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Restructuring and renewing existing leases in today’s commercial office market: Guidelines for tenants to evaluate options and negotiate terms

J. Michael Dow (CRESA Partners, 100 Park Avenue, 24th Floor, New York, NY 10017, USA; Tel: +1 212 758 3491; Fax: +1 212 980 1977; e‐mail: mdow@cresapartners.com)
Gerald A. Porter (CRESA Partners, 11726 San Vicente Blvd Suite 500, Los Angeles, CA 90049, USA; Tel: +1 310 207 1700; Fax: +1 310 207 0930; e‐mail: gporter@cresapartners.com)

Journal of Corporate Real Estate

ISSN: 1463-001X

Article publication date: 1 July 2004

Abstract

Over the past six months, much of the commercial real estate activity across markets has been comprised of lease renewals, many with restructured terms to capitalise on the tenant’s favourable position in the marketplace. With mounting optimism of an economic recovery on the horizon, this trend is increasing as scores of corporate space users are renewing existing leases to take advantage of rates before the pendulum swings back in the landlord’s favour. Although a renewal and restructure could potentially deliver significant occupancy cost savings, only those carefully considered and effectively negotiated offer tenants the most significant long‐term benefits. This paper provides guidelines for corporate tenants to determine whether a lease restructure is feasible and offers strategies for negotiating the best possible terms.

Keywords

Citation

Dow, J.M. and Porter, G.A. (2004), "Restructuring and renewing existing leases in today’s commercial office market: Guidelines for tenants to evaluate options and negotiate terms", Journal of Corporate Real Estate, Vol. 6 No. 3, pp. 237-242. https://doi.org/10.1108/14630010410812360

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited