Benefit From Today's Office Market |
As the economy ebbs and flows, executives are always alert for opportunities to improve their company's position in a cost-effective manner. The current economy offers unique advantages to find new space or renew/renegotiate your current lease.
The following list identifies ten opportunities you should consider during first and second-round negotiations as you evaluate the unique priorities for your business.
1. Deal numbers are now 15-to-30 percent below the asking rent.
In the current market, a landlord will cut a great deal to renew an existing tenant or win a new one. Some landlords will now reduce their asking rates by 15-to-30 percent to fill open space.
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Local Market Hovering at the Bottom |
Unlike New York City, Choyce Peterson believes the Fairfield/Westchester office space market has hit bottom. For the past 18 months, this regional market has offered high vacancy rates and low rents; however, the tide is turning. Leasing activity and competition are increasing - espcially in Greenwich.
The Greenwich market has become the first to tighten, and the effect could ripple out to adjacent regions. While tenants in the Fairfield/Westchester marketplace continue to enjoy significant advantages, generous offers of free rent, below-market rental rates and large tenant improvement allowances will gradually lessen as 2010 progresses. Tenants should keep a sharp eye on activity in their respective markets to determine whether they "go Greenwich!"
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 Choyce Peterson
203-356-9600 914-422-5700
Choyce Peterson, Inc., a commercial real estate brokerage and consulting firm, was founded in 1997 and includes offices in Stamford, CT and Rye Brook, NY. The company has negotiated millions of square feet of transactions in Fairfield and Westchester counties, as well as spanning 42 states and Canada for national clients such as Pepsi Bottling Group and Mercedes-Benz Credit Corp. |
