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psf: Newmark Knight Frank - Detroit INDUSTRIAL Market Report - 2Q09 - 10/01/09 01:55 PM

During the second quarter of 2009, the Detroit industrial market continued to weaken.  The third consecutive quarter of negative net absorption has added 7.3 million square feet of space to the market, 5.1 million square feet of which have been added in 2009.  The vacancy rate increased to 18.0%, its highest level on record, from 17.1% in the previous quarter.  The average asking rental rate fell in the second quarter to $4.25/sf from $4.37/sf reported during the first quarter, and is down 4.0% from $4.43/sf over the last year.  Rents have declined 23.9% from $5.59/sf, the peak during the third … (0 comments)

psf: Not Another Office Lease Nightmare Story!? - 07/16/09 10:41 AM
Yet again, we met with another company and the story is the same!
So many of these companies signed leases in a "different" market, and the lease that they had agreed upon included an annual increase, or a rent escalation, usually of $.50 cents per square foot per year.  The problem is, they are in their 3rd or 4th year of a long term lease and they are now paying an exorbitantly high price per square foot.  In some cases, they are paying close to DOUBLE what the market rate is.
What is Rent Escalation? Fixed rent over a longer-term lease … (0 comments)

psf: What is a Lease Restructure? - 10/17/08 01:35 PM
The idea of a lease restructure is fairly simple:
Assume that you have 4 years remaining on your original 10-year term lease. Your original lease was most likely structured with an annual increase based on yesterday's lease rates. If you were to sign a lease today in most cases it would be lower than what you are currently paying. We would build leverage by placing your existing space on the market for sublease, examining less expensive options and approaching your landlord to restructure your lease. During this lengthy negotiating process with your landlord we would also approach several outside landlords to … (0 comments)

 
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Jason Tucker

Richmond, VA

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Address: Richmond, VA, 23294

Office Phone: (248) 431-8138

Cell Phone: (248) 431-8138

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Jason is personally committed to a holistic approach for assisting local and international companies with their strategic real estate needs. He provides his clients with targeted real estate market research, industry trend analysis, and logistics solutions that enable them to make well-informed, cost-effective decisions about their businesses.


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