Landlords Slashing Rents
Landlords Sweeten Pot for Renters
Source: wsj.com
Office Owners Are Slashing Rents, Increasing Incentives to Hold On to Tenants
"Some of the country's top office-building owners reported they are cutting rents and increasing tenant incentives to keep buildings filled during one of the worst commercial real-estate markets in decades."
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Competition is good for business, and the current economic conditions create opportunity for those with a creative edge. It may be hard to take the plunge or incur the risk, but there never was a better time to lease or buy office space than today.
I can certainly attest to having to "due what it takes" to increase retention and draw new traffice. Though in this industry we never want to have to "sell the farm", but is it important to know what your competitors are doing and be competitive. Likewise, offering nice move-in concessions and lease renewal concessions, are key during these rough times.
- Brenda Collins | Flag this comment for review