By Bob Andelman
If you’re in the middle of what once seemed like a market rate office lease that now seems precariously expensive, you’re probably looking at rising vacancy rates—and presumably dropping costs per square foot—with envy.
And if you’re near the end of one of those leases, you’re probably rubbing your hands with glee over the prospects of landlords competing with vastly reduced rents to attract your business.
Not so quick, friend.
Office brokers around the Tampa Bay area are advising caution in making major lease changes. Rates haven’t plummeted the way you might think because, unlike previous downturns, this one wasn’t preceded by a building boom in the office sector. And while landlords are offering concessions such as free rent, many are being tight-fisted with build-out budgets.
Copyright 2008 Bob Andelman. Click here for copyright permissions!
Some stories may appear in unedited versions that are different from their print counterparts.
Copyright 2009 Will Eisner: A Spirited Life by Bob Andelman