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Looking for Office Space in Philadelphia?

gmhm • Nov 25, 2019

Find Office Space in Philadelphia

Locating commercial real estate available and choosing an office space that best fits your company’s needs can be an important and daunting task. A major expenditure of this type should not be rushed, and making a final decision takes comprehensive research and patience. You may choose to search for properties on your own, either in person or using the internet, or you can partner with a company like GM Holdings, LLC to help you through the process of finding your perfect office space in Philadelphia.

Determining Your Needs

Businesses each have their own unique needs to maximize productivity, which their office space will need to accommodate. The first step to buying or leasing a new office space is figuring out exactly what your company needs most. Not every company can utilize a space like the Sterling Paper Factory on Castor Ave , a massive 200,000 sq ft renovation project, but some larger companies may require significant square footage like this to conduct regular operations. Create a checklist of “must-have” features for your ideal office space, such as your budget, estimated square foot per employee, optimal location, accessibility to target customers, and workplace features like kitchens, conference rooms, loading docks, or green spaces. Remember to account for the future growth of your company when determining how much space you require to make sure that you don’t need to relocate as your business expands. If you find a place that satisfies all requirements but needs one or more of these workplace features, GM Holdings will work with you to develop custom build-outs to make the property your own.

Conducting the Search

Patience is the key to finding the best office space for you. The current commercial real estate industry is growing in Philadelphia, as a major tax abatement aims to stimulate and expand the office space market. Prices will be competitive, so leasers have the power to be selective. Ensure that you are looking at properties in multiple areas at multiple price points to develop an idea of which spaces will best fit your company’s needs. For example, if your company was looking for a 3,000 sq ft office, you would be inundated with options online and from real estate brokers. You could choose a custom-built space in a new office complex on Fox Street in Northeast Philly, as it offers competitive features and location. However, you could determine that an established updated warehouse of similar size in Northwest Philadelphia would best meet the needs you outlined, prioritizing price and proximity to I-95. Comparative research and a solid understanding of both what you need and what you can afford will lead you to the prime location for your new office. 

Choosing an Office Space

Before you can make your final decision, you’ll need to review and negotiate your lease. First, understand the three types of leases for commercial office spaces: Full Service, Net, and Modified Gross. 

  1. Under a full-service lease, the landlord is responsible for all expenses associated with the property, including taxes, insurance, maintenance, and any other services required for upkeep. 
  2. Net leases occur at three levels, dubbed net, double net, and triple net (NNN) respectively. Net leases require tenants to pay for property taxes in addition to monthly rent, while double net leases include both taxes and insurance. Triple net leases leave tenants responsible for tax, insurance, and maintenance, but often feature a lower rent charge to account for expected costs, evident in properties like this . This type of lease allows for the greatest tenant autonomy over the property. 
  3. Modified gross leases add a portion of monthly property tax, insurance, and maintenance costs to the tenant’s rent at a fixed rate, dividing the financial responsibility between the owner and tenants with no risk of hidden expenses or changing rates.

Once the type of lease is determined and monthly expenses are reviewed, you must negotiate the base rent, length of the lease, terms of use, reasons for termination, and future changes to the contract. By discussing and reviewing specifics about these items in your lease contract, you ensure clarity moving forward. 

Regardless of how you find it, new office space is a major investment for any business. It is sure to take time and effort to locate and negotiate a property perfect for your organization, and if you choose to enlist the help of a real estate management company like GM Holdings, LLC, we can ensure that we’ll be with you every step of the way to make sure you get the best deal on your dream office. 

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Philadelphia skyline on a sunny day
27 Mar, 2024
Philadelphia stands alone among big cities, offering renters a heady mix of cultural vibrancy and cost-efficiency. This distinctive trait is a magnet for those wishing to thrive in central hubs while keeping a tight rein on expenses. However, affordability is relative. While Philadelphia is easier on the budget than somewhere like New York, that doesn’t mean tenants are being offered free rent in the City of Brotherly Love. Depending on your financial circumstances, your job, and the part of the city in which you wish to live, things can inevitably get pricey. Let's delve into the numbers. A Philadelphia apartment costs between $1,277 and $1,887. The monthly living cost in the city—rent excluded— hovers around $1,244 for a single person, increasing to $4,459 for a family of four. While these figures appear daunting, don’t allow them to deter your search for an ideal living space. Regardless of your salary or budget, our budget-friendly tips and tricks will help you navigate the sometimes turbulent financial waters of apartment hunting in Philly. Build Your Battle Plan: Map Out Your Expenses Nobody enters an apartment hunt aiming to overspend. Everyone is looking for the ideal balance of comfortable living and affordability. Achieving this happy medium is much easier in theory than in practice. Society, as we know it, does everything in its power to get you to spend while you're trying to save. Apartment hunting is no different. Landlords are looking to turn a profit, after all. Sticking to a budget while living in a space that offers comfort and meets your standards necessitates an ongoing sense of push-pull. Thus, you must draw up your battle plan. That means mapping out apartment and living expenses, including rent, gas, utilities, credit card bills, insurance, groceries, parking, move-in costs, etc., before you start hunting. Keep these suggestions in mind as you plan your budget: Look for rental costs below 30% of your monthly income to afford other living costs. Investigate the average cost of rent across Philly neighborhoods (beyond our generalized numbers in the introduction) to see what areas best fit your price range. Be realistic. Yes, economic choices are a must, but everybody has their limits. Create an expense and budget plan you’ll actually follow, not one that’s too constrictive. Look For Ways To Cut Costs While not always the case, an apartment with less space will cost less than roomier units in the same building (or neighborhood). The above statement might seem obvious, but consider what it can mean to you as you adhere to a strict(ish) budget on your apartment hunt. First and foremost, how much space do you need? If you live alone or even with one roommate, you might be surprised to learn how little space you require to live comfortably. In this instance, living in a more extravagant neighborhood in a smaller unit might be feasible. Conversely, you can move to a slightly bigger place in a more affordable neighborhood. Or, you can live in a smaller place in a more cost-friendly neighborhood to rack up the savings. Consider, too, how apartment units on the middle floors also cost less because people pay more to live on the top and bottom levels. We’ve already seen the broad range of monthly rental costs, meaning prices can vary significantly. Spend adequate time on local apartment rental websites and platforms to get a genuine feel for the rates in your preferred neighborhoods. Also—ask friends who live in the city what they’re paying. Be tactful with your questions, but don’t be afraid to investigate. This concerns your savings and financial future; your close pals (and fellow renters) will gladly offer insights and data. Negotiate A Discount While some property managers and landlords might not be willing to budge on price, others could have some wiggle room. That said, the worst anybody ever said when asked about a discount was ‘no.’ Even if you’re unsure about the other party’s openness to negotiations, it’s a subject worth broaching. An ideal time to capitalize on a negotiation opportunity is if the unit has some issues or if the building lacks your desired amenities. Depending on the circumstances of your prospective apartment, the following tips might also help you procure discounted rates: Offer to sign an extended lease. Say you’ll prepay months in advance. Suggest a 60 or 90-day termination notice stipulation instead of 30 days. Make it clear you won’t smoke inside the unit. Come to an agreement regarding referrals (e.g., monthly reductions when you refer renters). This works in low-occupancy buildings in need of tenants. Inform your prospective property manager you won’t have any cats or dogs (even if they’re allowed in the building). Another consideration is whether you’d want to live somewhere so willing to offer a discount. Be sure you’re not actually the one getting duped. A unit can need fixing up while still being liveable, but that doesn’t mean you should accept living in a borderline uninhabitable environment to save a few bucks. Get Your Finger On The Pulse: Discover Up And Coming Neighborhoods The discount strategies discussed in the previous section raised a question everyone must ask themselves when budgeting for anything: How much quality is worth sacrificing in the name of affordability? It can be a frustrating battle to fight. Often, saving money on an apartment can feel like you must live in a perpetual state of discomfort. Mitigate this issue by thoroughly researching Philly’s apartment rental landscape and finding diamonds in the rough. To boost these efforts, streamline your search to up-and-coming neighborhoods in Philly. Why should you prioritize up-and-coming neighborhoods while on a budget? These are areas with exceptional places without being oversaturated. Get in on the ground floor before things take off and become less affordable. For instance, you’re likelier to find a cost-friendly, high-quality apartment in on-the-rise Harrowgate than in a more established spot like Rittenhouse Square. Budgeting requires thorough research and a healthy lay of the land. The best way to get a beat on the Philly rental landscape is to tap into resources (like blogs) from industry experts who can steer you in the right direction. Be Aware Of Your Rights As A Renter On your hunt for budget-friendly apartment rentals, you might encounter landlords and property managers trying to exploit your frugal inclinations. They could mistake your cost-consciousness as a weakness and an excuse to trample on your rights. Familiarize yourself with what you’re entitled to as a renter. One of those rights is habitable living circumstances. Your landlord must legally uphold specific standards regardless of what you pay monthly for your apartment. Click here to learn those standards . Conclusion: Philly Is A Haven For Budget-Conscious Apartment Hunters Who Follow Our Tips Follow the tips suggested in this article, and you’ll be surprised at how seamlessly a budget-friendly apartment falls into your lap. Philadelphia is rich with these hidden gems throughout its accessible, culturally vibrant neighborhoods. We’ll reiterate the need for patience and strategy. These cost-efficient living options won’t materialize from thin air. It will take your keen eye, developed through research and careful calculations, to land you in your desired unit. Help your cause further by contacting an industry expert like GM Holdings with your inquiries. We know the Philly apartment rental landscape like the back of our hands and are happy to provide insights to help you save on rent.
27 Mar, 2024
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Differing methods exist to maximize the wealth derived from homeownership. Read on as we explore the above options for maximizing that wealth.
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