All tagged property management
Vacancy rates are one of the most important variables to consider when gauging the health of an office market. In fact, we find one of the most common questions our clients ask is “what are office vacancy rates in Orange County?”
In today’s competitive employment environment, employers are struggling more than ever to attract and retain high-quality talent. Between a national labor shortage, the increased prevalence of work-from-home opportunities and a rising cost of living, today’s employees are looking for a lot more than free coffee in the breakroom.
While the general office market faced significant challenges during the pandemic due to the shift to remote work and indoor risk mitigation protocols, the medical-related office sector continued to grow. That encouraged office property landlords to pursue medical-related businesses as potential tenants for their vacant space.
As we prepare for the reopening of our properties, the phased return of our tenants, and a workplace functioning in a different format, we understand how imperative it is to implement an effective protocol to best preserve the safety of all building occupants, staff, service providers and visitors. We recognize that we do not yet have a confirmed date for the reopening and return to work, Kelemen Property Management team will continue to comply with the directives of the State Government and County officials, while concurrently incorporating recommended protocols from the CDC and local health authorities into our redeveloped operational standards, as we transition through this reentry process.
Armed with a smartphone, laptop, and an internet connection, many office-based workers have left the building…literally. This new remote-driven culture has allowed businesses to occupy less space, spend less on interior improvements and focus more of their resources on innovation, growth and making sure that valuable employees remain happy enough to stick around. Let’s take a closer look.
The Orange County office market is still in expansion mode, but key market metrics are showing signs of fatigue as we enter the final quarter of 2019. Results have been mixed throughout the year and a decrease in transaction volume, higher vacancy rate, and sporadic net absorption has fueled more speculation that a long-awaited correction may be coming soon.
Net Operating Income (NOI) is the Holy Grail of real estate metrics. It establishes value and determines borrowing power, among other things. Protecting and enhancing NOI is what the game of property ownership is all about. Depending on the type of lease and product category, property owners are able to pass along some or all of the cost for property taxes during a lease. This ability is going to become even more important if this proposition passes.
Property Management can help or hurt the value and performance of your property depending on which company you choose when deciding who will manage your property. That’s why we are looking out for you by giving you insight on the benefits of choosing the RIGHT property management firm. Read more.
Increasing rent and maximizing value should be in the back on every property owner's’ mind. Here are 8 tips from industry experts that can help you make the most of your property.
