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Today's Economy Forces Landlords to Get Aggressive...Tenants Reap the Rewards
Date:9/2/2009

o face dwindling markets, stock prices crashing and their business horizons in doubt.

While interest rates are relatively low, based on historic standards, the qualifications to refinance the mortgage may increase. Recessionary pressures on businesses have lead landlords to reduce their effective rents, especially when confronted with an experienced tenant representative broker. These lower rent rolls may result in some landlords being unable to qualify to refinance their existing mortgages. This unanticipated "cash call" may have some of the weaker landlords scrambling for capital at a time they can least afford it.

The caveat is that opportunities in this economy may vary from market to market and building to building. Some landlords - generally those with stronger portfolios - are better positioned to do what it takes to keep tenants They will negotiate lower rentals, escalations, new construction allowances, free rent, lease extensions and space reductions to encourage early lease renewals. This is where exclusive tenant representation as offered by ITRA representatives, who never represent landlords, can use their un-conflicted, objective market knowledge to negotiate better terms for office tenants. Here are a few examples of what ITRA offices across North America are negotiating on behalf of tenants:

In Manhattan, ITRA's Andrew Stein and Bert Rosenblatt, recently completed a lease renewal for a client. Negotiations started 12 months ago at $73 per square foot, which at the time was $7 per square foot less than the asking price. As negotiations progressed, the landlord got more and more aggressive. Now a year later the transaction closed at a $53 per square foot rent for 15
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