The Most Viable West Coast Cities for Startups

The idea that Silicon Valley is the proverbial bread basket of business innovation and disruption is finally, thankfully, squarely in the rear view mirror.

According to the 2017 Kauffman Index of Growth Entrepreneurship, startup growth is exploding nationwide – and well away from the Bay Area. That’s good news for business owners seeking affordable commercial real estate without sacrificing a chance at a potent and experienced talent pool.

However, the west coast continues to dominate the startup scene, with cities like Seattle, Portland, Los Angeles, and even San Diego (yes, San Diego) coming online and competing with Silicon Valley for the latest and greatest business ideas and innovations. There are plenty of reasons to consider each of the following cities when considering an expansion or setting up shop for your latest business endeavor, but it’s ultimately up to you to make it a reality no matter where you end up.

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Life in Austin: How Commercial Real Estate Influences this Texas Powerhouse

Despite the ever-advancing wave of globalization in this connected world, no two cities are the same. While many share similar economic and development trends to cater to new and burgeoning industries, their location, culture, and specializations tend to affect the shape of a city’s future more than any other factor – save one.

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Market Zoom: 10 Big Phoenix Office Deals That Closed in 2018 (So Far)

Office deals in Phoenix in the first quarter of 2018 were white hot, with a number of large sales and leases taking place. According to CBRE, the net absorption in the Phoenix office market reached 154,716 square feet with nearly 1.3 million square feet of gross absorption. 

Let’s take a closer look at a few of the big Phoenix office deals that closed at the beginning of 2018. 

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Commercial Real Estate Startup Reinvents the Way Business Owners Search for Space

Contact:

Ninette Cheng

Marketing Coordinator, OfficeSpace.com

office: 206.686.4545 | Ninette@officespace.com

June 13, 2012

OfficeSpace.com knows a change in commercial real estate technology is coming— in fact, they’ve known and are readying to launch their free broker and landlord-to-tenant service in its second market.

After its successful beta launch reaching 24,000 tenants, connecting 350 tenants to brokers and landlords and covering 186 million square feet of space in Portland, Ore. OfficeSpace.com officially launches its new service, starting with Denver, Colo. on June 13.

“As an entrepreneur, finding the right space was always more difficult that I anticipated,” CEO and Founder Susie Algard said.  “The system of waiting for someone to call you back just to give you the space details or rate information is highly inefficient.  All of the tools were focused on people who were familiar with commercial real estate, not for people who only need to find space once every few years.”

In Denver, OfficeSpace.com currently covers over 172 million square feet of space and over 3,000 buildings available for tenants to search.

The days of expensive broker-to-broker subscription services are behind.

“By providing open access to details on an office space, we are helping all business owners during their research phase,” Algard said. “In particular, we are serving an audience whose needs are currently not sufficiently met – small business owners.  It’s difficult for brokers to make small requirements profitable, but we have created tools to help them directly with that.  We connect qualified tenants to brokers for free.”

OfficeSpace.com’s website offers free viewings and listings and social media tools for sharing. The company most recently launched a free Broker Tools suite for brokers to create flyers, surveys and communicate with tenants.  It also features photo-friendly interface and information on the confusing aspects of a lease for tenants.

About OfficeSpace.com

OfficeSpace.com is a start up with the goal of creating an efficient marketplace connecting tenants with landlords and brokers.  The company, purchased by Internet entrepreneurs Susie and Alex Algard, launched it’s new beta service launched in Portland in January 2012 and to date, has serviced over 350 tenants looking for space.  OfficeSpace.com also operates one of the leading commercial real estate marketing and analytics services in Seattle, Spokane, Denver, Minneapolis, Cincinnati and Columbus and can be found at www.officespace.com.

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PDX Small Space Success!

Shared Photo Studio

With our recent Beta Launch of OfficeSpace.com, we would like to share a successful lease story.

Timeline:

  • Jan 31, 2012, space was fully leased.
  • Feb 1, 2012, received a 30 day notice from her existing tenant.
  • Feb 1, 2012, posted  her listing with OfficeSpace.com.
  • Feb 2 to 13, 2012, received her leads & tour requests from OfficeSpace.com.
  • Feb 14, 2012, found new tenant, signed a lease, move-in date 3/1/2012 and no lost revenue days!

Client’s comments:

“I got significantly more inquiries through your site than I did via Craigslist or posting flyers, so I’m definitely happy with the experience!” – SLG

Is Portland LEEDing the Sustainability Race?

"General Automotive Building Portland Oregon LEED"

We all hear about the ‘Greening’ of our office buildings across the country and Portland, Oregon, is certainly no exception. With more and more national press spotlighting Portland, Portlanders are justifiably proud of their majestic city.

The General Automotive Building located at 411 NW Park Avenue, in the heart of the Pearl District in Portland is one of many local showpieces for the core principles of Green Design and Construction. The building is striving to earn LEED Platinum Certification, which will further reinforce Portland’s reputation as the nation’s leader in sustainable urban development.

This remodel of a 1930s building blends the charm of tradition and sustainability of a modern, efficient Green Building.  The remodel allows for increased water and energy efficiency, and a superior work environment in terms of indoor air quality, natural light, design and construction quality. The design team at ConoverBond worked with the existing structural systems, column bays, operative windows and the original brick walls to preserve as much of the original structure as possible.

This is one example, but would love to see and hear from you…what are some of your other favorite green building remodels?  Post your comments here or check out our Pinterest Boards and let’s reinforce the LEED!

Rates Don’t Improve, but Vacancy Rates Show Good Growth in Seattle Office Space Market

The year ended on a high note for the Seattle office space market in 2011.  Net absorption for 2011 ended just over 1.6 MM sq.ft, almost double the net absorption for 2010.  2011 also marked the best year since a high of 2006 that ended in a little over 3 MM sq. ft of net absorption.

While the overall vacancy rate for the Seattle market didn’t change dramatically over 2010, there is a good story once you dive into the details.  We ended Q4 2011 with 14.8% vacancy in the Seattle office market compared to 15.3% in Q4, 2010.  And while the changes don’t appear significant, there’s a story going on in the Downtown submarket.  Last quarter, several significant leases were closed with Amazon taking 386,000 sq. ft. and a total of over 800,000 sq. ft.  The impact of these leases definitely showed up when we looked at the Downtown area vacancy rates which dropped to 12.9% this last quarter compared to 15.1% in Q4 2010.

Average rental rates remained fairly steady for all of 2011 ending the year at $25.80 per sq. ft slightly lower than the $25.89 in 2010.  However, as the supply and demand paradigms shift due to lower office space availability, particularly of larger spaces in the Downtown area, we would anticipate this to have a positive impact on rental rates.