Just before and during the 2007-2009 recession, month-to-month leases were very common. During that period, so many businesses experienced financial hardships that the tenants didn't want to sign long term leases. At the same time, tenants whose leases were expiring often asked the landlord to let them rent on a ...
March 21, 2016Lynn Drake
Having managed a fortune 500’s real estate department for many years, I was never a big believer in long term leases. I found that business space needs fluctuate and it's often not good to be locked in.However, there are times when you may want to consider a long-term lease. For ...
March 7, 2016Lynn Drake
In the spring of 2015, I got a 22% increase in my common area maintenance (CAM) pass-through expense. CAM charges are billed pro rata to me and other tenants, based on our percentage of total property square footage and to cover the cost of common area upkeep.When I sent an ...
February 29, 2016Lynn Drake
Are you a new business looking to lease space? Most landlords require you to provide financial statements from your accountant before making decisions on whether or not they’ll lease to you, or how much of a security deposit will be required. If your business is brand new, try and find ...
January 25, 2016Lynn Drake
At Compass Commercial, we are a part of International Tenant Representative Alliance (ITRA). This organization allows us to offer service to our clients across North America. We have given many referrals to our network and are also the recipient of many referrals. Twice a year, the owners of ITRA ...
January 21, 2015Lynn Drake
When I first opened my business, it felt like we had a revolving door of people. We interviewed people who seemed perfect for the position, and perfect for the company, only to find out, weeks later, that we had made a mistake.Over the years, I’ve tweaked my hiring formula ...
September 10, 2014Lynn Drake
People are often shocked that I left corporate real estate after 25 years of climbing the corporate ladder. Certainly, the timing, just 10 days before 9/11, wasn’t great, but over the years, I’ve never once regretted my decision.It’s very interesting to hear people tell me that it’s much safer ...
June 18, 2014Lynn Drake
Our new offices are in a Class A building. The suite looks more like an art gallery than an office space, with high ceilings, and an 8-foot glass wall along one side of the office. The only thing missing is a gym—good thing we’ve got one right next door!Beginning your ...
May 22, 2014Lynn Drake
In this industry, one can’t help but develop favorite landlords. The ones who treat your prospect like gold. The ones who go out of their way to be accommodating. This year, I had the pleasure of working with a firm called Shaw Construction in Livonia. They were so accommodating to ...
April 23, 2014Lynn Drake
Some of us speak Greek, Spanish, French or Mandarin, in addition to English. We think that if we can speak these other languages, surely we can speak real estate. But that’s where we’re wrong. See, not everyone can speak real estate. That’s why it’s important to work with a tenant ...
March 5, 2014Lynn Drake