If you are in the Plano office space market looking for office space that has 2015 office rates you are in for a surprise. Recently I completed a negotiation for a client and we scoured the area looking for a space with a rental rate of $21.00 per foot. I hate to say this as a tenant rep but the only spaces we could find at this price were not in the type of office space that gave a professional appearance for my client.
Class B office space is now hovering with a net effective rental rate of $28.00 per foot for a full service lease net of electricity. One building that I used to place tenants in for $17.50 per foot is now quoting $24.00 plus electric.
Unfortunately the days of low rent are gone for now with the exception of the occasional sublease. Many office tenants are in the market calling off building signs. They are missing the valuable sublease opportunities because they are not aware of them. The reason is that by the time the quality sublease is on the internet it is usually under contract.
Plano Office Space Brokers
Tenant representation brokers are constantly receiving updates on new opportunities on a a daily basis. They know when the best Plano office space deals hit the market. You need to know where the deals are in Plano. It is beneficial to have an informed office broker on your team.
Presently there are many new office buildings being build to add additional Plano office space. Unfortunately these buildings are leasing for $28 a foot plus NNN of $8.00 plus electric. So they are not really going to help the budget conscience tenant. As demand increases for office space in Plano tenants are going to need to adjust their budgets accordingly. The days of $17.50 rental rates for office space in the City of Plano are gone for the time being.