New Office Suites Available in Vienna for Individual Business Needs

 

Early in 2019, we sent out a survey asking the public: Is there a need for small, affordable offices for individuals? Would you utilize a single office for one person, in an office suite with a common area?  What would you consider a reasonable price for a short-term lease of an upscale, professional space in an established office building?  The response was positive, and PMC Executive Office Suites were born as a result.

Our Gen III group, consisting of the newest family members to join the company, put their heads together to create and market the space.  As a result, we now have an office suite consisting of five separate, locked spaces, with a small meeting room, kitchen, and reception area shared by the group.  Monthly lease agreements start at six months, $350 and up per month, with one month’s security deposit and liability insurance also required. Because of the location of the property, no B&O taxes are required.

High-speed internet, parking, and maintenance of all common areas including parking lot are included, and offices are furnished with desks and chairs.  This turnkey situation allows a new leasee to simply move in, connect, and start doing business immediately.

Cale Conley is available to show the space and discuss leasing options. He can be reached  by emailing cale@thepmcompany.com, or by calling 304-588-2253.

 

PMC Acquires Hotels

The PM Company Announces Hotel Acquisitions
The PM Company in Vienna, WV, is pleased to announce its acquisition of two area hotels. The Hampton Inn & Suites in Parkersburg and the Holiday Inn Express in Mineral Wells are now owned and managed by The PM Company.
PMC has been a partner in the Hampton Inn since 2014, and the Holiday Inn Express since 2007. According to Dan Van Dyke, Chief Financial Officer at PMC, “We are excited to work more directly with these hotels. We are impressed with their quality standards and professionalism, and what they bring to the hospitality industry in this area. We believe they fit perfectly into the PMC brand. We intend to keep the current staff in place at each hotel and continue to offer the same great level of service as before. ” PMC also owns and operates Grand Pointe Conference and Reception Center in Vienna, and they look forward to offering full-service hospitality for area events.

PMC offers real estate development, management and services in the Mid-Ohio Valley area.

Spirit of Giving Breaks its Own Record — Again

The PM Company announced their 12th annual Spirit of Giving fundraiser received $60,650.00 this year. PMC is matching those dollars raised in the community, bringing the total to be given to local charities to $121,300. .
For the twelfth year in a row, the PM Company and Minnite family have elected to forego traditional gifts to tenants and vendors with whom they do business, giving the money instead to area non-profits.

PMC created the Spirit of Giving Fund at the Parkersburg Area Community Foundation, and they invite businesses and friends to join them in raising funds and awareness for the designated charities. The PM Company then matches the money raised. “This is the perfect way for us to come together with those we work with, to celebrate the season in the best possible way,” said Karmyn Minnite Conley, one of the Managing Partners. “We look forward to giving these gifts, because we get to learn more about how local groups are helping those in need.”
Spirit of Giving has donated in excess of $700,000 in the last 11 years, and they plan to continue to grow their efforts.


Student, business and civic groups were also invited to participate by collecting items from Wish Lists provided by the charities. Hundreds of pounds of food, hygiene and baby items were collected to benefit the recipients.

In addition to PMC and Grand Pointe Conference and Reception Center, major sponsors for the event also include Eye Doctors/Dry Eye Clinic, Family Carpet, Gen Spring/Sun Trust, Mondo Building & Excavating, MPH Hotels, Peoples Bank & Insurance, and United Bank. Each company donated $5,000 toward the effort.

2019 Recipients of the Spirit of Giving Fund are as follows:

Artsbridge – Very Spectacular Arts Festival for kids with disabilities

Faithlink – Senior feeding program

Old Man Rivers Mission – Providing meals for homebound

CASA/Voices for Children – Travel for advocates for foster children

Downtown Bethel – utility assistance, gas cards, food, clothing for families in crisis

High on Hope – Addiction treatment

Family Crisis Intervention Center – Domestic violence shelter remodel

iBelieve Foundation – Leadership program for Appalachian high school students

House to Home – Homeless day shelter

O’Neill Senior Center – medical transportation

MOV Multi-Cultural Festival – hotel rooms for performers

When is it Time to Move to A Bigger Commercial Unit?

Man hunched over in cardboard box working on computer

Rarely does a one-size-fits-all solution work…off the clothes rack or on the business track.

And when it comes to scaling your business at the proper time in the most efficient way, you’ll find that what worked for one company may bring financial strain for yours. A stringent checklist of pre-determined steps simply doesn’t deliver well, since flexibility and situational analysis are key to business success.

However, there are guidelines that can help you make those weighty decisions as it concerns your business growth and expansion.

As a commercial property management company, we hear tenants often grappling with whether or not they should move to a bigger commercial space. But it’s not as easy as simply determining whether or not you’re out of space. A variety of other factors play into making a wise decision about when it is time to move to a bigger unit.

Should I move to a bigger commercial space?

Here are a few guidelines to assist in your decision making process.

1. Determine Why You Should Move

First, write out a list of reasons why you think you should move to a larger commercial property. Go ahead and list all of your reasons, whether they be frivolous or not. Next, determine if any of those reasons could be fixed simply by adjusting your space, discarding unused items, organizing your inventory or streamlining the way you run processes.

Now look at what’s left? Are there still substantial obstacles to your company’s success because of the current space you’re in? And don’t worry. If you’re wondering what obstacles we’re talking about…we’ll get to that.

2. Look at Your Capital

Your size upgrade won’t just result in a slight monthly rent increase. It often takes much more cash than expected just to move. Moving expenses, deposits, cleaning fees, utility transfers, new furniture and much more can quickly deplete any cash reserves you may have set aside for other purposes.

If a move is in your near future, just make sure you have a thorough understanding of the costs associated with it.

3. Analyze the Motive

Okay, admittedly, we’ve all probably been pulled into a decision that was based more upon emotion than logic. You’ll want to make sure this isn’t one of those times! Do you want to move just because you found “the perfect little spot for your cute boutique”? Or perhaps you’ve been approached about a bigger space that is “suddenly available, but it’s going to go fast!”

There will always be good opportunities. Don’t base a decision such as this one on the fear of missing out. Base it on the facts and the numbers.

4. Get an Outside Perspective

Outside perspective will prove invaluable in any business decision. This one is no different. Ask a trusted business colleague or mentor to visit your space and take a good look at how it is used. Do they hold your same opinion about the space being too small or inefficient for your business? Do they see any areas where you could change your current usage to better serve your needs in the existing space?

Also important is the input of your property management company. At PMC, our tenants’ success is our main goal. We are always open to ways in which we can adjust space in order to best accommodate our tenants’ needs. If you’re not with us for your commercial property lease, hopefully, you are with a property management company that has these same values. They should listen to your needs within the current space to see where improvements can be made.

5. Analyze the Obstacles

Remember that list of reasons to move? Some most likely were tied to observed obstacles. Here are a few you may be considering:

  • Not enough meeting room space – Are your employees leaning on door frames, sitting on the floor and tripping over each other just to attend an all-company meeting? Do you constantly apologize to clients about the tight quarters when they visit the office?
  • Productivity suffers because of lack of space – Do employees have to move multiple items out of the way to access another? Is it a lengthy process to find needed items because of the lack of visibility? Is your storage overflowing into other rooms and offices in order to manage? If so, it may be time for a new space.

But remember that many of these issues could also be the result of too much junk and too little organization!

  • Customer experience suffers because of the space – Does your showroom space limit the amount of products you’re able to display? Or perhaps you don’t limit it, and customers feel overwhelmed with the tightly compressed visual space.

Or worse, have you had potential customers tell you they didn’t come in because a lack of parking, difficulty finding you, etc.? If your space is clearly turning away customers, it’s time to look elsewhere.

  • Your company brand is hurting because of the space – While this also applies to the organizational aspect of your space, we’re talking more about the image of your company here. Perhaps when you first began, your business was surrounded by a variety of other quality businesses. But ten years down the road, three spaces in the shopping center are empty and two of the other businesses have somewhat shoddy reputations.

At this point you need to ask…How is my business being represented by staying here? Could my brand be better represented elsewhere?

6. Analyze the Numbers

In the end, business always comes down to the numbers. So we have to ask…Have you analyzed the numbers? Do you know exactly what the additional costs associated with the move would be? And more importantly, have you determined a projected increase in traffic from visibility, sales, revenue, savings from process efficiency, etc. because of the move?

These numbers are perhaps the most important determining factor. If it doesn’t make sense on paper, then the fancy, new space won’t bring any more sense to the situation.

PMC Can Help Determine Your Space Needs

As we mentioned before, at PMC we care primarily about your success as a business. If you’re not succeeding, neither are we!

Our goal is to fit you in the best possible space for your unique needs, business size and growth opportunity. We don’t want to strap you financially with a space that is too large for your budget or needs. But we also don’t want to stunt your growth in a space that has you bursting at the seams.

Our expert team has had decades of working with business clients to determine what space best fits their goals. Let us help you find the right fit at the right time!

 

Call us today at 1.304.485.8000

The In-Store Experience for Retail in the MOV


What is it about Walt Disney World that captures the enjoyment, adoration and attention of young and old alike, appealing to people with all different tastes, preferences and life philosophies?

It’s the experience.

But that experience doesn’t simply result from a few decorations and one big showstopper presentation. The lure of Disney comes from an intentional strategy that utilizes every touchpoint a customer will have with their brand, from the bathroom decor to the parking lot traffic flow. Disney understands that even the most minute, subconscious details work together to form an essence – a feeling – about their brand.

As a retail store competing against the ease and allure of online shopping, your in-store experience becomes your greatest asset and ally in the battle for customers.

Practicing commercial property management in the Mid Ohio Valley has provided PMC the opportunity to partner with a variety of retail stores in the MOV, gaining us a few lessons in “the retail experience” through the years.

4 Tips for Creating a Retail Experience

Sell on something other than price

The validity of this one may be hard to accept; however, think about it. Will you ever be able to beat out online drop-shipping and Amazon Prime on price? Rarely.

So when your employees highlight price point while assisting customers, it does little to help the customer make a purchasing decision with you. It’s true that your prices need be within a competitive range, but don’t make that your most distinguishing factor.

Instead, sell on customer service, quality, material sourcing, etc. Train your employees to focus their efforts and conversation on these factors. We buy on emotion and justify with logic. Get the emotions to believe in your brand, and the logic will figure out why it’s important.

Focus on personal connection not the transaction.

Give them what they can’t get online

This is certainly a no-brainer, but still necessary to relate. Make your store a multi-sensory experience. If it helps, actually go through all 5 senses and determine what you’re doing to appeal to each of these in multiple ways.

Regardless of size, make sure your store offers the ability to touch, handle and “try” your product. This is your biggest advantage over online shopping.

Also, make sure you are providing pleasant sounds, smells and sights that are chosen to enhance your brand and the customer’s experience.

While perhaps not every retail store will have the capacity to provide “taste” to each customer, small boutiques have a unique opportunity to offer this experience through such things as coffee, cucumber water or other special treats.

Promote your employees’ passions

When hiring, don’t neglect the importance of passion for your product (or at least the industry you serve). Customers are much more likely to buy something an employee advocates for personally than something that is described through a memorized list of “qualities”. In this vein, you should budget for providing your employees the opportunity to use and experience your product when initially on-boarded.

Additionally, if your retail store has a variety of departments, attempt to place employees in the one for which they have the most interest. Allow their passion to shine, and in return, your product will shine right alongside it.

Do sweat the details

Again, part of why Disney World is so loved, inadvertently comes through the small details that one would probably have a hard time identifying. However, the subconscious realization that every single sight, sound, smell, interaction, etc. that one encounters throughout the trip was crafted to add to the enjoyment creates a sense of happiness and rest. This place is taking care of me. This place knows my needs. This place fits me well.

Small details deliver big results.

How about you? What are some other important aspects you have experienced in a retail store that make you a loyal customer? As a retailer, what are some things you currently do to enhance the in-store experience?

At PMC, we want to see our tenants succeed and love to help enhance the customer experience in any way possible. When you look at our available properties in the MOV, you’re not just getting a blank, sterile space. You’re getting a partner that is dedicated to growing your business and promoting your brand.

Call us today to see what’s available!

1.304.485.8000



7 Reasons to Open a Business in a Small Community

Little league soccer, street festivals and quaint farmers’ markets may typify the traditional small town community in today’s America, and these may not always be the signs an entrepreneur is looking for when considering a new business launch. However, small towns actually offer a plethora of benefits for the aspiring business owner. Take a look at just a few.

Advantages to Small Town Business

1. Lower Costs

Let’s face it. Real estate prices often match the size of the city, so your big-city locations will be accompanied by big-city rates. That’s not to mention the cost of living for you and your employees, nor the cost of doing business, with undoubtedly more regulations, fees, taxes and potentially higher supply costs. Think from a cost perspective and find affordable business locations in a smaller town.

2. More Incentives

Big cities often take business people for granted, simply because they’re a dime a dozen in these locales, even going so far as to make new business ventures difficult and costly. However, many small towns recognize the value of an entrepreneurial spirit and seek to attract those individuals with incentives for operating within their footprint.

3. Community Support

The community support found among small town organizations and community members is often much greater. A deep sense of collaboration, desire to support local businesses and pride in the community strengthen the likelihood of a business’s success.

4. Networking Opportunities

Everyone knows everyone in a small town, right? And while that may conjure up images of next door Mabel picking up her rotary handset every fifteen minutes to keep the town ‘updated’, the aspiring business owner can’t deny the benefits of effortless networking. Word-of-mouth promotion is a pillar of any new business and welcomed heartily by those who understand the benefits. Connecting with the decision makers and the leaders within a community comes much easier when the area has years of history and trust between families and individuals.

5. Less Competition

While you certainly have a greater pool of potential customers in a bigger city, you also must run neck-to-neck with numerous other businesses that provide the exact same service you do. Your brand can easily be overshadowed, or just simply lost in the wide swath of other look-alikes.  

In a small city, you may often have the opportunity to be the first business of your type in the area, creating not only a more loyal customer base, but also the standard by which all other followers are measured.

6. Better Quality of Life

Traffic. Pollution. Crime. We know it’s not impossible to navigate the difficult hurdles of big-city life, but it’s not easy. Small town living brings a sense of belonging, greater community involvement, a slower pace and less unrest within the economy, all resulting in better quality of life.

7. Future Opportunities

Whether you seek it or not, being an entrepreneur lands you smack dab in the middle of leadership and opportunity when the city begins looking towards expansion. You’ll be on the ground floor for development, providing you the opportunity to share from your experience and make a positive difference in the direction of the community.

Building Your Business: Take Action Today

It’s true – small communities need the bolstering benefits that business brings; however, you may find that your business gets just as much back from the community.

If you’ve been holding your entrepreneurial dreams with caution, now may be the time to stop dreaming and start doing. We’d love to hear about your business goals and help you find the perfect location to launch or expand your life’s dream.

Call us today at 1-304-485-8000.

Office Space for Rent: How Much Do I Need?

How Much Office Space Do I Need? Part II

 

Finding the Right Amount of Office Space for Rent

In our most recent article, we discussed some simple guidelines for determining how much office space to lease when you’re looking for available office space for rent. In this article, we’d like to dive into more specifics about square footage estimates for each different office type.

Why does it matter that you find the right amount of office space for rent?

  • You’ll avoid leasing too much space that becomes wasted money each month
  • You’ll be able to lease enough space so that your employees have the proper amount of room for completing their tasks
  • You’ll correctly estimate the allotted space needs for future company growth

Choosing the right amount of office space relies heavily upon knowing the proper space determinations for your needs.

group of employees in a rented office space discussing work with computers and coffee on the table

Guidelines for determining the right amount of office space for lease

Below are some general space guidelines for you to consider. Don’t forget to match these measurements up with our previous guide for determining how much office space you will need.

  • Large Office Space (for CEO or president) – 300 to 400 sq. ft.
  • Medium Office Space (for managers, accountants, engineers, etc.) – 150 to 200 sq. ft.
  • Small Office Space (for data entry, customer service employees, clerks, etc.) – 100 to 150 sq. ft.
  • Shared Office Space (for use with cubicles) – 80 to 100 sq. ft. per person
  • Reception Area – 100 to 200 sq. ft. + 10 sq. ft. per person waiting
  • Conference Room – 50 sq. ft. + 20 to 25 sq. ft. per person seated
  • Lunch Room – 75 sq. ft. + 25 sq. ft. per person seated
  • Storage or File Room – 150 to 200 sq. ft.

Most office spaces for lease include a common area for shared use. This may include a waiting room, bathrooms, hallways, or even large conference areas. It is important to know that your office space considerations will need to flex based upon the existence or absence of a common area.

 

Putting the pieces together: Determining the cost for renting available office space

All of these space considerations not only help you determine the proper amount of office space to lease, but also provide a basis for figuring your monthly lease amount based upon average leasing costs per square footage in your area.

 

When figuring these costs, it’s also important to understand what the cost of the common area space will be. Is it already wrapped into the price per square foot, or is it an additional fee that is separate from your monthly lease amount?

 

At PMC, our square footage costs stay separated from the Common Area Maintenance costs (CAM), which is added on as an additional required fee if applicable for your office space selection. Applicable fees will always be disclosed at the initial discussion to ensure you are able to make an informed and wise decision for renting the office space.

 

Call us today to find the ideal office space that will fit your company’s needs, physically and financially.

 

1-304-485-8000

How Much Office Space Do I Need?

Steps to Help You Determine the Right Amount of Office Space

 

It’s a question we get often, and an important one to consider before choosing your office space: How much office space do I need?

 

Of course, working with either your commercial real estate agent or a professional real estate management company in West Virginia would give you direct access to someone who could help you determine the answer to this need.

 

However, we understand many feel more comfortable knowing exactly how much office space they need before entering conversations with a professional. Below, we’ve outlined just a few steps to help you determine the best fit for your business’s needs, so that you can be armed with a plan when you give us a call.

 

List Out Personnel

First, write a list of all the different personnel that will be working in your office space. From the CEO to the office administrators, make sure that your list includes every position.

 

Identify Needs of Employees

Next, determine what type of actions will take place within each space. For instance, will the CEO need space within his or her office for private meetings that would include 3 or more people? Would an engineer need space for a drawing table? The more you determine the actions and needs of the space, the better you will be able to answer the question “How much office space do I need?”

 

Determine Needs of Customers within Space

Also closely related, it’s imperative that you list all the actions and needs that will be required by patrons visiting your business. If this is a medical office, patient examination rooms will be necessary. Perhaps a separate room for x-rays will be required. Will a waiting room be necessary? Will a board room be needed in the event of larger meetings?

 

Other Space Considerations

Here are a few other important space needs to consider:

  • Will you need a file room or mailroom?
  • Will you need a lunch/break room?
  • Will a kitchen be necessary?
  • Do other rooms need space for sinks (i.e. patient examination rooms)?
  • Will you need a storage room?

 

Factor in Growth

After all of these space needs have been determined, it’s important that you look to the future and consider your company’s growth potential. We certainly hope that you’re planning on growth, and if so, you’ll need to consider that when looking at your space. A general rule of thumb is to plan for 10-20% more space than you currently need if you’re signing a 2-5 year lease. This allows you ample space for growth without hurting your current cash management needs.

 

Plan Now to Save Later

Thinking through all of these questions now will save you headaches down the road when you’re squeezing into too little space or you’re paying for far too much.

 

Stay tuned for our next article in this series, as we will be giving you space guideline suggestions for each type of office or retail space.

 

As always, if you have any questions that we can help you answer, please call us today!

 

1-304-485-8000

 

Should You Buy or Lease Your Commercial Real Estate?

Pros and Cons of Buying vs Leasing Commercial Property

While running a business is rewarding, the list of stresses and pressures that accompany any business owner seems to multiply around every bend in the road. And with each added pressure, productivity can suffer.

Thankfully, every pressure, whether small or large, provides an opportunity for change and growth, bringing more efficiency and productivity. There is always a solution to every obstacle.
You simply must find the right solution for your company.

Don’t let your building space distract from the primary goal

One foundational factor that ideally should warrant the least amount of stress and time, your building, often can become the biggest stress.

Your physical property should be one that supports your daily operations, displays your company’s environment and stands as a professional testament to your success, without detracting from company goals.

Your space should offer efficiency, versatility and functionality. Therefore, you must ask yourself “Will those goals best be achieved by buying or leasing my commercial space?”

Which is best? Is buying or leasing commercial property more cost effective? When does buying vs leasing make the most sense for a business?

All important questions to ask.

That’s why we’re providing you with a quick comparison for buying vs

leasing commercial property.

Buying Vs Leasing Commercial Property

Below we’ve outlined the top three areas of consideration for your space and the effects both buying and leasing have on each.

  • Your Cost
  • Your Time
  • Your Flexibility

 

Your Costs – How does your building affect your P&L?

Whatever you want to call it – cash flow, the bottom line, the P&L – the cost of any decision is certainly the most profiled factor of a business. So which option is the most economical – buying or leasing? Let’s take a look.

Upfront Costs

  • Buying – Your upfront costs when buying are generally 10 – 25% of your entire purchase price
  • Leasing – Upfront costs for leasing generally consists of the first and last month’s rent

Working Capital

  • Buying – With large investments in the down payment and building upgrades, much of your working capital is tied up in the building
  • Leasing – With minimal upfront investment, cash is available for more business growth and continued investment opportunities

Property Repairs

  • Buying – You are solely responsible for funding and maintaining repairs on your property
  • Leasing – The burden of the property upkeep and repairs rests with the landlord

Appreciation

  • Buying – Owning allows you the opportunity to benefit from long-term appreciation in value
  • Leasing – No appreciation assets available through property investment

 

Your Time – How does it affect your time as a business owner?

Time is Money. And those that have run a business for any amount of time, fully understand the value of that statement. You can’t do it all. You must determine if your building maintenance is one area in which you are willing to give your time or not.
Property Management

  • Buying – Your time and attention must be given to the upkeep and management of the property
  • Leasing – The landlord invests the time and attention for the needs of the property

 

Your Flexibility – How does it affect your ability to be flexible as a business?

Fixed vs Variable Rate

  • Buying – Fixed rate on most building mortgages can allow you to plan well for the long run
  • Leasing – Monthly rates can vary and change with the market, requiring more strategic planning for unexpected price adjustments.

Growth considerations

  • Buying – Better for a stable company with established systems and company size
  • Leasing – Better for a new or rapid growth company, that may need to change property locations more easily

Location

  • Buying – Can experience limitations if stuck in a location that may no longer fit your needs, or may have hit a temporary dip in property value depending on current real estate market
  • Leasing – Flexibility to move without concern of the current building value, allowing ample opportunity for growth and expansion

Ultimately, you must closely analyze numerous factors of your business, including current working capital, future cash flow needs, growth potential and long-term investment goals.

Both buying and leasing have a place in different cycles of a business’s lifespan.

And while PMC offers commercial leasing as our primary service, we have determined never to recommend a space or situation that is not right for your business. We have helped hundreds of businesses find the right solution for their unique situation, even if that means recommending something outside of our holdings.

However, we would be remiss not to suggest leasing as a viable and preferable option for your business. After all, we service commercial leasing because we believe that it provides an optimal solution to businesses.

We find the most satisfaction in our business when we are providing the right solutions to our clients. Let us help you determine what space is the right fit for you!

Call PMC today at 1-304-485-8000.