Now several months into 2014, we’ve seen office leasing activity pick up and most markets are reporting more leasing than space becoming available (positive net absorption) with rents continue to increase and rebound from 2008.
Both fundamentals typically favor Landlords but we will still see Tenants maintaining strong leverage as they negotiate their lease renewals, as reported by Costar.
All these workforce factors are reducing office space footprints and are working against Landlords.
As a financial executive or business owner with an office lease due to expire within the next 18-24 months, this presents an opportunity to take advantage of the Tenant’s market by:
Michael Staskiewicz, CCIM is the Managing Broker/ Senior Vice President of The Garibaldi Group and Founder of EffectiveWorkplace.com. Michael helps innovative, purpose-driven CEOs clarify the strategic plan for a world-class work environment, so they can attract the best talent and reduce voluntary turnover.