Commentary: How to find cheap office space.

• Author: Pribek, Jane

Byline: Jane Pribek

I was shocked when I learned from attorney Bradden C. Backer that office space in downtown Milwaukee has a vacancy rate of about 20 percent.

Yes, the economy's that bad. The good news is that it's a renter's market when it comes to finding affordable, appealing office space.

Milwaukee attorney Joseph Seifert recently took advantage of that fact to find an amazing deal.

Seifert opened his own practice after passing the bar exam this past spring. Like most new attorneys, he did not have a lot of capital for start-up.

So, he started by looking for space to sublet from other attorneys, as well as looking for his own space to lease.

In the former category, the cheapest rent he found was $550 per month for an unfurnished office.

In the latter category, he soon discovered that some landlords apparently hadn't heard the economy has tanked -- or were hoping he wasn't aware of that fact. For example, space in one building in the Third Ward cost $21 per square foot, plus utilities and parking, with a five-year lease.

Seifert took his time, and instead found a much better solution: renting space in the Century Building on Wells Street. It's centrally located, there's parking nearby and it's walking distance to both courthouses.

It's a beautiful, historic building. But the offices are old and most need face-lifts, he says.

Seifert opted for a 1,650-square foot space, at $6 per square foot, including all utilities, for a one-year term with a five-year option.

The space needed to be built-out, but the bulk of the work was cosmetic. If he'd chosen a space that needed walls torn down and the like, he suspects he could've negotiated an even sweeter deal, but he just wasn't up for that. Although, if you are, Seifert suspects you can find contractors eager to work at cost-conscious rates.

It's a win-win. Seifert got bargain office space, and the landlord benefits from him modernizing the space, should he ever leave. Which is not likely, given how excited Seifert is about his office.

Some people enjoy home improvements. Seifert isn't one of them, but luckily for him, his brother-in-law is. He put down about $200 worth of new carpeting, painted and re-lacquered the woodwork. Voila!

The space includes a reception area, a conference room, two storage rooms, a kitchen and four individual offices. Seifert furnished the entire space, tastefully and inexpensively, by hitting a going-out-of business sale.

He's now looking for attorneys/subletters...