While the recent recession taught most companies to do more with less, we now work with many clients who are growing, hiring, and – most relevant to us – expanding and renovating their office space. Under current market conditions, with limited space, landlords have the upper hand in negotiations. From…
Rental rates are on the rise all over the country and in almost every major market, including the Triangle. In Raleigh, submarkets often range from $26-$34/SF, while popular and highly amenitized areas like Midtown and Downtown, which support growing sectors like tech, are quickly approaching $40/SF. As we approach Thanksgiving,…
Fact 1: Hurricanes equate to parties. Hurricanes are to the Carolinas as blizzards are to the North. This is just one more excuse to buy cases of Natty Light. It’s not dubbed “the beer of the Carolinas” for nothing. Fact 2: Non-perishable snacks are the best. That’s when we opt…
You’ve been in your space for a while; business is going well, and you feel the need to expand to take advantage of more opportunities, hire top talent and get to the next level of growth. You keep reading about companies with a great brand and what they are doing…
For the past the past 10 months, I have had the privilege of participating in the Raleigh Chamber of Commerce Leadership Program. As a Raleigh native, I have a passion for the city and have seen much growth and change over the years. Leadership Raleigh allowed me a back stage,…
According to source after source, including our own eyes locally, Raleigh is among the nation’s fastest growing and most popular cities. Residents are seeing the exciting benefits of infrastructure investment (Transportation, Union Station, Roads, Utilities, Fiber, etc.), amenity investments (the momentous Dorthea Dix Park project), and increasing property values. To…
Along with most, I’m always very excited as Memorial Day draws near. Not only is it a long weekend that includes time with friends, family, and relaxation, it also symbolizes the start of the summer. After a frigid NC winter that never seemed to end, summer can’t come fast enough.…
The Triangle’s Q1 office market continues to flourish. Absorption exceeded 488,000 SF, helping to contribute towards rent growth. Much of the new leasing activity was centered around RTP and downtown Raleigh. The vacancy rate in Q1 remained relatively unchanged. The Triangle’s industrial market also continues to strengthen. Vacancy rate is…
Another informative and powerful Alliance of Tenant Representatives (ATR) annual meeting in Newport Beach, CA is in the books. RCR is a long time member of the exclusive tenant representation only organization. This year, firms from around the United States and England gathered to share ideas, practices, trends, and information. …
Each year, landlords prepare and review building operating expenses for reconciliation and tenant expense pass through. As costs generally tend to rise, occupiers of space are the ones who suffer, as landlords are able to pass through the majority of controllable and non-controllable expenses. In a large multi-tenant office building,…
Facing retention challenges, hiring competition, and growing occupancy costs, occupiers of space are seeking ways to better utilize their space. Companies are creating engaging work environments to get the most out of their space and their employees. RCR predicts some design trends for 2018, that we expect to see companies…
The Triangle’s Q4 office market saw a positive absorption of Class A office space, highlighted by the expansion of several Triangle companies, including Credit Suisse, Infosys, Align Technology, PowerSecure, Victra, and Med-El, to name a few. These expansions, along with the 560,000 SF sale-leaseback of GSK earlier in the year,…
Raleigh was announced as one of twenty metros that made the short list for the Amazon HQ2. This follows years of accolades for Raleigh and the rest of the Triangle. If you already live in Raleigh, you feel it too – new construction is obvious both in commercial and residential…
Following the most recent and epic Raleigh snow event, we thought it would be entertaining to share our top ways to enjoy a snow day! Let us know what you like to do on those cold winter days. Don’t Drive: Everyone likes to say that people from North Carolina don’t…
Happy New Year! This time of the year we often reflect on the year just ending. Last January, rather than the traditional resolution, I decided to select a word to focus on in the coming year – JOY became my carefully considered word! It was a small but powerful word…
Over the years, Rich Commercial has had clients (office and industrial alike) that had the misfortune of having their space flood. Freezing pipes, broken sprinkler heads, sewer backups—you can never predict these issues, but you can prepare. Unfortunately, our advice not only comes from what our clients have experienced, but…
The Triangle’s Q3 office market saw a rise in vacancy and an absorption of nearly -287,549 SF, meaning more tenants contracted or vacated space than leased or expanded. The North Raleigh market saw the most negative office absorption, with the relocation of Allscripts from The Forum office park in the…
Cold calling certainly has a bad reputation surrounding it; a pushy salesman on the other end of the phone, interrupting your morning coffee or the project that’s due by end of the day. The unfortunate reality is that these types of pushy callers do exist, however, not all can be…
Rich Commercial Realty dedicated time this month as volunteers for the Food Bank of Central & Eastern North Carolina. Established in 1980, the Food Bank works to provide families at risk of hunger in 34 counties. With over 800 partner agencies throughout the state, it is truly a team effort…
In our firms 28 years of exclusive tenant representation we have learned a thing or two about tenant needs from their commercial real estate advisor. Organizations want timely, quality information to drive decision making, and they want that information to be delivered by a firm that holds honesty, integrity and…
The Triangle’s Q2 office market saw strong leasing activity with the addition of 3 new office buildings (Forty540, 2645 Meridian, and 3515 Glenwood) helping to boost inventory and improve the vacancy rate to 13.11%. However, with the sale and leaseback of GlaxoSmithKline’s 20 building campus, the office market saw an…
You’ve probably heard the phrase tons of times, but do you really understand what it means for your business and your bottom line? Chances are, when you were searching for your new home, you probably knew what general area you wanted to live in, maybe a certain zip code, or…
Every tenant should have a ‘plan B’ in their back pocket when it comes to deciding on new space. Several factors should come into play before implementing, however, having a backup plan can ease tensions in negotiations and may drive more competitive terms. A good tenant rep broker is always…
Has your company won an assignment or project that requires hiring new positions? Are you growing faster than your current space or building can accommodate? Maybe you are being relocated by your Landlord and are not satisfied with the relocation space? Whatever the case may be, subleases can create opportunities…
As part of the sale or refinancing of an office, industrial, or retail building, tenants will be asked by the Landlord to sign a document known as an estoppel. In fact, most leases require a Tenant to sign an estoppel and failure to do so can result in a tenant…
Office vacancy in the 4th quarter was 14.5%, however office absorption proved steady during the 4th quarter, keeping with the trend of the past 2 years. While total absorption was below the 15 year market average, the 2.1 million square feet of new office space that is under construction across…
In order for companies to attract and retain the talent they want and need, more and more companies are looking at what drives employee productivity. One trend that seems to be increasing is a mixed-use environment, or a campus-like setting. This allows employees to have a “one-stop shop” experience by…
Real Estate 101: The Do’s and Don’ts! Prospective tenants should be aware that what they say and how they act at the outset might greatly impact future negotiations for their lease. Here are some tips on the dos and don’ts when we are showing you facilities and the landlord, their broker,…
Q: What is a Tenant Representative? A: A Tenant Representative is a licensed real estate professional who only represents tenants and buyers of real estate. The advantage of working with a Tenant Representative is that there are no conflicts of interest such as building listings, landlord contracts, project management interests,…
Part One of this blog series focused on how to decide if you need a tenant broker. Part Two discussed the numerous ways in which a broker can help you through the leasing process. Part Three will pinpoint examples a broker will help you save money. Listed rates of a…
In the previous post, we discussed why you should use a tenant rep. The post posed five questions to ask yourself which will ultimately decide if using a tenant rep is right for you. Once you have determined to use a tenant rep, you can decide whether you would like…
To many, adding a tenant representative into the commercial real estate leasing process may seem to make a complex situation, well…more complicated. Tenant brokers are here to save your company time and money all while helping you transition into your new property. The next three posts are based on the…
After your company decides to search for a commercial space, your first instinct may be to gather ideas from an online search. Why not? You search for everything else online! Hundreds of listings, throughout your ideal location, are at your fingertips on the web. Though this is true, be aware…
Before your company’s office lease expires, ask yourself, “Should we renew our lease?” STOP! Don’t do anything yet. Did you know that on average, 70% of tenants will renew their lease? However, if you are unhappy with your current space or your current lease terms, hire a tenant rep to…
In a lease, landlords and tenants will agree to certain improvements to spaces, especially if the building is only an exterior shell. Landlords will provide either a turnkey build-out to a space without any interior fittings, or a tenant improvement allowance if a space is already retrofitted. Turnkey build-outs are…
The five most common forms of commercial real estate leases are gross, single net, double net, triple net, and percentage. A gross lease is a fully serviced lease. A fully serviced lease means the landlord pays all or most of the property expenses, such as property taxes or repairs made…
“Going green” may have been thought of as a passing fad, but it is here to stay. Interested in how your company can GO GREEN? Follow these tips to initiate a green policy for your company: Lighting: Which lights need to be on at which times? Do they all need…
Landlords have their own representation in a lease process, so why don’t you? If you believe that you can find a step-by-step comprehensive guide on how to represent, negotiate, and finalize a commercial property lease by yourself, all while getting the best deal, then good luck. Winning the lottery may…
Looking for a commercial space to rent or purchase may seem challenging, especially if you do not understand the difference between the listing agent and the tenant broker. If you try and do it yourself, you will interact solely with the listing agent, as they are the ones who will…
In most leasing and purchasing situations of commercial real estate, there are four main players: 1. Tenant (You) 2. Landlord (Them) 3. Leasing Broker (Individual who works for the Landlord’s best interest) 4. Tenant Representative (Individual who works for Tenant’s best interest – US!) As someone who is looking to…