I just read an interesting article by Costar (the commercial equivalent to the MLS). The article looked at the recent trend of the decreasing square footage of office tenants. The good thing about Costar is they look at the numbers on a national level and their analysis shows that companies are trying to be more efficient with the office space. That makes sense since rent is typically the second highest expense for a company.
Costar found that smaller tenants are driving the demand for office space and the volume of new leasing has been increasing over the past two years. Keep in mind that a smaller tenant for Costar is less than 25,000 sf. At Sime Realty, we are seeing the same – tenants of less than 25,000 sf driving an increase of lease transactions.
What does this mean to you? It means that the landlords now have the upperhand. The pendulum has swung to their advantage. With the office market steadily improving, why not use a seasoned professional (me) to insure that you are getting the best deal possible. When you need to renew, expand or relocate, give me a call so I can help you navigate through this process. Click here for the full article.