Backup Documents 03/10/2015 Item #11C EXHIBIT
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.0ti.r.r,� Memorandum
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To: Bruce Register
Director
Office of Business and Economic Development
From: Michael Dowling
Senior Property Management Specialist
Real Property Management
Date: February 9, 2015
Subject: Western Collier County Accelerator Program Office Space Cost Evaluation.
(Interim and Permanent Space, Leasehold Improvements)
Per our discussions regarding office space for the referenced program, attached please find a listing
of Class A office space rentals available in Collier County.
As with all requests from County departments when locating space for County use, I researched the
area utilizing several computer data base programs as well as physically searched the area to find
the best suited location,rent cost,and amenities that would benefit the end user,
As you will see, the square foot rent ranges from $18 to$28. The difference in the pricing is related
to the location, design, age, and amenities of the building. Please note that these prices do not
include Common Area Maintenance (CAM) costs which could vary from $3.50 to $4.50 per square
foot depending on the building itself. Please also note that the per square foot price does not
typically include utility costs since those are normally paid for by the tenant directly.
In my research, it is my opinion that the square foot rent for the space available at the Kraft Office
Center is within the fair market value for similar office space within the area. It is also important to
note that the landlord of the Kraft Office Center is willing to make tenant improvements, according
to the County's specifications in order to bring the space to Class A status, that will be included in
the per square foot rent. (To define `tenant improvements,' those are the improvements that the
landlord agrees to make according to the tenant's specifications.) It is also worth noting that
considering the rent cost, the CAM charges, and the tenant improvements for the Kraft Office
Center space, seems to be the mid-range square foot price for the rent alone on those properties
attached. CAM charges normally include all costs associated with the actual costs of the landlord's
operation of the property such as, but not limited to, property taxes, property insurances including
flood and wind damage,utility costs for common areas—irrigation, landscaping, water, sewer,
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Page Two
Western Collier County Accelerator Program Office Space Cost Evaluation
electricity, property management fees, and maintenance costs. If CAM and construction
improvements were factored into those properties, the square foot price range would increase
substantially.
Based on the information above regarding costs, the rent for the interim space of $8.50 is well
within, if not below, fair market for comparable properties. Further, the permanent rent of$20.50,
taking into consideration all of the additional costs stated above, is also below fair market value for
a property of this type.
With respect to the $100,000 allowance for additional leasehold improvements, for a space of this
size, and taking into consideration the per square foot price for the permanent space, the allowance
broken down to a per square foot price again keeps the square foot rice for the built-out space to be
well below fair market value for a property of this type.
Please contact me at extension 8743 with any questions or if you require additional information.
Thank you.
Attachments
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