Space is a pretty simple business. Or is it? If you think about it, one person owns a box, another person needs to use it. The two get together, agree on a price, terms, and conditions. The keys are handed over and the box is occupied. The tenant makes money in it and the owner makes money from it. Pretty simple.
What do we need architects for if it’s that easy? Sometimes not everyone agrees on the size, look, feel, use, or ability of the box to deliver the value that’s perceived by the owner or tenant. This is where our architect comes in handy for the following items.
Measure your space . In our estimation, 2 in 5 building owners don’t have plans for their buildings, don’t know their common area factors, which spaces are truly rentable vs. usable vs. vertical penetrations, and are undercharging for the space they’re unknowingly leasing to their tenants.
Now, about that lobby …if it hasn’t been updated in a while, take a good, hard look at it. This is one of the best investments you can make in your office building to frame the tenant’s experience when touring the property as well as provide your tenants with an immediate benefit that makes them feel that all that rent they pay is worthwhile.
They’re thinking, “At least we’re getting something for all that rent we pay.”
A great architect can help you see these improvements and save you a lot of money in the process. Small investments in your common areas can pay big dividends in decreased vacancy, higher rents, and higher NOI’s, forcing appreciation into your asset.
Brand your building . Give it a name and a distinct identity. Everyone else has an address: what’s the difference between 111 Huntington Avenue in Boston and 200 Clarendon Street in Boston? How about the difference the Prudential and Hancock Towers in Boston? Can you picture them in your mind? (Did you notice that the address for these buildings was in the first question?)
Give your buildings a signature look to go along with a name. Sometimes it’s simply a matter of updating the facade or entryway to make it distinctive and memorable.
Take a lesson from Coca~Cola. Repackage your space. How much do you pay for a case of Coke vs a single can. Get the most from your space.
Go Green. It’s a fact that LEED and Energy Star certified buildings lease for more money . Some architects can bring in an energy conservation and building envelope specialist to point out ways to save energy and help you cut down on waste, which also means reducing operating expenses and increasing your net operating income.
If you’re looking for someone to help implement any or all of these tips, here’s the name and number of an architect firm we use and recommend: Call Leslie Saul & Associates (617 234-5300) and tell them you need the works because you heard they work miracles.
(By the way, we have no financial interest in making the recommendation. We just really like working with them and think they’re excellent.)
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About the Author :Jeremy Cyrier, CCIM is a principal with MANSARD Commercial Properties and member of the CCIM Institute faculty. He offers advisory services and brokerage expertise to commercial real estate owners and tenants. You may reach Jeremy at Jeremy@Mansardcre.com .
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Hi Jeremy!
Thanks for the unexpected and much appreciated endorsement!!!
We can’t wait to earn your confidence!
Best,
Leslie