QUESTION ? ? ?
QUEST ? ? ? ? ?
Question 6 Background|
- In what city is this building? Lawrence, Kansas, west side of town. Here are some pictures.
- How many floors? How many tenants could it accommodate? 2 floors, 16 to 20 tenants.
- Is there a parking lot? How big? Yes, 259 cars.
- Are you looking to lease or sell? Lease.
- How much rent are you asking? $22.50/sf full service (divided over 12 monthly rentals).
- How far from transportation? 45 minutes from Airport, 10 min. from train or bus.
- Why did 9/11 affect it? Most companies stopped expansion.
- Is your one tenant still there? What kind of business is it? Yes, Engineering firm .
- Are there many other buildings in the area with vacancies? 17% vacancy.
- What have you done so far to find tenants? Called on Brokers, Site Selectors, economic developers, companies, web presence, etc...
- What is the zoning? Office.
- Do you live in that town yourself? Yes.
- Do you own other buildings? Yes, they are all retail.
- How did you decide to build that one? How did you choose the location? At the time there seemed to be a need. This is the first building with this large of a floor plate in Lawrence
- How do other owners fill that 83% occupancy? How do they cope with vacancies? It is mostly business that was already in place. The Lawrence market has been stagnant in offices. Right now a lot of people are suffering with the vacancies.
- How does your 22.50/sq.ft. compare with other buildings’ fees? On the high end, but there is not a nicer facility nor one with the technical features.
- What kind of offices did you anticipate attracting: medical, government, non-profit, civic, consulting firms, other? All of the above.
- What are the profitable businesses today? If they are not already in Lawrence, they would have to relocate there for some perceived advantage over being elsewhere. What can you offer? I will have to think on that one. Kansas University is here and it is known for its drug delivery research for pharmaceuticals. Also it has a very nice IT department along with Aeronautics.
- Are you somewhat familiar with Win Wenger’s techniques? Have you tried using any on your problem? I am a newbie. I am using holosync at the moment.
- Do you have an advisor (accountant, consultant, promoter) to work with you on this problem? No.
- What else do you do, as a businessman? As far as business goes, just Real Estate Development, I am active in a variety of charities and a fraternal organization.
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