Premier Business Centers Renews Executive Suites Deals in California

Published October 23rd, 2009 by Jennifer LeClaire

Eleven million dollars. That’s the value of the lease renewals Irvine, California-based Premier Business Centers just inked in Orange County and Woodland Hills.

Over the past few months, the recession has forced many attorneys, mortgage companies, residential real estate, and financial and professional services companies to either vacate or consolidate their facilities. In fact, tenants are electing to “right-size” their office space to be more in line with market conditions, according to the latest Market View report from CB Richard Ellis. That means smaller office spaces, shorter leases and more flexible terms.

As the largest privately-owned provider of full-service executive office centers, Premier Business Centers says it’s seeing this trend first hand as it helps international, national, and local companies consolidate their locations.

“Flexibility is a big part of the appeal of ‘right-sizing’,” says Premier Business Centers’ CEO Jeff Reinstein, noting that most companies participating in right-sizing are using that flexibility to reduce costs during the economic downturn.

Reinstein points to the office market in Los Angeles County as an example. Existing tenants are consolidating facilities and entering into short-term renewals, according to the CB Richard Ellis report. Expansion activity decreased 22.5 percent in Los Angeles County and 17.5 percent nationally during 2007, and that trend is expected to continue throughout the balance of 2008.

The Serviced Office Difference

Unlike with a traditional office lease that generally ranges in term from 3 to 10 years, Premier Business Centers and other companies in the serviced office industry offer flexible short-term agreements that range from a single month to several years. Reinstein explains that, depending on the term selected, right-sizing companies have the ability to reduce or increase their office space in a very short time period.

“If a business is growing, we can move them into a bigger office suite, and if a business downsizes, we can help by switching them to something smaller when their agreement expires,” Reinstein says. “In either case, the business gets to keep the same address and phone number, and their clients are never affected.”

PBC’s full-service executive suites reduce overhead for businesses in both good and bad economic times – as much as 65 percent a year (based on a 1,000-square-foot office). Regus cites a similar statistic. Where do those cost-savings come from?

Premier Business Centers provides professional office managers and receptionists to act on the client’s behalf, which alone can save $30,000 to $60,000 annually. PBC also provides an information technology department to handle any computer problems, a personalized phone service to answer telephones, and a secretarial service to handle postage, filing, and other tasks.

“We handle everything,” says Reinstein. “If the fax runs out of paper, we replenish it, and if the copier needs toner, we fix it. Instead of having to worry about all of those details, tenants can focus on running and growing their business.”

Premier Business Centers offers office space and conference rooms by the hour, day, week, month or year. Offices can be rented for as little as $300 per month and can be rented unfurnished or fully furnished with mahogany desks, leather chairs, executive desk accessories and more. Each location is completely equipped with a telephone, high-speed Internet access, fax machines, copy machines and office supplies.

“We look at each client’s specific situation and work to create the right office solutions for them by offering flexible terms and the ability to choose from among a wide-range of services to suit their individual needs,” Reinstein says. “Our clients are treated as entrepreneurs. We enable them to operate their facility as if it were their own.”

This approach has earned Premier Business Centers positive reviews from professionals all across their service area of California, Texas and Washington State. “The Premier Business Centers business model makes it easy for tenants to focus on their businesses by handling all of the office infrastructure issues,” says a C.P.A. in the Bellevue, WA area who has been a PBC client since 1992. “I have had many compliments from clients about the appearance of the office and the friendly nature of the [Premier Business Centers] staff.”

In addition to its full-time and part-time office-space rentals, Premier Business Centers offers a popular virtual office service. PBC’s basic virtual office plans provide entrepreneurs and small businesses with a prestigious business address and a place to meet clients; all mail is collected for them as well. Other levels of the virtual office service include the addition of a personalized answering service with voicemail and sixteen hours of office or conference room use.

Premier Business Centers offers 46 locations: 17 in Los Angeles County, 17 in Orange County, three in San Diego County, two in San Francisco County, three in Seattle, Washington area, and four in Dallas area.

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