Special Report


Space exploration



How to capitalize on today’s commercial real estate market

By Carolyn LaWell


Smart Business Cleveland | October 2009

Page 1 of 4


Savvy CEOs are taking advantage of the slumping commercial real estate market by evaluating whether their space meets their needs while the cost to buy or lease is low.

Commercial real estate prices fell again in the second quarter, showing an 18 percent national decrease compared to the previous quarter, according to Massachusetts Institute of Technology Center for Real Estate’s index. The drop placed the price index 39.2 percent below its 2007 second-quarter peak.

Clearly, the market is experiencing volatility, but opportunities are present.

“All the gains we made over the last 10 years are gone, so tenants are going to be able to basically live like they did in the late 1990s,” says Alec Pacella, senior vice president, NAI Daus. “I think there’s a clear opportunity if you’ve ever thought about buying. It’s a great time because, again, prices for buildings are also what they were in the 1990s. Your price per square foot is going to be 30, 40 percent less than what it was 18 months ago.”

Whether you’re searching for a new property or hoping to reconfigure space for efficiency’s sake, cost savings can be yours. The first course of action is to connect with an experienced commercial real estate broker to weigh your options because there are plenty of them.

More Special Report




3 Questions
Jeff Leonard, Managing director, U.S. Central region, Buck Consultants LLC


Preventing the exodus
How to maximize your human resources in a struggling economy and prepare for the rebound


3 Questions
Stephen Brown, Vice president of U.S. Systems Engineering, Mitel




The next big ring
How to run your business more efficiently and save money with a new voice network


3 Questions
Gregory J. Skoda, Chairman and co-founder, Skoda Minotti


Accounting Directory


Dollars and sense
How to build a relationship with your accountant and trim your budget


3 Questions
Carl J. Grassi, president, McDonald Hopkins LLC


Firm commitment
How to work with your lawyer to cut your long-term costs


Legal Directory


3 Questions
Joe Barna, principal, co-managing partner and co-founder, CRESCO Real Estate


See all articles in Special Report


search



Copyright © 2010 Smart Business Network Inc.  •  Publishing, Sales, & Editorial Office  •  Smart Business Online
835 Sharon Drive,  •  Suite 200  •  Cleveland, OH 44145  •  P: 440-250-7000  •  F: 440-250-7001  •  E: webmaster@sbnonline.com

Website Development: Veridean Technology Solutions, LLC.