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I would try to negotiate with with your current landlord first. I am on the east coast but commercial and office rents are down significantly. I had to significantly drop tenants rents or they would have gone under. It all depends on the vacancy rate around you. In my immediate area there is over 1 million sq feet of vacant commercial space. Retail is not much better. | |||
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| Thank you Very little  |
Moving to a non storefront business space has advantages, how much of your business is walk in, calculate that pct loss of business moving to a business park location, vs reduced expenses. What's Cali's retail commercial rent situation. | |||
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| Just for the hell of it  |
What's the market like in your area for the rental you currently have? Are there empty spaces? I do a lot of work for a company that owns and manages property like what you posted and medical buildings. I have nothing to do with rentals or anything like that but we do remolding and work like that for this company. I have had many discussions with the president that owns and manages the properties about their tenants. If they have good tenants they like to keep them. It costs them more to find someone else than keep someone who is currently there and no matter how quickly they can re-rent the place they will likely have a month or more of no rent coming in. Sometimes to keep someone they will throw in some remodeling work. New carpet, paint, floors, or other work. They will also finance costs if a tenant wants to make some changes and work them into the rental agreement. A lot of it will depend on the area and market. If they can easily fill the spot at little cost or loss of income you will have a harder time negotiating. The more they will have to spend to get it ready to rent again and how long they think that will take in your market will affect what they will be willing to do. _____________________________________ Because in the end, you won’t remember the time you spent working in the office or mowing your lawn. Climb that goddamn mountain. Jack Kerouac | |||
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Member |
I have friend who is a jeweler. He told me that he lost a lot of business when a couple of restaurants closed next to him. Local foot traffic was a significant part of his business. | |||
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| Little ray of sunshine  |
All this makes sense to me, too. Maybe you can use the end of your lease term to negotiate some better terms from your current landlord? "Would you rather have me, or some Johnny-come-lately?" Have you and/or the whole center had COVID-related downturns? Maybe that is another negotiating tool. The fish is mute, expressionless. The fish doesn't think because the fish knows everything. | |||
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| Member |
Which location is safer ? | |||
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Exceptional Circumstances |
This has been my experience as well. I recently made a move to a larger space and had to invest $100k+ to make it ready for our use. I used that to negotiate a lower per month rent. So far I am very happy with the move but it wasn't without worry. The math has to work. ------------------------------------------------------------------------------------------ ΜΟΛΩΝ ΛΑΒΕ | |||
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| That rug really tied the room together.  |
Around here, so many places are closing shop. Many many commercial buildings are sitting empty, even though they were filled 2 years ago. I think your ability to negotiate a much better deal is STRONG. The location will likely sit empty for months or years if you leave. This is your leverage. Tell the landlord you found much better rate, and you are moving, UNLESS they negotiate a handsome discount. ______________________________________________________ Often times a very small man can cast a very large shadow | |||
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