The time is now to buy or lease office!
There has never been a better time in the past 10 years to either get a great deal on a lease or the purchase of an office building. There has been a long drought (2007-present) in the demand for this product which means there is a lot of motivated sellers and landlords that want to get their building filled or sold now! If your lease is expiring, make sure you explore the options in the market and negotiate a great below market rent-long term deal, but with short term options that will minimize your risk and liability while giving you the best flexibility. If you are in the market to buy, we are experiencing opportunities for less than half of what it would cost to build new. In either case, give yourself plenty of time prior to your lease expiring, I recommend 6 months so that you have enough time to negotiate the right deal. You lose all of your leverage if you start the process just a couple months prior to expiration.
Author: Troy Gerspacher, CCIM