Of all the expenses to consider in running your new business, rent is one of the largest. In commercial leasing, "Base Rent" is generally marketed on a per square foot, annualized basis. However, one feature to be cognizant of is rent escalation based on the Landlord operational cost increases or the dreaded “Additional Rent”. Landlords want protection from uncontrolled cost increases that affect their return. So, they will bill back to all tenants a pro-rata share of the operational cost increases.
As our "Price Edwards Client Profile Series" continues, we look at a sit down with Darin Miller, CEO of Miller Architects Inc. Mr. Miller and his company are involved in the operations of St. Anthony's newest healthplexes across the Oklahoma City metropolitan area. The newest locations are in Midwest City, Mustang, North Oklahoma City, and South Oklahoma City. The four properties were the first Freestanding Emergency Facilities in the state of Oklahoma and continue to serve thousands in the community every month.
Many small businesses have trouble deciding whether to lease or buy commercial real estate. While financial aspects play a major role in this decision, money is not the only factor--there are pros and cons for both sides. Keep in mind that there are many intangibles not mentioned here and your real estate professional, accountant, banker and tax specialist are all resources to help you make the best decision for your business.
When looking at leasing space consider these points:
OKLAHOMA CITY - APRIL 6, 2017 - Price Edwards & Company has been selected by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, to receive a CoStar Power Broker TM Award. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets.
Since the founding of our company in 1988, we have always valued our client relationships. We believe that developing and maintaining relationships with our clients will always lead us to become more successful as a company. One of those relationships is with Bill Hedrick of Rebel Oil. Mr. Hedrick and the Lee family has entrusted Price Edwards & Company with the management of their investments since 2010.
On January 1st, 2017, after much deliberation, the owners of The Mid-Town Apartments awarded the Multifamily Division of Price Edwards & Company the management of their previously self-managed high rise community. The property was built in 1959 and was formerly known as Lakeview Towers. The property is located at 6001 N. Brookline, in north Oklahoma City just west of May Avenue. It is one of the few high rise communities in OKC.