Doster Construction relied on Cherry & Associates, Mylinda Vick to navigate the changing need of our company for a new location in Nashville. She was able to secure both a satellite and permanent office space for our Nashville office in a market that was extremely difficult to find flexibility. She found a great lease for our expanding needs, and we were able to reduce our costs
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![]() | Doster Construction relied on Cherry & Associates, Mylinda Vick to navigate the changing need of our company for a new location in Nashville. She was able to secure both a satellite and permanent office space for our Nashville office in a market that was extremely difficult to find flexibility. She found a great lease for our expanding needs, and we were able to reduce our costs
|
Doster Construction relied on Cherry & Associates, Mylinda Vick to navigate the changing need of our company for a new location in Nashville. She was able to secure both a satellite and permanent office space for our Nashville office in a market that was extremely difficult to find flexibility. She found a great lease for our expanding needs, and we were able to reduce our costs
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Why do I pay rent on a higher square footage than what I occupy?Your company is looking for 10,000 square-foot office space, but in order to get 10,000 square feet for your office, you need to lease 12,500 square feet. Why the discrepancy?
You have carefully reviewed the lease and the property owner’s insurance (as I discussed in my last article), now is the time to meet with your insurance agent. Together, you can work to find the best amount of coverage to satisfy your lease requirements, while also covering your business from unforeseeable losses. Here are some basic facts to know about business insurance.
You’ve found the perfect location for your business and are negotiating the lease. Before you sign the lease, take time to investigate an area many tenants overlook: Insurance Provisions. Doing some basic research ahead of time could save you money on insurance premiums, and will help protect you, should something catastrophic happen to your business.
As a history buff and being a native Nashvillian (apparently a rare breed), I have listened to stories of how Nashville has evolved and changed from my parents and grandparents. The current city is nothing compared to the Nashville I grew up in.
Parking is an integral part of any commercial property. The key component in allowing tenants and owners to conduct their business with access for employees and visitors.
By Cherry & Associates
LOCAL FIRM WITH A GLOBAL REACH 615.366.1098 |
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{{post:post_content}} | = | Many tenants don’t realize two factors that make up the overall size of the property they are leasing: Usable Square Footage (USF); and the Common Area Factor (CAF), also known as the load factor. USF is the actual area you use for your office space. These are the hallways, office spaces, kitchen and work areas used only by your business. The rest of the building’s common areas (lobby, public conference rooms, restrooms, etc.) are divided between all tenants, with each tenant paying for a portion of these spaces. This charge is known as the CAF. Many times, tenants aren’t charged for the actual square footage of the common areas, because it would be too cost prohibitive. Instead, they are charged a rate that is in line with market standards for similar properties in the area. The rentable square footage listed on your lease is found by adding useable space to the CAF. For example, if the actual “usable” square footage of the tenant’s space is 25,000 USF, and the building CAF (common area factor) has been calculated at 10%, then the tenant will pay rent on 27,500 square feet. Determining the square footage of a building is a long established process, with most landlords using the BOMA (Building Owners and Managers Association International) standards of measurement. BOMA standards define how useable square footage should be calculated, listing what it includes, and what it shouldn’t include. The standards also help protect you from being charged more than market standard for the CAF. All of this explains why a 5,000 square foot space in a large building multi-tenant office building with an atrium may come at a higher price than the 5,000 square foot in a one story office building. In comparing your CAF, you also want to consider whether you are paying for common area bathrooms and hallways in a multi-tenant office building, or whether you are incorporating these in your usable space in a one-story flex space and having exclusive use. This would minimize the CAF for a one-story building, but your usable square footage might be higher. This comparison, and knowing what is included, can make a sizable difference in the overall size of the property listed on your lease, and the size of your rent payment. |
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