As office vacancy rates climb, tenant

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Negotiations started, but another tenant was too. The previous tenanyt had left furniture behind, and what sealed the deal was Holfingerd takingthe furniture, even though the pieces may not have been what he What about a tenant in the middlse of a lease? Gregory said the practice of “extend and is more prevalent. The tenant extends its current leased in exchange for the landlord lowering rent over thenew term. Both sidesx have to bring something to the tabler to makeit successful, though. “Noq more than ever, tenants don’t want to pay movinhg expenses andlandlords don’t want to refill space, so both sides will work towardd this goal,” Gregory said.
The impact of the economy can be seen in more tenantss wanting early termination said Stammof Continental. Tenants aren’t as comfortabler committing to space for along term, he said. Brokerzs say another factor is cities selling themselves topotentialk tenants. Hilliard and Westerville are knowh for being aggressive with business location Stamm said. He said Easton has done an “excellent job” providing just enoughg supply of office space to satisfy the demand without deflating the rent If a tenant is considerinya relocation, or a renegotiationm of a lease, they shouldn’tf delay.
Gregory said some landlordsx are even willing to buy a tenant out of their current lease in order to make a Stamm thinks tenants should evaluate their space alternativeds a year in advance ofleasew expiration. “There are many landlords, that will entertain rent concessions years in advance of expiratiom in return for an he said. Gregory said it isn’t uncommojn for tenants to drop their rent by 15 to 25 but the big hurdle is negotiating againsythe landlord’s previous experiences.
“Chances are their landlord has nevere before had to face the reality of reducing theidr rents this significantly just to keepa tenant,” he “Keeping their building occupied, even at a reducerd rate, is probably better than operating in the