Success Stories

In today’s office market, landlords are providing generous improvement allowances to fund the renovation of office space for new and renewing tenants. The amount depends on many factors including the credit worthiness of the tenant, the terms in the lease and the total square footage of the space. Generally, a landlord offers more for larger tenants with a longer lease term (seven years or more).

Tenants who find themselves in a situation where they need to consider buying out of their existing office lease often do so for various reasons. In this article, we will explore the three main motives behind such a decision and discuss the potential advantages and considerations for tenants. Additionally, we will delve into the implications for landlords, including their strategies to avoid extended vacancies and the benefits they can offer to tenants in the process.

Most tenants understand the impact of office rent on their bottom line and try to reduce it, often by negotiation. However, they frequently overlook free rent, a common concession in the current real estate market.

Most tenants understand the impact of office rent on the bottom line and try to reduce it, most often by negotiation. However, they frequently neglect free rent, a common concession in the current real estate market.

What is medtail and why are we writing about it? Honestly, when we first saw this word in writing, we had to Google it. This new buzzword refers to a medical or healthcare tenant occupying space in what has traditionally been a retail environment. If you pay close attention, there’s a good chance you’ve seen these new alternative ‘stores’ pop up in your local shopping center. Over the past few years, Healthcare clinics have been opening in strip malls across the country, but the COVID pandemic has kicked things into overdrive, bringing this emergent trend front and center.

Tenants just evaluating the rental rate when comparing building A ($22/sf) to building B ($20/sf) may be making an error much more costly than a 10% discount. We recommend determining the size of your office as the first step in a renewal or relocation process.

When landlords pay for modifications to their existing or new tenants’ space, they will charge a higher rent than if a tenant takes the space in its “as is” condition. Unfortunately, for a tenant trying to assess a fair rent to pay based on certain alterations, the impact on the rent is more complicated than, for instance, the amortization of a loan.

First, determine how your proposed layout will differ from a typical layout and whether or not your improvements would be favored by other tenants. The more your proposed changes differ from the norm, the more they will be considered a special-purpose build-out and decrease your negotiating leverage.

We all recognize this is a crisis unlike any other that has impacted our businesses. Never-the-less, during this or any

It is imperative for tenants to evaluate moving costs when considering office space relocation. Some expenses, such as the cost of the physical move and IT set-up are obvious line items in a budget. However, many less apparent expenses present themselves throughout the transition process. Over the years we have seen items consistently causing companies to underestimate their moving budgets.

A key fault line of many organizations is the intersection between business and friendship. Often tenant friendships with landlords become business relationships as well as vice versa. When you work with someone on a common goal or struggle in a business environment, you learn a lot about people. You often bond together, and that bond affects future decisions … as it should.

An office space search provides the opportunity to relocate to a new building or complex with an abundance of amenities including large indoor and outdoor common/gathering areas, an on-site conference room, fitness center, child day care, concierge, shuttle to train, covered and reserved parking, storage space, and even boat slips. The current economy, high vacancy rate and abundance of furnished sublease space gives area companies an option to upgrade to a luxury location packed with amenities.

Despite some flickering signs of growth, today’s Fairfield County office market continues to have a high vacancy rate. Many submarkets such as Norwalk and Stamford have been affected due to decreased demand. As a result, there are a slew of properties available at rental rates 15-30% lower than they were two years ago. This includes direct space as well as subleases at greatly reduced rents, with furniture included!

A dramatic shift is transforming office space design. Office size based on title and sitting at a desk from 9-to-5 have become obsolete. Some of the latest trends are listed below:Redistribution: Office space was traditionally assigned based on seniority in the company. Today, many companies are providing space based on need: executives are sacrificing

First, let us point out that due to the lack of new buildings in the Fairfield and Westchester county office market, almost all available space is second or third generation (meaning one or more tenants previously occupied it).