With the exception of a few lucky cities whose markets are raging back to life, we don’t expect vacancy rates for most US cities to ever go below 10%. Why? For starters, many older buildings need to be torn down. Vacant buildings quickly become homes to homeless people unless someone ... Read More
Tag: Tenant Rep
11
Apr2013
Last year, I sat on a panel led by Knoll with many designers and architects, and we discussed the ratio of people to a desk. Currently in most major companies, the ratio is 2-3 to a desk. In a sales organization the ratio can be as high as 20 employees ... Read More
April 11, 2013Lynn Drake
25
Mar2013
What I’m about to share with you might come as a surprise. Are you aware that the large insurance companies got together a few years ago and decided as a group not to offer notice of cancellation policies to landlords? Well, that’s not 100% true – you can get it, ... Read More
March 25, 2013Lynn Drake
11
Mar2013
Let me tell you a story. We were working with a nonprofit on a lease renewal in Ann Arbor. The original landlord of the building was excellent – the trouble only began when he passed away and his son took over. The lease had what we in the business call ... Read More
March 11, 2013Lynn Drake
27
Feb2013
Does the song sound familiar? Well, it’s a tune every tenant should be singing – twice a year. That’s right. Every tenant should check their lease expiration date twice, and make sure to start their search at least a year in advance. Wondering why? Doesn’t a year sound a bit ... Read More
February 27, 2013Lynn Drake
19
Feb2013
This past year, it seemed we ran into more landlords who worked against our clients than we did landlords who worked with them. In Virginia, every time we found a subtenant for a sublease, the landlord in question would lure them over to another listing in the building. Meanwhile, in ... Read More
February 19, 2013Lynn Drake
27
Sep2012
Most of my career the vacancy rate in the City of Detroit has been extremely high. Yet as 2011 turns into 2012 we see the City of Detroit making real progress with occupancy. According to Co-Star which measures all of the statistics Detroit is seeing improvement quarter over quarter. The ... Read More
September 27, 2012Lynn Drake
12
Jul2012
Over the next few weeks, let’s exchange some lease clauses that drive us crazy. During my 25 years in corporate real estate I had to live with some mighty repugnant clauses, prohibiting such things as sub-leasing a portion of space, occupying the building on weekends or hiring a satisfactory janitorial ... Read More
July 12, 2012Lynn Drake
08
Mar2012
Some of us speak Greek, Spanish, French or Mandarin in addition to English. We think we can speak real estate, but you had better know someone who can speak fine print or your lease terms could get lost in translation.Pay careful attention to how a commercial or ... Read More
March 8, 2012Lynn Drake
13
Feb2012
Harvey MacKay, author of the seminal business book, “Swim with the Sharks without Being Eaten Alive” (prequel to the reality show, Shark Tank) suggested that entrepreneurs focus their energies on drumming up business and managing staff. He recommends leaving the jobs you know little about to professionals who know a ... Read More
February 13, 2012Lynn Drake