Office Space News
Image Office Suites Deal Shines Light on Serviced Office Lease Terms
Published February 12th, 2010 by Jennifer LeClaire
Image Office Suites is on a roll with its second serviced office lease in a few day’s time. The Grand Rapids, Michigan executive suites company just announced a new lease with Next-IT at its Image Building location.
Next-IT, a company that provides Web hosting, design and implementation, as well as a workstation help center, server management and network troubleshooting, signed up for one executive office suite for a six-month term. The lease is renewable for three consecutive terms at current market rates.
I like this deal because it’s transparent. Other than the pricing, which wasn’t disclosed, we get a glimpse at the kinds of terms serviced office providers are willing to make. For example, we see here that Image Office Suites gave its latest client the option for three more terms at the same rates. Presumably, the going rate for office space will rise within two years. So Next-IT taps into savings by renting office space now.
Image Office Suites does list its rates online, which is somewhat rare in the industry. The rates run from $350 a month on a 137-square foot spot to $1,600 a month for a 974-square foot spot. There are also plenty of options in between, and all require six-month leases. Some offices are single private corner locations while others are combo office suites with optional workstations. Image Office Suites also offers call center-suitable office space for six to eight people with private executive office.
Next-It Sales Manager Shawn Wilson says the company is relocating to Image Office Suites to meet the needs of its clients. That’s a good reason. Here’s another: “We need additional presentation space with the roll out of Microsoft Windows 7,” Wilson explains, “and the shared conference rooms, presentation facilities, and the reception area make it easy for us to host these events while keeping overhead at the bare minimum.”
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Bill Brookshire February 12th, 2010 at 8:01 am
I do like the transparency of this deal. It gives other companies that are looking into serviced office space a frame of reference for negotiating a lease agreement. I don’t usually see such transparency in the executive suites industry. So it’s very interesting to see how Image is making a push. Seems to be doing well in the Grand Rapids office rental market.
Elizabeth Sanchez February 12th, 2010 at 2:03 pm
Sounds like Image Office Suites has all its office space sizes covered. I don’t know anything about the Image Building itself, but it must be a decent location if it’s attracting office lease renewals and new rentals. I think they said in another article that they were over 75 percent occupied. That’s impressive as well in a down market with so many options.