Advantages/Disadvantages of Leasing in an Executive Suite Center that is Older vs Newer?
Great Question! People might think you have an “older” building, but what does that really mean? Most consumers don’t realize that some of the centers that have been in business for a while have the experience,
expertise / technology
that some of the newer centers may not. Just because you open an executive suite doesn’t mean it’s “run” properly. Experience and knowing what the market calls for and how to treat and manage your tenants is a must. Signing them up and never see them again is not viable — it’s a hands on business all the time. You need to have fast service, preferably on-site management and keep the center looking professional/kept up at all times. Also, you have to be careful because a lot of new executive suites will start up and then either sell out/close down because they couldn’t handle all that comes with it. You can be displaced and have to look yet again for a place to do business. There is a lot to be said about an established center.
It is nice to be in a new building with new equipment, decor, business machines, etc. Everyone likes new stuff and the best in technology; make sure that the staff is experienced and will take care of all business needs. When choosing an executive suite you must do your homework — you get what you pay for. Someone down the street might be less expensive or newer, or better located. You need to really look at the “whole picture” and see what works for you.
Chris, Leasing Manager