Understanding the Common Area Factor: Usable vs. Rentable Square Footage

Understanding the Common Area Factor: Usable vs. Rentable Square Footage

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It’s not uncommon, nor unreasonable, for clients to question why they’re paying for space they think they aren’t “using.” This common area of confusion is caused by what is often called common area factor. Essentially, it is a formula used to set a rental rate that factors in the space being used solely by the client as well as a portion of the space that is accessible to multiple clients within a building, such as lobbies, stairwells, main hallways, shared restrooms, etc. Usable square footage Usable square footage refers to the space your firm actually occupies. It is measured wall-to-wall and typically does not include areas taken up by structural elements, such as columns or recesses. For clients that occupy full floors, areas such as hallway restrooms may also be…
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Embracing the Startup Industry

Embracing the Startup Industry

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From East Cambridge to the ‘burbs of Greater Boston, the local startup industry continues to boom.  Frequently operating with tight budgets and uncertain futures, however, these early-stage companies are not ideal prospects in the eyes of many commercial real estate firms. By focusing instead on the high potential of passionate, innovative entrepreneurs, Cummings Properties has found plenty of reasons to take a chance on the “little guy/gal” and has developed strategies to create win-win leases with startup firms. [caption id="attachment_964" align="alignright" width="950"] Image via mashable.com[/caption] Flexible lease terms Forecasting business growth beyond a few years can be difficult for well-established firms and is especially challenging for startups. As a result, young companies are often wary of signing long-term leases. By offering early-stage firms flexible short-term leases – with a guarantee…
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Let it Snow, Let it Snow, Let it Snow!

Let it Snow, Let it Snow, Let it Snow!

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“I had to trudge through snow up to my waist…” It seems that we have a new generation of Great Blizzard stories to share as a result of Boston’s record-breaking winter. The Cummings Properties Snow Team, however, was well prepared for the monumental snow-removal task presented by Old Man Winter. (more…)
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