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April 2005/ Vol. 28/ Issue 4
Squeezed for Space?
.. If you're looking to move or expand your business, your timing's pretty good. Space
is plentiful and rates are low...
For any size business, inadequate or inferior space leads to inefficiencies
and can lower morale. "The rule of thumb for commercial space is about 250 square
feet per employee, " says Rick Ferris, president of Sequoia Realty.
Since real estate almost always gains value over time, it's usually
a good idea to buy your space. But if flexibility is more important than long-term gain,
leasing could be your answer.
"If your needs are stable and you still have capital left to run
your business, it can make sense to buy, Ferris explains.
However, if you're looking to lease, be sure to hire a tenant representative
advises Rick Ferris, president of Sequoia Realty. A tenant representative is responsible
to the buyer, but paid by the seller.
In today's market Ferris sees plenty of available manufacturing facilities
and warehouses. "There's a three or four year supply in Northeast Ohio." If that's
what you're after, just make sure the space hasn't sat shuttered for so long that it's
obsolete for today's production requirements, or you may have to spend a fortune to make
your "bargain" facilities usable, Ferris cautions.
In today's Buyer's market, now could be the time to move your business!
Contact Sequoia Realty to review your lease or buying options - we'd love to help!
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