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The United States is home to one of the world’s largest commercial real estate markets, with an estimated worth of approximately $950bn. In terms of size, industrial space is the largest sub-market with 21bn square feet, followed by retail with 13bn, and offices, which account for 11bn.

In Q2 2020, the average price per square foot for US offices was just over $35. Retail averaged out to $18.09 / square foot, and industrial space came in at just under $8 / square foot. However, there are significant variations in average prices based on location and real estate class. Here is a summary of average commercial rates in key USA cities:

•   New York: Average gross rates for metro New York offices are $81 / sq ft / year. Industrial space averages $19 / sq ft / year.
•   Los Angeles: $44 / sq ft / year for offices in the metropolitan area and $11 / sq ft / year for industrial premises.
•   Miami: In the same range as Los Angeles for CBD offices and slightly lower for industrial space ($8 / sq ft / year).
•   Boston: $39/ sq ft / year for metro offices, rising to $80 in Cambridge. Industrial properties average $10 / sq ft / year.
•   Philadelphia: $36 / sq ft / year for city center offices, $27 for suburban space, and $6 / sq ft / year for industrial properties.
•   Atlanta: Slightly under $30 / sq ft / year for offices with a rate of $35 in Downtown Atlanta. Industrial space is charged at an average of $5 / sq ft / year.
•   Chicago: Approximately $33 / sq ft / year for office space, rising to averages above $40 in The Loop. Industrial premises average $6 / sq ft / year.
•   Dallas and other urban centers in Texas: between $25 and $30 / sq ft / year, whereas industrial rates are below $5.

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The need for a satellite office is often a marker of business growth and success. Relocating the main headquarters and operations of a business isn’t always practical due to the time and expenses involved. As businesses evolve and expand their reach across the globe, they often require a physical presence in multiple locations, allowing them to operate effectively outside of their initial location. A multinational tech giant, such as Amazon, can be seen as a prime example of a business that utilizes satellite offices across the globe to ensure that their reach extends beyond their main Seattle office space. For many companies, acquiring satellite locations is the most feasible way of meeting growth and expansion needs, especially when there are contractual or financial limitations to how much an office can be physically expanded.

Satellite offices, also known as branch offices, tend to have a smaller footprint than their parent company. Many organizations benefit from having a network of satellite locations instead of a centralized office, creating a web of offices which allows them to operate to maximum efficiency.

Satellite offices can be in a different city, county or state from their parent company or the company’s headquarters. To determine where a satellite office should be based, factors such as the proximity to the target market, tax or financial incentives, and the area’s business or economic development climate are taken into account.

As part of the state of California, Los Angeles is renowned for its thriving business scene and strong economic indicators. The city benefits from a mature commercial real estate market that offers a great variety of alternative office spaces, usually ranking among the top five in the United States. Read More »

One of the direct effects of Covid-19 on the US workforce has been an increase in remote work.
Telework had been on an upward trend for a few years, but the figures have nearly doubled since the outbreak. Remote work is praised for boosting morale, generating engagement, and improving productivity, so it’s not surprising many employees actively sought this option even before the pandemic.

But telework has potential downsides. If your business has suddenly had to adopt this arrangement because of Covid-19, it’s important to ensure that you look after your employees after all, productive and happy employees are your company’s best assets. Here’s a brief guide to improving employee productivity, engagement, and mental health whilst working remotely.

Keep Them Engaged

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The Empire State Building, situated in vibrant Midtown Manhattan, was inaugurated in 1931 and soon after it became one of the most iconic high rises in the city of New York. The 102-storey art deco style skyscraper is located within walking distance of Herald Square and 33rd Street subway stations and is within easy reach of 16 subway lines.

As well as being a major tourist attraction, the Empire State is a commercial building that accommodates office occupiers mostly involved in banking, technology, and advertising and offers one of the most prestigious business addresses in the city of New York. The building’s antenna is also a broadcast tower that serves the media sector, and there are several radio and television stations that broadcast from their offices in the building. Moreover, the Empire State’s observation deck is one of the most visited tourist landmarks in the city, generating approximately 40 percent of the building’s revenues, and attracting around 4 million visitors a year.

This 102-story building is has been occupied by a diverse mix of highly successful companies over the years, and major tenants have included prestigious businesses like LinkedIn, Bank of America, Shutterstock, Expedia, Media General, BNP Media, Qatar Airways, Unipharm, Bonten Media Group, Walgreens, Noven Pharmaceuticals, and Orion Energy.

Finding Office Space In the Empire State Building

The Empire State Building has a total floor area of more than 2 million square feet and includes a fantastic portfolio of small, mid-size and multi-floor units, pre-built offices and built-to-suit premises occupying full floors. Floor sizes range between 12,900 and 100,000 square feet. Read More »

Los Angeles County is home to the nation’s second largest metropolitan area and to one of the world’s most powerful economies. The county is made up of 88 cities and has approximately 300,000 employers, which provide jobs to a workforce of nearly 5 million people.

Major Industries and Employers in Los Angeles County

Key industries include entertainment and media due to the presence of highly successful companies like Walt Disney, Warner Bros, and Paramount Pictures. Trade is also a strong economic driver due to the location of the Port of Los Angeles, situated in the southern part of the county, which is one of the state’s largest employers with over 800,000 employees.

Education and healthcare have been paramount to the local economy since the mid 20th century, as the county is home to prestigious institutions that include the University of California, California Institute of Technology, and Loyola Law School, as well as to healthcare corporations like CareMore, Health Net, and Molina Healthcare.

Other sectors worth mentioning include pharma, fashion, hospitality, tourism, financial services, and publishing. Tech-related activities have grown fast and now employ nearly 400,000 people, but the creative industry is by far the sector with the highest growth rates, supporting more than 740,000 jobs.

Key employers include CBRE, Metro-Goldwyn-Mayer, Snapchat, and Universal Pictures (Los Angeles), Walt Disney (Burbank), Riot Games and Hulu (Santa Monica), Toyota and Honda (Torrance), Isuzu Motors (Cerritos), and Avery Dennison (Glendale).   Read More »

The Coronavirus pandemic is a serious threat to our country and the rest of the world, and the US government and the CDC (Center for Disease Control) are working to slow down the spread of the disease. It is also a threat to the US economy with businesses of all shapes and sizes already feeling the impact.

So what can you do to increase your business’ chances of surviving throughout this difficult time?

Check Your Cash Flow – One of the first things businesses need to look at is their cash flow forecasts. Include details like supplier payments, employee wages, taxes, property rents etc. The Coronavirus pandemic is like nothing we have ever seen before, so factoring in as many variables as possible can help prepare for the worst. To be forewarned is to be forearmed.

Shore up Supplier Relationships – Another essential thing to do is to speak to your suppliers. If you have a good relationship with your regular suppliers this will help a lot, as it is in their interest as well that your business survives so you can continue to be a loyal customer.

Create Special Offers – On the same note, speak to your own customers and clients. Come up with ideas to offer discounts, upgrades and freebies. Is there a way you can adjust your pricing and terms? Retaining your loyal client base is essential to the on-going survival of your business.

Other Things You Can Do – Speak to the bank, call the tax office, and ask for extended payment plans and timings if necessary. Take a look through your current terms and conditions and update and adapt where necessary. You may need to update your cancellation clauses, and service or delivery lead times. It is essential to ensure that you and your business are not overly exposed at this current time.

The CDC (Center for Disease Control has provided this Business Pandemic Influenza Planning Checklist with specific actions businesses are advised to take and includes the following steps:

• Plan for the impact of a pandemic on your business
• Plan for the impact of a pandemic on your employees and customers
• Establish policies to be implemented during a pandemic
• Allocate resources to protect your employees and customers during a pandemic
• Communicate to and educate your employees
• Coordinate with external organizations and help your community

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Las Vegas is one of the most visited cities in the United States and has managed to grow as a distinct economic hub despite its location on the Mojave Desert. The city was originally established as a stopping point for important trade routes between the Midwest and the Pacific Coast, and eventually grew to become one of the 30 most populated cities in the nation.

Las Vegas Business Environment

The local industry is clearly dominated by tourism, hospitality, leisure, and entertainment. There is also a large number of government and healthcare agencies, along with professional and business services firms, that support tourism-related activities.

Las Vegas is an internationally renowned hub for business conferences, meetings, and conventions, and the business events industry supports more than 66,000 jobs in the city. Since 2012, efforts and investment have been put into building a strong technology sector in Las Vegas, offering financial support and real estate discounts to tech companies. However, the tech talent pool is still small relative to other cities where similar initiatives have been implemented. A similar trend is evident across the state of Nevada, where the tech sector barely accounts for 2.5 percent of all economic activity. Read More »

The Wall Street area is internationally renowned as the world’s financial capital and is an exceptional place to do business. Wall Street itself is a 0.5-mile long artery located between Broadway and South Street, and has a high concentration of highly successful banking and financial headquarters as well as large corporates.

Stock trading activities have been taking place in Wall Street since the 19th century. Today, Wall Street is a hub for firms involved in investment banking, private equity, hedge funds, and asset management. Although finance, banking and insurance are clearly predominant in the area, tourism is also an important industry, since Wall Street and the adjacent alleys are one of the premier tourist destinations within New York City. This area is home to important landmarks, such as the Lincoln Center, the Federal Reserve Building, and the Museum of American Finance.

Some of the most important organizations based in Wall Street are the New York Stock Exchange, Manhattan Chase Bank, Charles Swab, Deutsche Bank, Bank of America, Morgan Stanley, Goldman Sachs, Deloitte, BlackRock, Citibank, but there is also a large number of businesses involved in the food services and leisure, which cater to the area’s tourists and daytime population.

Wall Street is known for attracting some of the brightest talent around, and although the recession caused job losses, employment gains have been evident for some time. There are many corporate recruiters based in Wall Street, including Michael Page, Amity Search Partners, Oxbridge, Foster McCay Group, Smith Hanley, SG Partners, and Glocap Search. However, the area is no longer the largest employment hub in the city, since that position now belongs to the Silicon Alley area located in Midtown / Lower Manhattan. Read More »

Louisville is a mid-sized urban center in Boulder County with a population of approximately 20,000 people. The city has a central location within Colorado and is within easy reach of other major cities, with Denver only a 30-minute drive away and Boulder just 10 minutes to the west.

Key Industries and Employers in Louisville, Colorado

Key industries in Louisville include education, real estate, healthcare services, retail, trade, transportation, finance, and leisure. The city’s industry base is reflected in the list of main employers, which are Avista Adventist Hospital (with nearly 700 employees), telecommunications firm Zayo Group, the Sierra Nevada Space Corporation, the City of Louisville, Fresca Foods, Balfour Senior Living, and technology solutions company Medtronic.

The labor market in Louisville generally evidences low unemployment levels, which at an average of around 3.5 percent are well below the national average. The number of college graduates is above the US average, standing at nearly 70 percent (compared to 28 percent US-wide), and 35 percent of Louisville residents have a graduate degree. Self-employment levels are 18 percent higher than those in the Denver – Aurora metropolitan area. Read More »

The city of Venice is located on Florida’s west coast, approximately 20 miles south of Sarasota and 60 miles away from Fort Myers. Administratively, Venice is part of Sarasota County and has a permanent population of over 22,000 people, although this figure increases during the winter months, when many snowbirds move to the city temporarily.

Key Industries and Employers in Venice, Florida

In its origins, the city’s economy relied on agriculture, fishing, and trade, but currently Venice has a diverse economy that has so far been able to weather the global economic downturn. The largest industries are healthcare and educational services, followed by retail, trade, accommodation and food services, finance, insurance, and manufacturing. Tourism and recreation are also essential to Venice’s economy due to the city’s seaside location and proximity to several natural reserves.

Key employers in Venice include manufacturing firms PGT Industries, which was named one of Florida’s best employers by Forbes (with over 2,800 employees) and Tervis Tumbler, Venice Regional Bayfront Health, Bon Secours Venice Healthcare, and Publix Supermarkets.

Venice has seen a marked increase in the job market over this last year (2019) of 2.6%, with only a slightly lower unemployment rate (3.3%) than in the rest of the US (3.9%). Predictions show future job growth over the next decade to be just over 42%. Venice resident’s average income comes in at just under $40,000 a year, which is higher than the average income across the US and currently stands at just under $30,000 annually. Read More »