There are two primary strategies when negotiating with Landlords for improvements to make your lease space useable. Here is a link to a recent article I published on Tenant Improvement Allowances in the Vancouver Business Journal. One of the keys to success is to allow yourself sufficient time up front so you don’t feel deadline ” pressure”. A second is to recognize that even with high vacancy rates, the total number of properties that really fit your criteria may be limited. Spend time really visioning how those spaces will work for you.
More Evidence of Momentum
Our post last week discussed employment gains we’ve been experiencing over the past year. Our concluding remarks highlighted that these employment gains have been focused in particular in our industrial / manufacturing sectors.
Twice within the past week I’ve seen evidence that reinforces this trend. I attended the Clark Public Utilities meeting last week, and staff shared the financial report from February. They’ve seen steady growth in electricity usage by both the commercial and industrial sectors fro several months and expect it to continue. Reading todays Columbian several recent Commercial Real Estate transactions have occurred involving industrial properties, and the vacancy rate has been slowly inching down.
Bill Connelly is quoted in the article : “Since the start of the year, more than 245,000 square feet of vacant manufacturing and warehouse space was rented and removed from the local inventory”. Connelly, a vice president and managing broker with Eric Fuller & Associates Inc. in Vancouver also said that brought the vacancy rate to 13 percent in March, down from 15 percent at the end of 2011. The article went on to highlight the efforts the Port of Vancouver has brought to bear in agressivley recruiting new companies to locate here.
Employment gains Continue
Employers in Washington state added a net 54,900 jobs in the 12 months through February, lowering the unemployment rate for that month to an estimated 8.2 percent, the state Employment Security Department reported Wednesday.
While not spectacular Washington extended to 17 out of the past 18 months of net job creation in a report released by the Emplyment Security Office Wednesday March 21st.
Preliminary estimates from the Bureau of Labor Statistics (BLS) show that Washington state added 4,200 jobs from January to February 2012, on a seasonally adjusted basis. BLS estimates the private sector increased by 5,600 jobs over the month and the public sector fell by 1,400 jobs. Since September 2010, the state has had only one month of job losses.
February’s jobless rate was the lowest since January 2009, when it was 7.7 percent. The state’s January unemployment rate was 8.4 percent.
Over the year, the private sector added an estimated 62,200 jobs and the public sector lost an estimated 7,300 jobs. Industries that saw the most job growth were leisure and hospitality (up 2,500 jobs); construction (up 1,900); retail trade (up 1,700); transportation, warehousing and utilities (up 1,500); and professional and business services (up 1,100).
Manufacturing led all sectors in annual job growth, adding an estimated 14,900 jobs. The aerospace industry accounted for 9,400 of those jobs.