In a Tenant's Market, You Still Need Representation
February 24, 15
According to a recent article from GlobeSt, if the price of oil remains low, the opportunities for tenants to reduce their rent expense will increase. In addition, the availability of office space will also increase.
Between October 2013 and October 2014, Houston saw the creation of 120,600 jobs -- an annual job growth increase of 4.3 percent. While many of those jobs came in the mining/logging industry, other vital sectors also grew, including healthcare, social assistance, transportation, and warehousing. The first quarter of 2014 produced record-high rental asking rates. Those rates have declined slightly in the past year, but remain 3.2 percent higher than they were one year ago in spite of an additional 6.6 million square feet of newly constructed office space. The city remains the third highest in the U.S. in terms of foreign investments into office space.
Though an increase in office space available and a decrease in rent prices make for a tenant's market, it doesn't mean that the market is an easy one to navigate alone. If you're nearing the end of your lease or you're looking for a new place in which to "set up shop," or if you want an expert's help to negotiate your lease renewal at your current location, our Tenant Representation services can help you in the following ways:
Familiarity with the area's commercial real estate market. We know the area and understand it well. This is particularly invaluable if you're not from Houston and you need assistance in determining which part of the city would work the best with the type of industry you're in.
Experts in negotiation. Our familiarity with the area and our knowledge in negotiation will not only help you to discover a number of options that will work well for you, but can also put you in the position to get the best space available at a price you can afford.
It doesn't cost you anything upfront. Just as a realtor's commission is built into the sale of the home, the costs associated with your representation are paid by the landlord. You have nothing to lose and everything to gain.