Commercial Office Rent in Miami FL: Availability and Low Rates
As a small business owner, it can be very challenging to grow your business, remain profitable, and maintain a balance in life with your family. Some property managers can manage 50-100 properties without the need of a full time employee or commercial office. However, once the portfolio exceeds 100 units, an owner needs to consider hiring an employee and opening a commercial office.
Rates had been on the rise since 2002 when they fell dramatically and steadily starting second quarter 2007. This is the first time since the second quarter 2007 – two years – that office rates have increased – a strong argument that the bottom has been reached.
The monthly cost of renting an office will vary in cost depending on location and your local market. Renting an equivalent office in our market would cost $1,500-$2,000 per month after paying rent, internet, phone lines, and utilities. If the lease is a triple net lease requiring you to pay property taxes, it can be even more costly. There is a huge demand for small business owners needing to lease a small commercial suite to conduct business or meet customers. Many small businesses can’t afford the overhead cost of leasing a larger office. Many businesses compliment a property management firm. Consider subleasing to a real estate attorney, sales agent who works with an investment group, insurance agent, mortgage broker, or contractor.
Renting office suites to small business owners is extremely profitable. We rent each suite for $400-$500 per month. Both office condos cash flow several hundred dollars each. Not only does this give me a free office, but I plan to use the yearly cash flow to payoff the mortgages within 10 years.
Next you need to ensure the property is right for your needs. If what you truly need is an Office North London, storefront in any other location isn’t going to meet your needs.
Rent increase, while minimal at this moment, will have impact on the pre-existing mind-set of recession-era companies who maintain a belief in bargain hunting. With building owners now clearly showing they have limits in their borrowing power to satisfy hungry tenant improvement needs, tenants may find the right buildings increasing in rent while the wrong buildings languish. The slow movers in lease rates do, however, play a key role in accommodating lower-end tenants as they move up in quality.
Main-stream, large corporate tenants which plan well and require a long-term, professional approach to lease management will be the first to face a toughening of the rent curve.
I encourage property managers to consider making the investment to purchase an owner occupied office and sublease to business professionals. Not only can you have a free office, you may generate business leads from your business tenant relationships.
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