The Hall Office Park development in Frisco has three new lease deals. One of the new tenants is Supreme Lending who have let 3,290 square feet of office space at 6801 Gaylord Parkway. The other tenant is CNERGEN Health Staff P.A a speech therapy provider, who have let over 1,000 sq ft in the area.
The third new deal involved Carl Walker Inc. who renewed their lease of 3,674 square feet at 2801 Network Boulevard. They have been renting office space for the last five years in Frisco.
The development is situated just north of the State Highway 121.
Global provider of executive suites Regus, have launched a novel new way of enticing would be entrepreneurs into their offices and business centers. In the UK, the company have launched the “Office-in-a-box” product, on sale at WH SMITH.
For just £10 ($16.20) users can access a Regus office for half a day, and take advantage of all the services on offer there. With profits down, the company has decided to target start-up and SME firms, in a bid to boost occupancy numbers. The company had traditionally focussed on high spending corporates, with initiatives such as the Business World scheme. However with corporates shedding staff and space, the focus is now on smaller companies, many of which have been formed due to corporate redundancies.
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Wegmans Food Markets Inc. have secured office space at 9475 Lottsford Road in Largo. The company, based in Rochester, N.Y originally announced it was to build a store at the Woodmore Towne Centre at Glenarden. It is due to open in Q4 of 2010. The deal is spread over 4,673- sq ft, with the total amount of office space at the location being 122,000 sq ft. Of this space, 88% is currently being let.
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Regus say that the recession has created a burgeoning number of new entrepreneurs who have used their redundancy package to start their own companies. In the UK. the “Regus to go” initiative has been taken by over 200 entrepreneurs. This, along with other initiatives, has help to boost occupancy rates in the company’s City locations to over 90%. However despite this, the company’s core income generators, corporates, have been cutting back on the amount of temporary office space they use – which has meant profits have fallen 7.4 per cent to £69million (despite revenue actually having increased).
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There is now a glut of empty office space in Silicon Valley due to company layoffs, mergers and downsizing. Along with construction of new buildings, this has created one of the worse commercial real estate markets for some years, with agents, developers and owners struggling to get new tenancies. The problem really started after the banking crisis of September 2008, when the market, as one local expert described it “hit a wall”.
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Better manufacturing data in conjunction with a weak labor market painted a mixed picture of the US economy, despite some experts saying there is a possibility of the infamous “double dip” effect. U.S. Treasury Secretary Timothy Geithner stated that the Whitehouse may have to use additional measures later in the year such as subsidized bond programs. He added that despite some economists saying that we coming put of recession, the real sign will be when more US workers are getting back into jobs.
The economy in the US is expected to return to growth very soon, with Germany, Japan, France and Hong Kong already having started to recover. So with major European economies emerging from recession, there is a better chance that the US and the UK will also start to recover as they will increasingly import US goods.
Back in the mid 1980’s Dallas had a massive oversupply of office space, so much so that there was 10 sq ft of available office space for every resident in the area. So when we see reports about the poor state of the real estate market in Dallas, we would do well to remember that things are not as bad as they were back in 1986. Back then there was 40 million sq ft of available office space. And the market is actually 75% bigger now than it was then, so that really was a massive figure. DFW had more empty space that the total stock in some other major US cities.
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Office space agents in Dallas Fort Worth are having to sit and wait patiently for the end of the downturn.
Net leasing has fallen in Q1 and Q2 of this year, as companies cut the amount of office space they need, often downsizing or offering out space for a sublease. Occupancy levels fell by 200,000 sq ft in the first six months of this year, but experts warn that there could be further falls on the horizon. However it seems that the recession maybe leveling out, which is key to the prospects of the office space market
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According to director Mike Judge, creator of the cult film classic “Office Space” a sequel to the legendary film would be a “bad idea”. In a press conference to discuss his latest film Extract he admitted to a journalist that he did n’t think it would be a good idea. It is refreshing to hear a director state that a sequel to a film is a bad idea, despite the tremendous financial rewards and pressure that is put on them by film companies. The world is littered with substandard sequels and remakes. It stifles new ideas because film makers know remakes and sequels are a safe bet, or they think they are until they flop at the box office.
In some ways ‘Extract” follows on the theme of “Office Space” as it is a boss who is really hacked off with his staff. And with TV shows such as “The Office”, the workplace has been pretty well covered in terms of comedy for now!
The office space market in South Nevada did not perform well in the second quarter of this year, as it was the sixth quarter in a row where negative net absorption has been recorded. Occupied space in Nevada fell to 31.9 million square feet. It was at 33.7 million square feet two years ago according to commercial real estate experts. The fall is being blamed on commercial bankruptices and increasing levels of unemployment.
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