About the author: Melissa Peterman is a web content specialist for Innuity for more information regarding office space or office space office leasingGo to Royal Commercial.
The economy is indeed bleak, but that doesn’t mean it’s bleak for everyone. Business is booming for auto mechanics, cobblers and other people in repair businesses but for millions of people, it means closing up shop and applying for unemployment or perhaps down-sizing. Either way, there is movement in office leasingand openings in both retail space and office space and that means great deals for people who are looking for space. Great deals on office leasing rates too: According to Grubb & Ellis, the average retail rental rate was up 1.7% in 2007, but is showing a big decline in rental rates- some instances as low as 10%, with a forecast for even lower rates. This is good news for new businesses looking for great deals on retail space or office space.
Landlords are Adjusting to the Times
Landlords are concerned with the decline in tenant sales- everyone is affected and owners are doing their best to keep their retailers and businesses there. New tenants will no doubt have the upper hand in negotiations with landlords and with commercial real estate agents, which can result in rent reductions and other perks for new businesses. With more attractive options becoming available all the time, forecasters believe that overtime, the market will reverse itself and with so many people taking advantage of attractive lease terms, potential tenants will correct the supply and demand discrepancy.
New Tenants Take Advantage of Other Move-In Deals
Commercial realtors can sweeten the deals on many office spaces by enticing tenants with move-in specials like:
• Fresh coats of pain
• New carpet
• Deals on cubicles
• First month free rent
• Deals on cleaning services
It’s a tough time for so many people who are losing their business or jobs but the silver lining for a lot of other people is the golden opportunity to start a business and take advantage of great rates, or downsize into a less expensive office space as well as take advantage of first rate deals on move-in specials. As with everything in life, what goes up must come down, so too will the economy and commercial real estate options.
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