this issue is that some of the landlords have not recognised that they are still charging too high a rent for the profits a business can generate,” he said. “So we’ve got rents that are too high and too many landlords haven’t been willing to recognise that they are better to have a tenant on a lower return than have an empty building.”
Robertson said it was common for business operators who were struggling to ask landlords to drop their rent, only to have the request refused. As their debts piled up, operators were forced to walk away from the business and the landlord would be unable to find new operators to take over the lease.
Faced with the option of dropping the rent or have an empty building, landlords would often step in and take over running the business themselves. “We are seeing some of them having to come back in and run the business because they have no choice,” Robertson said.
Often that meant coming out of retirement to work in an industry they had not had an active involvement in for many years and which had changed considerably. So they were not necessarily any more successful at running the business than the tenants they replaced.
“If the landlords are more realistic [about rent], they’ll be better off in the longer term,” Robertson said.
Many landlords also failed to keep investing money in their premises to keep it up to date. Often this meant adding or improving dining and entertainment facilities. “The ones that are struggling are the ones that have had little investment and the landlord may not have put any money back into the property, so they are sort of locked into that 1970s-style and aren’t meeting today’s needs,” Robertson said.
“But if it is, say, a country pub that has had that investment, so it meets the needs of the wider community and is somewhere you’d take your family for a birthday dinner or where mums meet up for coffee after dropping the kids at school, then they are doing pretty well. But to get to that point they’ve had to have investment in facilities.”
Ironically, difficulties with many leasehold arrangements had increased interest from buyers looking to acquire a business and its premises.
“It’s become clear, the preference is for buyers to look for freehold going concerns,” Harris said.
These were either people who had already been involved in the industry but were currently cashed up, or new entrants to the industry.
Harris said he took a call from a couple last week who had both lost their jobs and were looking to buy a hospitality business, something that was increasingly common.
Many businesses such as pubs or motels often had owners’ accommodation attached, so buyers could sell their existing home, use the equity from that and any other savings to help fund the purchase, and then live on the premises with the business providing an ongoing income.
However, whether operators have leasehold arrangements or own their premises, the operating environment is still difficult.
“Tourism numbers are holding well, particularly out of Australia, but we’ve still got a fair degree of [spare] capacity, in beds, bars, restaurants and cafes, which means New Zealanders and our visitors are pretty well spoilt,” said Robertson. “The industry is pretty competitive and people have struggled with yields.
“We may be out of recession but I don’t think New Zealanders have really opened their cheque books yet. They are still careful with their discretionary spend, so there’s still that lag effect across the hospitality sector.”

http://www.stuff.co.nz/business/3481…o-help-tenants

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Sublessee's options if Headlease is cancelled

March 31, 2010 Leave a comment

Q. I operate a small family business from a shop I sublease from another company. That company leases the shop from the owner.
I have recently heard rumours the company has not been paying rent to the owner. Can the owner cancel the lease with the company at any time? If it does cancel the lease, does that bring my sublease to an end?

I am concerned as this would be devastating for my business. I have heard if the term of my sublease with the company is longer than the term of the company’s lease with the owner, I can argue there has been an assignment of company’s lease to me. What are my options here?

A. In this answer we will refer to the lease between the company and the owner of the property as the headlease. If the company has not been paying rent to the owner of the shop then you are right to worry. The owner has the right to cancel the headlease due to the non-payment of the rent. Any valid cancellation of the headlease would bring your sublease to an end as your sublease only exists by virtue of the headlease.
However, the owner can only cancel the headlease if it complies with certain notice provisions. For instance, the rent must be in arrears for 10 working days before the owner can issue a notice of intention to cancel the lease.

The owner must also give the company no less than 10 working days after service of the first notice to pay the arrears in rent.


This assumes there have been no other breaches of the lease. Most importantly to you is the owner must serve the notice or a copy of the notice on you, the sublessee, if your name and address is known to the owner. This will give you notice of the owner’s intention to cancel the lease. You are correct in relation to a sublease being treated as an assignment in some circumstances. If the term of your sublease exceeds the term of the headlease then, whether it operates as an assignment depends on whether the sublease was entered into prior to or after January 1, 2008. This is when the Property Law Act 2007 came into force. Assuming your sublease was entered into after that date, your sublease will not operate as an assignment unless the document itself says otherwise. Instead, the term of your sublease will be reduced to expire at the same time as the headlease.

However, if your sublease was entered into prior to January 1, 2008 then the sublease will operate as an assignment. As the assignee, you will become the direct tenant of the owner and this would allow you to take steps to remedy the breach of the headlease and prevent cancellation of the lease.

Your other option as sublessee is to apply to the court for relief under section 258 of the act. This section only applies where the headlease has been validly cancelled. You can only apply under the section if the headlease has not been reinstated by a successful application by the company and if no more than three months has lapsed after the date on which the owner re-entered the shop.

By making this application, you would basically be asking the court to order the owner to enter into a lease directly with you. This would put you in the position of the tenant of the headlease for the remainder of your sublease term. Any new lease term would begin on a date no later than the date on which the cancellation of the lease took effect. It would expire no later than the date on which the original sublease would have expired. But what must be remembered is the courts have a wide discretion when determining whether to grant a sublessee relief and many factors will be considered before any form of relief is granted.

Source: http://www.nzherald.co.nz/commercial-property/news/article.cfm?c_id=28&objectid=10634491

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