Over the past three years we have seen a rather dramatic increase in the rental rates for Plano office leasing. The domain for far north Dallas office locations has risen due to the influx of out of state corporate relocations . In addition to these large relocations there is an increase in demand for office space for corporations that are serving these large space users.
I am presently helping a new business locate a new office for their business in Plano. Unfortunately the market rate for Plano office space is being set by these large corporations that are relocating to Plano. Office rental rates are forty percent higher than they were four years ago and this is making it difficult for a startup business to find an affordable office space.
The least expensive spaces that I am finding are in the $27 to $28 per rentable foot plus electricity. These are full service rates. It wasn’t that long ago when a tenant could move into almost any Class A office building in Dallas for this rate. Now in Plano these rates are for Class B buildings.
Plano Office Leasing Strategies
So what can a small to medium sized tenant do to get an office space that they can afford and be proud of their location. Here are a few tips to help locate affordable Plano office leasing:
- Don’t wait till the last minute – We all procrastinate however time is your worst enemy when you are negotiating an office space. Give yourself a minimum of six months to find and negotiate your office lease.
- Know the market – An office tenant must have a good understanding of the office market. This is more than what asking rates are for a lease. Some of this information includes free rent, construction allowance, expansion rights, early termination, renewal terms and other matters that are changing every week for Plano office space.
- Office Brokers – Work with a broker that is representing your interests. This service will save you time, money and heartburn. Avoid the mistake of taking this task upon yourself when you can turn it over to an expert.
Unfortunately for the average tenant the Plano office market is not overbuild and there is plenty of demand for space. I don’t see a decrease in rental rates anytime in the next six months. If you are looking for a deal and you want to know you are getting the best terms possible used a Plano Texas office broker that specializes in tenant representation.