The commercial real estate vocabulary can sometimes be intimidating, and it can be quite challenging to learn how to navigate through all the commercial real estate terms. Leasing space is often the largest expense to your business, so it is important to understand all the terms in your commercial lease before signing. It is always recommended to have a real estate attorney review your lease and explain any terms that you don’t fully understand but below are some common terms that can help clarify any misconceptions about your lease.
How will the future of retail impact Amazon's growth? We all know that Sears is dying; it’s been dying for the last 25 years. Will Amazon go the way of Sears? People tend to forget how big Sears was in its day. In the ’60s, '70s & ’80s, Sears was dominant in a way Amazon could only hope to be dominant. Those of us over 50 years old all shopped there and most likely ordered our back to school clothes from the Sears catalog. Sears, founded in Chicago in 1893 (yes, 1893!), was well-situated to continue its dominance at the start of the internet era.
Pam Billings honored with award at national summit
A Price Edwards employee will be honored this weekend for her service to others at the Annual Lung Cancer Advocacy Summit in the nation's capital. Pam Billings, Property Manager at the Douglass and the Douglass Next Door, is a lung cancer survivor, and along with three other women, she created Oklahoma's only lung cancer survivor support group.
"We're so proud of Pam, and her selfless efforts," says Becky Sesock, Price Edwards Senior Vice President of the Multifamily division.
RECon, the International Council of Shopping Centers’ (ICSC) annual real estate convention, was held a few weeks ago in Las Vegas. The conference saw more than 30,000 attendees including retailers, brokers, and developers. My key takeaways from this year’s conference include:
What types of retail tenants are thriving in our market? Fitness, Food, Fun, and Fashion Discounters.
I have a lot of conversations about apartments every day. Within minutes of a conversation, it is easy to spot who knows what they are talking about and who does not. Knowing what to say and understanding the vernacular is part of the process. These are words or phrases that I often say and realize that not everybody knows what I am talking about. In an effort to create the universal translator for apartment investing, the following are phrases that you will often hear and their explanation.
When presented a commercial lease, you will often hear the phrase “boilerplate language.” The first few pages of the lease agreement generally contain the relevant business terms, and the back 2/3’s of the document contain many words, phrases, and acronyms that take your mind to the evening meal, golf course or another place of respite. After pouring the third cup of coffee trying to stay focused, the term “boilerplate” comes to mind, and you rationalize there is no need to read this part. This would be a common mistake.
Multifamily investing has many different shapes and sizes. For the most part, this class of real estate asset breaks down into the following categories: market rate apartments, senior living, student housing, affordable housing, and sometimes mobile homes. There are even subsets of these classifications, but for our discussions here we will stick to market rate apartments.
Are you looking to lease office space but don't know where to begin? Here are some essential tips.
I’m often asked from prospective tenants what the process looks like to lease office space. Although there has been a slew of changes in my over 30 years working as a leasing agent, there are still four main pillars that are essential to most property leasing transactions.
Give Yourself Ample Time
Sovereign Technology Center Sells for $1,700,000
GFO Companies paid $1,700,000 for Sovereign Technology Center located at 1233 Sovereign Row in Oklahoma City. The flex-space facility consists of three buildings totaling 39,085 square feet. GFO companies intend to utilize the property as an investment property. Tre Dupuy and Danny Rivera with Price Edwards & Company handled the transaction.
As with the recent opening of the large and luxurious Lifetime Fitness at Quail Springs, the highly anticipated opening of Oklahoma City’s Costco will have a significant impact on the sales of other retailers throughout the Oklahoma City metropolitan area.
Of course, Sam’s Club is likely to take the most significant hit, but because of the number of Sam’s Clubs in the metro, they will be able to absorb the anticipated sales reduction.