Most corporate real estate leases consist of several dozen pages and in some cases upwards of a hundred pages or more. A lease abstract is a 1 or 2 page snap-shot of your lease in an easy to read format. The process involves reading through your entire lease and abstracting pertinent information. Some examples of extracted information include the following:
• Date Lease Signed
• Date Lease Expires
• Length of Term
• Current Rate Being Paid PSF
• Escalation Clause
• Termination Options
• Security Deposit
• Penalty Fees If Any
• Renewal Options
• Contraction & Expansion Options
• Rental Schedule
Showing a current rental rate schedule is one of the most important aspects of a lease abstract which shows your current rental rate and projects out the future annual rates. Once you know and understand your rental schedule you can compare to the market and determine if you are paying more than you should.
Also, a lease may have multiple addendums making the entire process complicated and ideal for using a professional. If you are concerned about your lease, or if you are in the market for new office space, please consider having my team help you with your search.
I look forward to hearing from you!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Conditions in the Detroit industrial market continued to weaken during the first quarter of 2010. Total net absorption was negative for the sixth consecutive quarter as nearly 1.7 million square feet were put back on the market. The vacancy rate increased to 20.0%, the Detroit industrial market high on record since 2000. The average asking rent fell to its lowest point on record to $4.02/sf from $4.04/sf reported during the fourth quarter of 2009. Average asking rents in the Detroit industrial market have remained in the $4/sf to $5/sf range for the past eight years.
The Groesbeck submarket was one of the few to post positive absorption during the first quarter as 151,772 square feet were taken off the market. Total net absorption in this market has remained positive for the past three quarters. The vacancy rate fell to 14.4% from 14.6% during the fourth quarter of 2009 and remained above 13.3% reported one year ago. Rents were steady at $3.82/sf in the first quarter, and were down from $4.19/sf reported one year ago.
Click here for a PDF download of Newmark Knight Frank's Detroit INDUSTRIAL Market Report - 1Q10.
For Further Information Contact researchdepartment@newmarkkf.com
Check back often, enjoy my blogs and please leave comments!
Regards,
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Weakening conditions prevailed in the Detroit office market during the first quarter as the vacancy rate rose to 24.7% from 24.2% in the fourth quarter of 2009. The vacancy rate has remained above 20.0% for over three years. Total net absorption was negative for the ninth consecutive quarter as 418,407 square feet were returned to the market.
Average asking rents declined slightly in the first quarter to $19.63/sf from $19.67/sf in the fourth quarter and were down 1.7% from $19.97/sf reported one year ago. Rents have declined 15.3% from $22.63/sf, the peak during the fourth quarter of 2000.
In the Detroit/The Pointes submarket, the vacancy rate rose To 23.6% from 21.9% in the fourth quarter of 2009, as 407,083 square feet of negative net absorption took place. Average asking rents rose for the third consecutive quarter to $19.51/sf from $19.23/sf in the fourth quarter, and remained higher than the $18.77/sf rate reported one year ago.
Click here for a PDF download of Newmark Knight Frank's Detroit Office Market Report - 1Q10.
Check back often, enjoy my blogs and please leave comments!
Deepest Regards,
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Maybe you've heard of the term Employee Scattergram or maybe you haven't, but in your search for new office space knowing where your employees live in relation to your office location may be one of the most important things you know. I've heard it said that "the drive to work is the number one reason why many people quit their jobs!" Having a quick commute to work can be just as an important fringe benefit as health benefits or retirement savings.
The way an Employee Scattergram works is fairly simple:
The location information of where your employees live will help determine where your search for new office space should start or be centralized. Good luck!
If you're in the market for new office space, please consider having my team help you with your search.
I look forward to hearing from you!
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Hi everybody!
I am representing a client looking to lease office/flex/industrial space:
Please forward any opportunities that you may have available to:
Jason Tucker | Associate Director
Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
e-mail: jtucker@newmarkkf.com | Website: www.newmarkkf.com
Jason is focused on providing high quality tenant representation services to companies headquartered in the Great Lakes and surrounding region.
Welcome & thank you for visiting my profile on ActiveRain!
Even though I'm based in Michigan, our market presence is international, so feel free to contact me and I'll see how best we can help. Services Offered:
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GLOBAL REAL ESTATE ADVISORS
Newmark Knight Frank is one of the largest independent real estate service firms in the world. We provide comprehensive real estate solutions to many of the most prominent corporations, property owners, investors and developers across the globe. New York-headquartered Newmark Knight Frank and London based partner Knight Frank Newmark operate over 200 offices in established and emerging property markets on six continents. Last year, we completed transactions valued at more than $47.6 billion, with revenues exceeding $872 million. With a staff of 6,900 employees, we have created an effective global platform from which to serve the property needs of our growing list of clients. Additionally, Newmark Knight Frank serves as leasing agent and/or property manager for over 100 million square feet of commercial space worldwide. CREATIVE SOLUTIONS FOR COMPLEX TRANSACTIONS Newmark Knight Frank has earned a reputation for providing innovative and seamless solutions for any real estate issue, regardless of geography. As a private company, we do not need to make decisions based on shareholder return or value perception. This enables the firm to remain profitable through numerous economic cycles, and positions us to provide a consistent level of service in any economic climate. This is why the world's leading advisors in financial services, law, accounting and advertising entrust their most important and complex transactions to Newmark Knight Frank. Our principals are also investors in real estate. This added dimension of expertise provides a distinct advantage, enabling our professionals to understand an assignment from every perspective and provide strategic advice that is grounded in a comprehensive understanding of real estate issues and requirements. STRATEGIC GROWTH Newmark Knight Frank's open exchange of information and strategic growth strategies enable us to maintain an expansion policy that began in the United States and Europe and is now vigorously addressing new markets in South-East Asia, South America and the Indian subcontinent. We recognize that every country and market is unique, therefore local professionals with an in-depth understanding of their respective markets play a vital role. Newmark Knight Frank has consistently focused on developing and expanding our service lines in order to optimally meet the changing needs of our clients. In addition to representing major institutions, corporations and property owners, Newmark Knight Frank provides extensive consulting and management services including industry focused practice groups, property and asset management, financial services, construction services, project management and logistics, and facilities management services.
Feel free to contact me directly and I'll be glad to share how we have managed to keep our clients satisfied and have successfully achieved long-term relationships with them.
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