Competitive Lease Rates in 2010

We have all heard about and/or been impacted by the downturn in the residential housing market, but a quiet downturn in the commercial market has also been occurring. With the downturn suites have been vacated as business downsize, are bought-out, or go out of business. And, with more vacant suites and buildings on the market than in many years, lease rates are highly competitive in virtually every market except  the Rust Belt (North and South Dakota, Colorado, etc.) which haven't been impacted significantly by the Great Recession.

If you haven't taken a look at your lease recently study it now while the market is low, especially if your lease is coming up for renewal in the next few years! Then contact a commercial  leasing agent to open those discussions and rework your lease now! Also, do not negotiate your own lease unless you're the building owner... Leasing for your office is as emotional as buying a home and using an agent for  home purchases is the gold standard. An agent will dot the "i's" and cross the "t's" - plus they're savvy on the rates for the building Class and the type of lease you have. In some cases your agent may need to educate your landlord about the market in their area and, if they aren't willing to renegotiate to a lower lease rate than ask for a Tenant Improvement allowance instead. Then use those funds to make small, appropriate updates to your office like new carpet, vinyl floors, wall covering and paint. Keeping your interior looking stylistically current with well maintained materials is the key to continuing to keeping your practice fresh for current patients while attracting new ones.

Either way, the savings or updated interior will be yours and that is money in the bank!