Market Summary – December 2016
By: HomeStyle Magazine (Albuquerque Journal)
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Archives for January 2017
Negotiating a Commercial Lease
Leasing commercial space is a fact of life for many business owners. The expense of commercial leasing is considerable, but cost is not the only factor to consider when leasing a commercial space. The following are a few tips for business owners when negotiating their commercial space lease.
Enlist some professional help
While seasoned business owners may be able to negotiate their commercial lease on their own, new business owners often benefit from the services of real estate brokers and real estate lawyers. Real estate lawyers can negotiate your lease, explaining key terms and conditions that may prove confusing to first-time business owners. Real estate brokers can help you find the right location, and many real estate brokers have a long working history with landlords.
Such relationships can make the negotiating process easier, and they also can benefit business owners looking for the best possible location for their businesses. Real estate brokers often get first choice at the most desirable locations, so teaming up with an established real estate broker can increase your chances of landing a desirable property.
Emphasize affordable renewal options
The length of commercial leases favored by small businesses is often similar to the length of a lease on a private residence. Though the language might be more complex than that of a private residence lease, the length of a commercial lease agreement is typically one to two years. But business owners must be diligent regarding renewal options and the cost of such renewals. Come the end of your lease terms, you don’t want to be met with a considerable and unexpected hike in rent just as your business is starting to take off. Work to get the most favorable renewal options possible so more of your operating budget can go into your products and not toward your lease.
Pay attention to extra fees
Many commercial leases include fees in addition to the monthly rent. Maintenance fees are common, and there may even be a separate set of maintenance fees when sharing commercial space. When negotiating your lease, ask to see a list of the costs and fees current tenants typically incur each month. When discussing maintenance fees, confirm who must pay for less routine maintenance, such as HVAC or plumbing repairs, and be sure to get such information included in the lease. When discussing such fees, inquire about utility costs as well. Utilities are often the responsibility of the tenant, but it still behooves business owners to confirm who will be paying the monthly utilities.
Negotiate an exclusivity clause
Business owners often don’t want their competitors to move in across the street, and they certainly don’t want them to move into the same building. Protect your business from such a development by negotiating an exclusivity clause into your lease. Such clauses prevent landlords from leasing other spaces on the property to your competition.
Carefully read the default language
Before signing a commercial lease, business owners must familiarize themselves with the default language therein. Determine what happens if you default on the lease, including if you will be locked out upon your first missed payment and if the landlord will immediately initiate eviction proceedings in such instances. Many commercial leases also include language stating tenants are responsible for any legal fees landlords accrue in the case of a default. Though it might be difficult to negotiate the default language in a lease, business owners should still know that language prior to signing a lease.
By: Nick Chavez (HomeStyle Magazine – Albuquerque Journal)
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Albuquerque and Santa Fe are Shining Stars in Film Industry
The light shines bright again for the New Mexico film industry.
According to the new MovieMaker list, Santa Fe and Albuquerque are some of best places to live and work as a moviemaker.
The Duke City comes in three slots down to No. 8 from its 2016 ranking in the big cities category.
Meanwhile, the City Different moved up one notch to No. 2 in the small cities and towns.
MovieMaker credits the generous 25 percent to 30 percent refundable tax credit with no minimum spend in helping make New Mexico a Southwest stronghold.
Albuquerque has been on the list since 2007, even topping it in 2010. In 2013, it fell to No. 11.
Recent film shoots included “Soldado,” “Horse Soldiers” starring Chris Hemsworth, and the British-produced “Furthest Witness.” Television projects include “Better Call Saul.”
“The versatility of the landscape, the endless textured locations, the gorgeous light – you can shoot year-round and save a lot of money,” said Hannah Macpherson, creator of the AwesomenessTV series “T@gged” and the 2016 feature “Sickhouse,” of Albuquerque in the article.
This talent pool is fed by New Mexico’s Film Crew Advancement Program, training crews on the job and encouraging their advancement.
And the Albuquerque Film Office was a finalist for the Location Managers Guild International’s Best Film Commission honor in 2016.
The magazine also noted the addition of Indigenous Comic Con, which features indigenous creators of all art forms.
“That event adds more diversity to a lineup that already includes the Pueblo Film Fest, the New Mexico Italian Film & Culture Festival and the Southwest Gay & Lesbian Film Festival. The Albuquerque Film and Music Experience counts Robert Redford on its board. And nontraditional festival Movies and Meaning aims for a less violent world through storytelling,” the article stated.
Rising to the runner-up position is Santa Fe in the small cities and towns.
“It’s great for Santa Fe and Albuquerque to be ranked so high,” said Eric Witt, executive director of the Santa Fe Film Office. “To have two New Mexico locations in different categories getting national attention, it validates the strength of the film industry.”
Witt said with Las Cruces making strides with its own film program and he hopes to see it on the list in the not too distant future.
“We’re here to show how great it is to make a film in New Mexico,” he said. “All of us are very complementary. Each city brings in a different type of production.”
The rankings are based on places to work and live, according to MovieMaker.
“This is a testament to the quality of life in New Mexico,” Witt said. “The level of the support services that we have helps us out greatly. From the crew to the studios, we have a strong foundation.”
The article also credits Santa Fe for the production and post-production resources that befit a much bigger city, from MBS Equipment at Santa Fe Studios to Garson Studios at Santa Fe University of Art and Design, housing the largest permanent green screen in the state.
It also mentions the George R.R. Martin-owned Jean Cocteau Cinema, which adds another element to film-watching.
Nick Maniatis, director of the New Mexico Film Office, said he’s not surprised of the two cities’ rankings.
“The magazine mentions our crew, our infrastructure, vibrant culture, lifestyle and landscapes,” Maniatis said. “We also shouldn’t overlook the fantastic support of our governor and Legislature, which keeps our program strong.”
Actor Nick Nolte sits on a bench in front of the Plaza Cafe during the filming of the TV series “Graves” in Santa Fe. (Eddie Moore/Albuquerque Journal)
By: Adrian Gomez (Albuquerque Journal)
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Ken Braden Memorial Scholarship Fund
Longtime CARW member, and former CCIM Wisconsin & SIOR Wisconsin Board member Ken Braden passed away on March 25th. Ken is being remembered by all three organizations for his work in promoting CRE education thru the creation of the Ken Braden Memorial Scholarship Fund. Contributions may be sent payable to the Ken Braden Memorial Scholarship Fund to the CARW office.
