Corporate Real Estate Advisors
Exclusively Representing Tenants & Buyers Worldwide

Commercial Real Estate News

 

Read the latest in commercial real estate from our ITRA partners around the world.

Over the last few years corporate space downsizing and hybrid working trends have created a precarious ownership environment for some office building landlords worldwide. When office buildings don’t have enough tenants paying rent, there is a real possibility that a foreclosure could occur.

Even though the industrial markets remain tight there are more space options today for occupiers to consider as compared to a few years ago. The amount of new warehouse space being delivered to the market, coupled with sublease space options, has increased vacancy levels slightly

Overall office market vacancy levels will remain elevated in 2024 in most markets as corporate space occupiers continue to downsize their footprints as lease terms expire. Large cities such as New York, San Francisco, Chicago, Los Angeles, Seattle, and London experienced significant negative absorption in 2024 which increased office vacancy rates.

The retail markets remain quite healthy with positive absorption in most major cities during 2023. Overall vacancy rates, including single tenant properties, range from 2.5-5%. Asking rental rates increased throughout 2023 and that trend is expected to continue into 2024.

ITRA Global êAtlanta – Corporate Real Estate Advisors is pleased to announce the addition of three new members to their commercial real estate team.

Tenant improvements and tenant improvement allowances are provided in many leases. How these items are provided depends on the building, the landlord, the market, and the tenant. 

Full disclosure is an integral piece of any real estate transaction. While residential real estate transactions are highly regulated, commercial real estate plays by different rules. Let’s talk about the significant differences between the two.

Most headlines today concerning the office market say tenants are giving up space, causing vacancy rates to increase―especially in many downtown areas. The tenants in those buildings are enjoying extra attention from their landlords and experiencing improved leasing flexibility. Some tenants are going very short-term on their leases, even month to month, so they have maximum flexibility. However, tenants who get lulled into a sense of complacency may be in for a rude awakening and an unexpected change of address.  Let's talk about losing your office space to another tenant.   

A lease evaluation is essential before you decide if you are/are not renewing your current lease, but you most likely don't have the time (or interest) to review it yourself. In that case, you should consider retaining an exclusive tenant advisor to guide you through your space needs, costs, and available options in the market. At a minimum, you should start with these top five considerations: