Rate Per Square Foot

Los Angeles Office Construction Report

LOS ANGELES OFFICE CONSTRUCTION REPORT Market Size: 405,859,462 SF Existing Available Space: 61,134,493 SF Space Under Construction: 3,369,527 SF Completed Construction in 2015: 1,924,821 SF Largest Project Under Construction: Office Plaza At Wilshire Grand; $1.2 Billion project: 356,141 SF Class A office space, 900 hotel rooms, 42,000 SF retail in Downtown LA. Being built by Korean Airlines Co Ltd. Largest Project Completed in 2015: Hollywood 959; Two building approx. 250,000 SF Class A creative office campus in Hollywood’s Media District. Built by JH Snyder...

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Below Market Commercial Lease Renewal

By: Forrest Blake Below market commercial lease renewals don’t happen by chance. Commercial tenants aren't given large quantities of free rent, tenant improvements and/or rental rate reductions because they paid their rent on time or ask nicely. There is a defined process to establish leverage with relocation options, collect information to gain leverage and close a deal that surprises even the best negotiators. Should I renew my lease or relocate? This choice must be made about every five years by tenants. The line of thinking is often difficult since it will have a material effect on the short...

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Leveraged Commercial Lease Negotiations

By: Forrest Blake Commercial leasing transaction success is not about doing deals, it is about working deals. Doing is a passive action of processing paperwork that almost always leaves good money on the table. Working a commercial real estate deal means digging in for a good fight that demands your total attention to get your best value. From today forward, I want you to approach every deal with a full commitment to create a comprehensive plan—one that constantly looks for leverage and strategy to satisfy your needs and get the deal done (the way you want). I measure a successful transaction...

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Commercial Office Space Creates Profits

By: Forrest Blake Over two decades I have made representing tenants in commercial real estate a major part of my professional life. I have always questioned the standard method of measuring the success of a commercial office lease transaction based on the rate-per-square-foot. If this was an accurate measurement, then all my professional service clients should have leased warehouse space in Commerce, CA at only $0.45 per square foot. Their rents would be cut by 75%, but likely the same percentage of staff would quit because of the poor working conditions. Yes, I am giving a dramatic example...

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