In commercial property leasing, you as the real estate agent meet with different types of tenants on a regular basis. They will have varying issues and challenges when it comes to selecting a property. The leasing decision process is longer and slower.
In most situations and circumstances of leasing the tenants can pick and choose their property from the local area. Landlords have to adjust their rents accordingly. Strategy is everything today when it comes to leasing property and tenancies.
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Every landlord should be very aware of exactly what tenants want in their new lease or location, and the landlord should be matching those needs in promoting, marketing, and pitching their vacant tenancy.
Market Intelligence Matters
So some of the most important facts of market intelligence to be monitored for leasing commercial or retail property are:
- Levels of rental that tenants are paying for new leases in the local area
- types of incentive that tenants are asking for
- size of incentives offered for a new lease given the influence of other competing property in the local area
- The time on market to finalize and secure a lease locally
- Available comfort services for staff such as car parks, showers on site, gyms, common areas, and kitchens.
- Green rating of buildings to provide efficient occupancy and cost controls.