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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tommaso who wrote (197139)4/20/2009 5:25:48 PM
From: TheStockFairyRead Replies (1) of 306849
 
there's renegotiations going on for existing leases that are mid term and earlier. in our situation, we occupy 120,000 sq ft and another company occupies 360,000. The other guy which has 2 years left on his lease says he's moving at the end of his lease if they don't get us out so they can take the whole building. we said we'd start looking at offers of 200k plus one year's rent abatement and they weren't blinking on the other side of the table (location, location, location). we will see what they come back with.

also, my friend owns a real estate management company that manages 60 commercial properties and he says that's his life now, renegotation of leases, people in good condition, people in bad condition. if you have a lot of vacancies in your mall it's more difficult to rent them out so they are getting into crappy deals just to keep the tenent.

businss conditions also dont seem to be improving overall so we will see how long this spiral of renegotation goes on.
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