Промышленный лизинг Промышленный лизинг  Методички 

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no charge. (The term no charge is a misnomer because the landlord will have built the cost of parking into the rental rate.) In this example, any additional parking that the tenant needs would be paid for by the tenant, whose costs are often passed through to the professionals and employees employed at the firm. The cost of parking and the allocation of parking spaces per tenant are often subject to negotiation between the landlord and tenant, but can wind up being a significant additional rent expenditure.

The firm should consider not only the cost and allocation of parking spaces but also the location of the reserved parking and whether there is sufficient visitor parking either in (or under) the building or nearby.

Security. Because of the sensitive nature of the work that professional services firms perform for their clients, the buildings in which they office must be secure. Building security can differ dramatically from one building to another; however, the firm should ascertain whether the office buildings under consideration provide protection, such as security guards, video cameras that monitor the common areas of the building and the parking garage, and access cards or keypad entry systems for the buildings tenants. Additionally, the firm should ask whether access to the building, both externally and internally, is restricted during nonbusiness hours. Often, during non-business hours, tenants in a building are granted access to only the floor or floors on which they office.

Rental Rate and Expenses. Of all the foregoing issues that the firm should assess on paper, perhaps the most important consideration is the price per square foot that the landlord is asking and what expenses the firm will be expected to pay. In almost all cases, commercial office space is quoted based on the price per square foot. However, this number can vary rather dramatically depending on the market. For example, in 2003 the average asking rent for a mix of Class A and B buildings in New York City was $47.02 per square. On the other hand, the average asking price for similar office space in Dallas was $20.35 per foot. Exhibit 18.1 shows the 2003 average price per square foot of Class A and Class B office space for 29 of the largest U.S. markets. The exhibit also reflects the 2003 vacancy rates in each market. The vacancy rate can have a dramatic impact on both rental rates (an inverse relationship exists between rental rates and vacancy rates), as well as the landlords willingness to negotiate and give on certain terms of a lease. Although the asking price per square foot is negotiable and depends a great deal on the real estate market, it should be relatively simple for the firm to rule out alternatives that clearly fall outside the firms preliminary budget.

In addition to the price per square foot, the landlord will also seek to recover from the tenant a portion of the operating expenses associated with the leased premises. What is included in the definition of operating expenses depends on how that term is defined in the lease; however, in



VACANT SPAC

U.S. OFFICE:YEAR-END 2003 E Y-T-D QUOTED REI

NTAL RATES

NETABSORP

CLASS A ($)

CLASS B ($)

lAtlanta

38,212,470

17.4

488,847

20.96

16.19

2Austin

11,003,756

18.7

467,487

19.56

17.12

3Baltimore

12,265,346

14.6

511,516

21.44

17.83

4Boston

41,914,373

14.9

(1,713,211)

25.52

18.84

5Charlotte

8,316,639

14.3

115,031

19.54

16.01

6Chicago

60,274,643

17.5

(2,084,261)

27.92

21.09

7Cincinnati

9,568,033

15.0

(422,197)

18.57

15.15

8Cleveland

14,599,859

16.7

(1,206,311)

20.96

18.03

9Columbus

10,675,469

15.3

(224,831)

18.29

15.91

10 Dallas/Fort Worth

54,393,363

21.2

(1,321,402)

20.35

16.12

11 Denver

26,627,391

17.5

(333170)

19.56

15.84

12 Detroit

23,022,862

16.5

252,904

24.09

19.75

13 Houston

36,379,858

16.8

(1,562,424)

20.57

16.09

14 Jacksonville (Florida)

4,656,598

12.8

214,714

19.16

17.07

15 Los Angeles

47,088,090

12.8

3,627,294

25.67

22.11

16 Minneapolis*

11,995,159

23.1

(698,268)

19.48

17.75

17 New York City

49,894,973

10.3

809,767

47.02

32.53

18 Northern New Jersey

41,461,052

14.8

1,540,882

26.71

20.82

19 Orange County (CA)

15,261,193

12.2

3,872,769

24.56

22.31

20 Orlando

8,589,690

13.8

336,810

20.33

17.79

21 Philadelphia

40,568,678

15.9

(3,559,273)

23.47

18.52

22 Phoenix

17,166,985

15.9

3,250,136

22.15

19.35

23 Raleigh/Durham

7,805,438

17.5

595,488

18.76

15.89

24 San Diego

9,581,579

11.7

1,456,488

29.57

25.27

25 San Francisco Bay Area

55,327,833

17.4

491,690

26.54

22.97

26 Seattle/Puget Sound

16,936,507

13.3

1,190,471

24.53

19.65

27 South Florida

20,395,707

12.7

2,537,962

26.71

21.13

28 Tama/St.Petersburg

10,102,167

12.6

471,460

20.68

16.98

29 Washington

43,624,113

12.0

6,426,232

30.01

26.87

Class A,B,C Class A Class B

Exhibit 18.1 Recent Square-Foot Lease Rates in Major U.S.Metro Areas. Source: CoStar Group.Inc.*NAIOP



general, operating expenses refer to the actual costs associated with operating an office building, including maintenance, repairs, management, utilities, taxes, and insurance.

Operating expenses are dealt with by one of two different types of commercial leases, the gross lease and the net lease. According to one author, the difference between the gross lease and net lease can be explained as follows:

The primary difference between these fundamental lease types is the variation in responsibility of the payment of operating expenses. At one end of the spectrum, the gross lease generally requires the landlord to pay all of the operating expenses. At the other end of the spectrum, a net lease generally provides that the tenant will pay a pro rata share, as defined in the lease, of all operating expense items.4

Gross Leases. Under a traditional gross lease, the tenants monthly rent will be higher than under a net lease because the landlord has assumed responsibility for all of the operating expenses. However, under a traditional gross lease, the landlord also assumes all of the risk that such operating expenses will increase during the term of the lease. Thus, it should come as no surprise that landlords today are rarely willing to enter into a traditional gross lease. Rather, landlords most often attempt to limit their exposure under a gross lease by inserting provisions in the lease that allow the landlord to offset the cost of any future increases in operating expenses. One way landlords might try to limit their exposure under a gross lease is to insert a provision that ties future increases in monthly rent to the Consumer Price Index (CPI). However, because market indices such as the CPI are large scale in nature, they rarely reflect the operating expense changes felt by the landlord at a particular building. As a result, while tying rent increases to the CPI is, from the landlords perspective, an improvement over the traditional gross lease, landlords prefer to make any escalation under the lease relate more directly to operating expenses as opposed to the base rental rate.

One way that landlords can accomplish this is to insert an expense stop into the lease. An expense stop puts a dollar limit on the total operating expense that the landlord is obligated to pay. Expense stops are usually calculated on a dollar per square foot basis, which serves as the benchmark against which future increases in operating expenses will be measured. If, for example, the landlord agrees to pay $1.00 per square foot in operating expenses and such operating expenses increase to $1.10 per square foot in the second year of the lease, the tenant would be responsible for its pro rata portion of the additional 10 cents in operating expenses. The expense stop need not reflect the actual amount of operating expenses that the landlord is paying at the time the lease is negotiated. Rather, the expense stop is a negotiable amount that depends in large part on the strength of the commercial lease market. Thus, the higher expense stop that the tenant can negotiate,



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