While recent headlines mention a potential looming recovery in the Office market, the pandemic continues to inflict damage on people and the economy, and companies and workers have continued to hold off on returning to the office workplace in pre-pandemic numbers. This has caused office vacancy percentage and the amount of space marketed for sublease to skyrocket, as companies exit leases, reduce their real estate footprint and try to shed costs.
In Dallas-Fort Worth, Texas, the market has shifted from a Landlord’s market pre-pandemic to a Tenant’s market at present, with Tenant’s seeing an increasing abundance of choices and enhanced negotiating leverage.
Tenants Proceed With Caution! While Tenants may sense opportunity for lower rents and be enticed to go-it-alone in their search for the right location and space, now is exactly the right time for them to have representation from an experienced Corporate Real Estate Advisor / Tenant Rep Broker to lead or support their search. In addition to market expertise and the traditional services they’ve always offered, in these unique times the right Advisor will support Tenant’s with the following:
- Due Diligence on Landlord or Sub-Landlord’s financial condition and likelihood of continuity.
- Assistance in evaluating Property Management and health & safety measures that Landlord has implemented and committed to.
- Market Knowledge on available concessions being offered by Landlords which weren’t on the table when it was a Landlord’s market. Examples: existing lease buyout allowance, moving expense allowance, shorter terms, more flexible termination options, generous rent abatement and tenant improvement allowances, free covered parking spaces, tighter caps on controllable operating expenses and lower annual base rent escalations.
- Negotiating Skills to help you achieve the most favorable terms and conditions in a lease that meet the needs of both Tenant and Landlord.
If you are wanting to take advantage of market conditions and find the right office location and space for your organization, consider getting assistance from the right Corporate Real Estate Advisor / Tenant Rep Broker. Our team would like to be your “right” Advisors!
Visit www.sidecarcre.com, email to [email protected] or call (214) 600-5114 to learn about The Sidecar Difference and discuss your real estate goals. Sidecar Commercial Real Estate®…Beside You For Your Corporate Real Estate Journey!