One of my specialties is representing tenants acquire or renegotiate their office space lease. The building owners are working with me to lure and maintain my clients. They are offering to lower the rent, giving months of free or 1/2 rent, free storage space, reserve parking, new carpet, wall covering etc.
The landlords realize if they don't do everything my clients will likely go to a competitors building.
It's a great time to be a tenant if you have my market knowledge working for you.
Below is an example:
Early Lease renewal of class A tenant lease in Atlanta MSA, this was done 10 months prior to the end of the lease.
•· Rent lowered from $24.18 to $21.50 per square foot
•· Concessions: 6 months of ½ rent payments
•· $14,925.00 in TI to refresh the space (any unused TI would go towards additional abated rent)
•· Term 39 months renewed 10 months early
•· 2,985 RSF
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