While observers debate whether a commercial real estate crash is looming, the question you need to answer is: Should I keep or leave my lease?
There’s confidence that the commercial real estate market is finally stabilizing, but fears of another dive if building owners can’t pay off or refinance mortgage loans coming due in the next 12 to 18 months.
Illegal Immigrant enforcement law adds another hit to weak local and state economies.
Arizona’s stiff law on halting illegal immigration goes into effect this week, barring judicial action. We’re already seeing the ramifications of SB 1070 on the Tucson commercial real estate market.
The law, scheduled to go in effect on Thursday, July 29, says anyone in Arizona who is illegally in the United States is criminally trespassing in the state.
But Roundtable Survey shows concern for refinancing challenges and impending wave of defaults.
Senior real estate executives say they’re feeling optimistic that commercial real estate is beginning to stabilize.
The big question is will the other shoe drop with a stomp?
The Real Estate Roundtable’s Q2 Sentiment Survey indicates that the market nationwide may have finally hit bottom and that valuations may be on a slow crawl back up.
Don’t let a soft Tucson commercial real estate market fool you. You can save if you start looking at new or renewed leases early.
With all the vacant commercial real estate space in Tucson right now, you might think you can snap up a good spot for your business in no time.
Tucson’s Soft Commercial Real Estate Market offers Tenants several options to save on occupancy costs.
According to Commercial Real Estate Group of Tucson, commercial tenants have received their 2009 expense reconciliation statements of operating expenses and taxes from their landlords. Typically, you have 30-60 days after receiving these statements to give notice to the landlord if you wish to perform an audit. If renting office space, industrial space, warehouse or other commercial real estate, now is the time to inquire if your landlord is over-billing your company; an audit may save you substantial sums of money over your lease term.
Gain power in renegotiating your commercial lease by knowing where landlords stand, shopping around and walking away.
These are the best times to renegotiate a lease on your commercial real estate space. Landlords will make any reasonable accommodation to keep you where you are.
But they won’t tell you that.
Renters of commercial real estate can find one bright spot in this dim economy. Landlords are negotiating more attractive packages to fill their empty spaces and keep good tenants from leaving.
“We’re finding that landlords are asking for rents somewhere between 20 and 30 percent lower over last summer in order to fill their empty spaces,” says Michael S. Coretz, broker with Commercial Real Estate Group of Tucson. “For some building owners, it’s better to keep some revenue coming instead of none at all.”
Long life, loose fit, and low energy – these concepts are figuring more and more into the bottom line of many businesses. Long life refers to using long-lasting materials like brick, while loose fit means designing in a way that is versatile, recognizing the fact that the use of a building may evolve, low energy refers to incorporating energy-efficient features into buildings.
Going green not only conserves natural resources, it can also save you money, and not just because your costs are reduced. Some energy-efficiency tax credits signed into law recently are still in effect. These credits are available to consumers for the purchase and installation of energy-efficient appliances and products, as well as the purchase of fuel-efficient vehicles.
