Well-located vintage assets have a vital role to play—if you have the right game plan.
By Jordana Rothberg | March 18, 2024 | As published by Commercial Property Executive
Sometimes, age does matter. At least, some tenants think so.
When it comes to a broker’s job of getting an older property leased, everyone has a slightly different strategy. Commercial Property Executive asked these three brokers what their game plans entail.
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Providing the right information
Retail tenants today have high demands for power, parking and HVAC. Matt Hammond, partner, Coreland Cos., told CPE that these needs add an additional layer to retail lease negotiations no matter the age of the property.
For brokers looking to get an older retail building leased, it is key to address these concerns upfront, Hammond noted. Prospective needs to know what is available in the property and the additional steps that the landlord is willing to take.
“It’s important to know if a landlord has the ability to deliver required upgrades and at what cost,” Hammond said. “This practical discussion allows both tenant and landlord quickly determine if there’s an opportunity to do a deal.”
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