Archive for the ‘2022’ Category

A Full Guide to LEED Certification

November 15th, 2022

Sustainability practices and green buildings are more popular than ever, making a strong LEED rating extremely desirable to both building owners and prospective occupants. In this blog post, we’ll take a closer look at what the LEED certification system is, why it matters, and some of the benefits you can expect from going through the certification process. 

What is LEED Certification and What Does It Stand For?

If you’re unfamiliar with the term, LEED certification is a stamp of approval from the United States Green Building Council (USGBC) that signifies that a building or renovation project meets their high standards for environmentally friendly and sustainable construction. The acronym LEED stands for Leadership in Energy and Environmental Design. To receive LEED certification, a building must score points in several different categories, including water usage, indoor air quality, energy efficiency, reduction of waste, and material selection. In addition, the building must also meet a minimum threshold for overall energy efficiency. While the standards for LEED certification are relatively high, the benefits of certification are significant. Buildings with LEED certification often enjoy lower operating costs, higher rents, and increased market value. As a result, the number of LEED-certified buildings has grown rapidly in recent years, as more and more developers seek to cash in on the green building boom.

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A Full Guide to Commercial Lease Assignment (Lease Transfer)

November 8th, 2022

assignment of lease agreement stamped with a red CONFIRM mark

Dealing with a fixed-term lease agreement and looking to move offices or downsize? The topic of commercial lease transfer can be confusing to navigate, particularly when you are unsure of your rights and obligations under the lease.

If you’re renting a commercial property, you signed a contract at the beginning of your tenancy called a lease agreement, which contains all the details of your rights and obligations while occupying and conducting business operations at the commercial property. Your agent is required by law to give you a copy of the lease agreement if you don’t already have one.

The following article will serve as a full guide to commercial lease assignment, providing business owners with an overview of the legal considerations and elements required for an assignment of lease.

What is a Commercial Lease Assignment?

Also known as a lease transfer, a commercial lease assignment involves a tenant transferring all of their interests and rights in a lease to a new party. This new tenant will take on the responsibilities of the existing lease, including rent and any other obligations, leaving the original tenant free to exit the agreement.

Commercial lease assignment often occurs when tenants want to leave their commercial property prior to the end of a fixed-term agreement. This often happens when a business quickly needs to upsize or downsize their space, move to a new city, or go out of business.

State law dictates whether tenants require their landlord’s consent prior to transferring a lease or subletting a part of their space. However, most lease agreements will clearly outline full transfer provisions prior to being signed and, whilst it is possible for lease assignment to be forbidden, the vast majority of agreements allow for transfers.

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Miami Office Market Report | Q2-Q3 2022

October 28th, 2022

Even though Florida’s office sector held strong during the pandemic, some investors are now feeling cautious as a result of geopolitical tensions, inflation, reduced spending, and rising interest rates. Despite the cooling sentiment, vacancy rates for commercial spaces are continuing to decrease across the State, especially in the office market. Fuelling Florida’s continued market positive is an overall increase in jobs, combined with low unemployment rates and generally favorable business conditions.

Market Highlights

Asking rates in Miami Beach have increased significantly, with some offices costing more than $120 sq/ft. On average, however, actual rental prices for this premium market are much lower, at roughly $70 sq/ft.

Additionally, the vacancy rate for Miami Beach is relatively low at 12.7%, just behind Brickell and Wynwood. Consequently, there has been a recent uptick in development activity driven by those looking to take advantage of the favorable conditions. Some notable projects include 1177 Kane Concourse (101,000 sq/ft) and Terminal Island Office Project (161,000 sq/ft), slated for delivery in 2024.

Already fully leased, the premium 830 Brickell development is expected to be completed by the end of 2022. The last few leases were signed at $120-$150 sq/ft, highlighting the value that tenants place on amenity-rich, Grade A+ office space in the center of Brickell.

Hybrid Gaining More of a Foothold

It’s also clear to see that companies in Miami are now more open to the idea of hybrid working models, something which has risen in prominence ever since the COVID-19 pandemic. Office providers are racing to meet demand for hybrid-conducive workspaces. Highlighting this, The Industrious is planning to open a 27,000 sq/ft coworking space in Downtown West Palm Beach, adding to their existing location in Brickell. This is just one example of the numerous office spaces across the city looking to cater to hybrid workforces and take advantage of growing desire for agile, flexible workspace.

Setting a Healthy Example Amongst Other Major Markets

Miami’s office market is experiencing continuous growth, with new and existing businesses taking advantage of the low taxes, enviable weather, and quality office spaces that the area provides. Quarter-to-quarter demand has been high across the Miami CBD, an area which has seen some of the lowest vacancy rates in the country since 2021. Wynwood saw a 5.2% decline in vacancy from Q2 to Q3, with this trend expected to continue in the months ahead as major tenants, such as PwC and Mindspace, begin to occupy their offices.

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Here’s the Average Office Worker Salary by Age in 2022

October 13th, 2022

Median Salary vs. Average Salary: How Much are Office Workers Really Paid?

Given the renewed relevancy of the office as a working environment, we believe it is a prudent time to examine how much the average American office worker earns, by age. 

Median and average salary figures are both commonly used when exploring fair compensation in the workplace. Average salary data is determined by adding together all salaries earned by a particular group and dividing this figure by the number of people in the group, whilst median salary data is derived by arranging salaries from low to high and selecting the midpoint. A lot of people refer to these terms interchangeably, however, most prefer to compare salaries against the median wage – as it isn’t as impacted by the dramatic ends of the spectrum.

It’s important to note that averages vary dramatically depending on geographic location, with professionals in a high-cost city like San Francisco generally having a higher pay range than those in South Dakota. Differences in median salaries seen between cities often comes down to levels of local job demand, State tax rates, and overall monthly expenses including cost of living. The highest salaries are typically found in locations with a high-concentration of people with advanced degrees.

We’ve broken down our investigation between the most popular office jobs and the best paid office jobs, allowing you to weigh up your role and experience against US averages. Additionally, by reading on, you may find yourself inspired to chase some of the higher salaries for your age and experience!

Why is Age an Important Consideration When Examining Salary?

We feel the age qualifier is an important distinction to take into account, as a worker’s age usually correlates to their experience and how much they can earn. Jobseekers and those already in roles should be aware of the kinds of salaries their age and experience commands – to make better informed decisions about whether to accept an offer, push for a raise, or quietly celebrate their higher than market-rate remuneration. Knowing how your salary compares to the average essentially allows you to determine whether you’re being paid a good salary for your education level, age, and job title.

All current salary figures compiled below comes from reputable sources such as the Bureau of Labor Statistics, Salary.com, PayScale and Salary Explorer.

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The Impact of Proptech on Commercial Real Estate

September 15th, 2022

a blonde woman looking forward with code projected on her faceThe adoption of new and exciting technologies has accelerated at a previously unforeseen pace in recent years, with the impact of the rapid changes that ensued now being felt across a number of industries. In the case of the real estate industry, the proliferation of proptech (property technology) has proven to be a significant factor changing businesses around the globe. In this article, we’ll take a deep dive into proptech and assess both its current and future impact on the commercial real estate market. It should also be noted that proptech encompasses both commercial and residential real estate technology, however, for the purposes of brevity we will only be exploring the commercial proptech sector. 

What is Proptech?

Proptech, also known as retech (real estate tech), essentially relates to the use of data and technology to help individuals and businesses manage, buy, sell, lease, and research real estate. The concept is not new, since the real estate sector has been using tech software for a number of years to store data, arrange virtual viewings, and help connect buyers and sellers. However, proptech capabilities have massively increased in recent years due to the development of newer and more refined technologies, such as artificial intelligence, Big Data, blockchain, cloud computing, and the Internet of Things.

Recently, we’ve seen unprecedented acceleration in the proptech field, largely fueled by new consumer expectations and the rapidly changing digital landscape. Moving into 2023, lingering uncertainty and persistent market shifts are tipped to continue spurring proptech’s advancement.

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15 In-Person Employee Recognition Ideas for the New World of Work

September 7th, 2022

Ensuring that employees feel valued and recognized has never been more important for business leaders than it is in the current world of work. Employers looking to build an environment in which employees are fully engaged and fulfilled with their work have been striving to find new and exciting ways to show their appreciation, with the ultimate aim of bolstering company culture and retaining top talent. The upheaval to the modern business landscape, brought on by COVID-19 and the long-running lockdowns that accompanied it, have resulted in an unprecedented sea change. Despite the majority of the world returning to some semblance of normality, the ripple effects are still being felt, with marked shifts in employee priorities, perceptions of management, and workplace desires. 

These shifts have been especially noticeable in the changed power dynamic between workers and businesses. Employees are now less likely to put up with mistreatment or less-than-ideal working situations. Instead, they have become more open to jumping ship for better working arrangements, rather than persist with jobs that infringe too much on their wellbeing.

Workplace trends such as improved flexibility in the workplace, including allowances for hybrid schedules and other non-traditional working models, the provision of additional benefits, and the renovation of workspaces to be more human-centric, have all become widely accepted as core to employee experience. The businesses who have arrived late to the party are now scrambling to catch up to competitors who reaped the benefits of quickly adopting some, if not all, of these trends.  

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