AMHERST, NY, July 2006- North Forest Office Providers will soon be starting construction on two “spec" office buildings. The first is an 18,228 square foot building at 8205 Main Street in the Stonegate Office Park in Williamsville, behind Towne BMW and Mercedes Benz of Buffalo. The second is a 15,996 square foot building at 1416 Sweet Home Road in the University Commons office park in Amherst, across from UB’s Amherst Campus.
Traditionally, an anchor tenant signs a lease and then the building is constructed. Building on speculation, or “spec," means that the building is constructed before tenants have been signed to occupy it, and is considered by most developers to be a risky venture. But because North Forest believes that “if you build it, they will come," they construct all of their office buildings on “spec." This philosophy has paid off for North Forest; they have been able to fill most of their buildings within a year of construction.
“We have confidence in both our product and our ability to service the local market," states Bill Hamilton, CPA, Chief Financial Officer of North Forest Office Providers, “that confidence allows us to take the risk associated with ‘spec’ buildings."
Leasing at 8205 Main Street is currently underway for occupancy this fall, with professional and medical space available from 651 to 18,228 square feet and lease rates starting at $14.00 per square foot. 1416 Sweet Home Road is expected to begin leasing in August for occupancy this winter, with lease rates starting at $13.70 per square foot, and space ranging from 667 to 15,996 square feet.
North Forest Office Providers has over 20 years of experience in building, leasing, and managing office parks. North Forest is known for its innovative “modular" approach to office space, which has allowed them to cater to office users of all sizes. This approach has also enabled North Forest to offer expansion options for growing customers. Their selection of standard office layouts has become very popular with office users because they efficiently maximize usable office space. North Forest’s portfolio includes locations in Amherst, Clarence, Lancaster, Orchard Park, and Rochester. For more information, call (716) 626-9764 or visit www.nforest.com.
