Commercial Brokers Busier - Even As Tenants Stay In Place
Any business is good business for hard-hit commercial brokers. It has been a lean couple of years.
Chat with a broker and you are likely to find some cautious optimism.
But it’s not based on hot rumors of blockbuster office space moves. Rather, it’s the more pedestrian, lease renewal deals that are keeping our local commercial real estate firms humming right now.
Basically, companies are realizing they have the leverage to negotiate a killer deal without going anywhere. So instead of hitting the market, they are renewing their current leases and locking in great rents for years to come, contends CresaPartners Joe Sciolla, in the firm’s latest market report.
In fact, looking ahead into 2011, CresaPartners predicts as many as 75 percent of Boston area tenants will stay put and restructure their current leases.
Not all that exciting, but it’s the kind of business that pays the bills.