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Virtual Reality Changing How We View Commercial Real Estate

The following post is copyrighted by Austin Tenant Advisors – .

virtual reality in commercial real estateWhen looking for commercial real estate to lease or purchase how many hours have you spent looking at office space photos or physically touring the spaces? If you have been in the commercial real estate business as long as I have or are a company that has leased a few commercial properties you have probably spent many hours looking at commercial spaces before deciding which one is right for your business. Well Virtual Reality is about to change all that.

What is Virtual Reality?

Virtual Realty (VR) is a computer generated technology that allows you to see 3 dimensional images or environments that you can seemingly or physically interact with using headsets, glasses with a screen inside, or other electronic equipment. Virtual reality is currently known more for the gaming industry however some companies are testing the new technology in residential and commercial real estate

Virtual Reality Technology and Commercial Real Estate

Current marketing practices for properties of most commercial real estate companies is by posting videos, photos, and flyers on the internet for people to see their commercial spaces that they have available for lease or sale. For the tenant or buyer the only way to get a real feel for the property is to physically see it. With VR the prospect may not even have to be in the same zip code of the property to see it. From their office or home they can put on the VR glasses and feel like they are physically in the space.

If it works out using virtual reality in commercial real estate can be a game changer and make previewing commercial spaces much easier and faster. VR will change the way commercial tenants do their commercial property site selection and planning before having to physically tour commercial spaces. This will also be a great tool for investors looking to buy commercial investment properties in different cities, states, or countries.

There are some major steps to climb however as the VR technology gets better more and more commercial real estate companies will experiment with ways to improve their ability to lease and sell properties. There may not even be a need to visit some commercial properties before leasing or buying them as you will be able to see everything you need to see by just putting on some VR glasses. You can even buy or lease space across the country.

With VR these CRE firms will be able to actually PUT a potential buyer or tenant in the space, enabling them to look around and get an idea of what it would be like to occupy and work in the space. Then within an instant the prospect could be PUT into another property for viewing. VR has the ability to capture the attention of prospects for up to 5 minutes or longer.

Other uses for virtual reality in commercial real estate will be to see raw land, touring to be built properties, looking at building interior mockups, etc. And all this can be done without having to spend money on travel back and forth. 

Seeing Commercial Spaces with VR Can Save Time and Money

Most decision makers have a lot on their plate and having to fly or drive across the country to look at multiple locations is very time consuming. However by being able to virtual tour commercial spaces they will be able to view spaces across different cities all within minutes thus saving valuable time. 

Also when touring spaces it can be hard to envision how it would work for your company once it’s finished out with a different layout, furniture, etc. VR will allow tenants to view sample floor plans so they can see what an unfinished space would look like after the build-out is completed.

I don’t think that physical tours of commercial spaces will go away however virtual reality will cut down on the time needed to physically tour them. VR is still new and the cost cost and expertise is high which will making adopting the use of VR slow. However as the costs go down you will eventually see more commercial property owners using it so that buyers and tenants can more easily view their spaces.

 

 

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Centennial Towers Office Space – 505 E Huntland Dr Austin Tx 78752

The following post is copyrighted by Austin Tenant Advisors – .

centennial towers austin txCentennial Towers office building is located in North Central Austin at 505 E Huntland Drive. If you are looking for a Class A building with value oriented rates this is the place. 

If you are interested in leasing Austin office space at Centennial Towers give us a call at 512-861-0525

Building Size – 156,293 RSF

Building Height – 6 stories

Typical Floor Plate – 26,048 RSF

Parking – Parking ratio 4/1,000 sf. Garage parking available

Amenities – Building conference room, fitness Center with showers, steam room, and lockers

Walking Distance To – Several restaurants, ACC Highland Mall Campus, commuter rail, and public transportation

Transportation – Easy Access to IH-35, Hwy 290, and US Hwy 183. 10 minutes to downtown Austin. 

For rates and info on available spaces give us a call and we will help you find the perfect office space at Centennial Towers in North Central Austin

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What is a HUBZone and How Do I Find Out Where They Are?

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hubzone austin tx

HUBZones (Historically Underutilized Business Zones) are programs created by the Small Business Administration (SBA) to help companies expand and grow in economically distressed communities by promoting job growth, economic development, and capital investment. They do this by providing small businesses that operate and employ people in these  economically challenged communities contracting opportunities that they would not otherwise have access to. The federal government’s goal is to award 3% of federal contracts to companies that operate in HUBZone map locations

If you need to buy or lease Austin commercial real estate in a HUBZone give us a call at 512-861-0525 and we can help you find the right space for your business.

Criteria to Qualify For HUBZone Designation

  1. Must be a Small business based on NAICS (North American Industry Classification System)
  2. U.S. Citizens must own at least 51% of the business
  3. The main head quarters must be located in a HUBZone
  4. 35% of the businesses employees must live in the HUBZone

Where are Hubzones in Austin Texas Located?

In Austin you will find most of the Hubzones in Central Austin, East Austin, Northeast Austin, and Southeast Austin. If you are a business that is looking to take advantage of the Austin HUBZones then you will want to make sure you focus on the areas outline in the photo or if you enter your city or specific address you will be able to see if your ideal location falls within the HUBZone in Austin, Texas

If you need help finding Austin commercial office spaces for lease or purchase in a HUBZone feel free to contact us for help.

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Cityline at MLK Station East Austin Office Space For Rent – 2900 E Martin Luther King Jr Blvd

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cityline at mlk stationCityline at MLK Station is a creative office building located in East Austin at 2900 E Martin Luther King Jr Blvd. If you are interested in leasing office space in East Austin at Cityline give us a call at 512-861-0525

Building Size – 181,000 RSF

Creative Office Space – 134,000 RSF

Ground Floor Retail – 11,000 RSF

Residential – 36,000

Typical Floor Plate – 3,530 to 35,000 RSF

Parking – Parking ratio 3.5/1,000 sf. 

Amenities – Dog friendly office space, MLK Jr MetroRail Stop, Bike storage, outdoor space with free wifi, rooftop terrace, showers, 

Transportation – Minutes to downtown, UT, and Dell Med Center and tenants can use the onsite MetroRail stop

Ckityline at MLK was designed for tenants who seek creative office space with designs such as  open ceilings and stained concrete floors. This amazing location will make it easy for your employees to take advantage of Austin’s public transportation whether you want to go to visit office tenants at Domain 11 or in Downtown Austin.

For rates and info on available spaces give us a call and we will help you find the perfect creative office space in East Austin at Cityline. 

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Domain 11 Office Space for Rent – 3110 Esperanza Crossing Austin Tx 78758

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office space for rent domain 11 austinDomain 11 Office Building is located in North Austin at 3110 Esperanza Crossing. If you are interested in leasing Austin office space at Domain 11 give us a call at 512-861-0525

Building Size – 315,862 RSF

Building Height – 15 stories

Typical Floor Plate – 33,396 RSF

Parking – Parking ratio 4/1,000 sf. Garage parking on levels 1-6

Amenities – Fitness Center with showers, Bike storage, jogging trails, 18,000 sf of outdoor park space, floor to ceiling windows

Walking Distance To – Whole Foods, Archer Austin hotel, Rock Rose Blvd

For rates and info on available spaces give us a call and we will help you find the perfect office space at the Domain in Austin, Tx.

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Domain 12 Office Space For Rent – 3110 Esperanza Xing

The following post is copyrighted by Austin Tenant Advisors – .

domain 12 office space for rent Austin TxDomain 12 Office Building is located in North Austin at 3110 Esperanza Xing. At 17 stories It will be the tallest office building at the Domain. If you are interested in leasing office space at Domain 12 give us a call at 512-861-0525

Building Size – 320,102 RSF

Building Height – 17 stories

Typical Floor Plate – 33,405 RSF

Parking – Parking ratio 3.8/1,000 sf. Garage parking on levels 1-8

Amenities – Bike storage, Showers, jogging trails, 35,000 sf of outdoor park space

Walking Distance To – Whole Foods, Archer Austin hotel, Rock Rose Blvd

For rates and availabilities give us a call and we will help you find the perfect Domain office space.

 

 

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How Much Does it Cost to Use a Tenant Representation Broker?

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cost to use tenant representation broker
Austin Tenant Representation Broker Nathan Smith

When renting commercial real estate you can find and rent space on your own OR you can hire a tenant representation broker to help you find and lease commercial space. A good tenant rep will help you determine how much space you need now and in the future, find the best location for your business based on your needs, and negotiate the terms and lease contract to ensure you get the best deal and avoid mistakes.

There are many benefits of using a tenant rep broker. Once they determine your ideal size, location, budget, and timing they will compile a list of properties specific to those needs then tour them with you so you can see in person. They also ensure to ask the landlords all the right questions so you know the expectations for each property. Once you find a property or two that works the tenant rep broker will negotiate on your behalf with the landlord. Commercial leases are typically 3-5 year commitments and having the right tenant representation broker in your corner will make a big difference.

It Cost You Nothing to Hire a Tenant Rep Broker

You think with all the service benefits of a tenant rep broker provides you would have to pay a fee. However in commercial lease transactions tenants don’t typically have to pay anything for their services. Commercial landlords benefit when tenants lease space in their buildings and are willing to pay the tenant representative a broker fee in return for bringing them tenants. Landlords budget for these types of expenses and they are used to paying their listing agent and a tenant rep in most commercial lease deals. Don’t worry though, even though a landlord pays the commissions the tenant representative you hire has a fiduciary duty to represent your best interests and maintain confidentiality. 

Typical Tenant Rep Commission Fees Paid By Landlords

Only in the event a lease is executed is when a tenant rep is paid a commission by the landlord. The amount depends on the type of space, type of lease, length of lease term, and the market you are in. In Austin, Tx below are the typical commission percentages that a tenant rep makes.

Commissions Paid to Tenant Representatives on Office Leases 

4% of the total gross rent throughout the lease term. The gross rent is calculated by adding the base rent plus the operating expenses (aka nnn). For example if the total lease amount over a 5 year period is $300,000 then the tenant rep would make $12,000. ($300,000 x 4%)

Commissions Paid to Tenant Representatives on Industrial Leases

4% of the total base rent. Operating expenses are not included. For example if the total base rental amount for the entire 6 year lease term is $1,000,000 then the commission would be $40,000. ($1,000,000 x 4%)

Commissions Paid to Tenant Representatives on Retail Leases

4% of the total base rent. Like industrial leases operating expenses are not included. For example if the total base rental for a 5 year lease term is $600,000 the commission would be $24,000

Overall the use of a tenant representation broker is of great value to you, however there is no out of pocket costs for you to use their services. The landlord is paying their listing agent the full commission regardless if a tenant rep is involved or not so why not have someone represent your best interests.

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