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I was casually talking to a real estate manager in San Francisco and he mentioned that an office might be availabe for rent at $30 per square foot. Not wanted to confess my ignorance, I have no idea if he meant per month or per year. Are commercial rental rates typicaly quoted on a per month or per year basis? |
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Commercial office space in urban areas is typically quoted per year (ie $30 per square foot per year). Retail, industrial, and non-urban space is typically quoted per month. Given the non-standard industry practice, I think it's okay to ask whether the price quoted is per year or per month. |
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Sometimes it depends on the market you are in. Certain geographic locations or different sectors (i.e. retail, residential, commercial) use different practices. If you can't figure it out with the math (i.e. paying $30/ft/yr is a lot different than $30/ft/mo) always be safe and ask the broker! |
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