Business Specialties  Leasing
Average Lease Terms Shrink as Tenants Seek Short-Term Extensions
Jul 07, 2009

The average terms for office and industrial leases reached their lowest levels of the decade in the second quarter, according to a report by real estate services firm Grubb & Ellis Co. The average office lease during the quarter was just 52.3 months, while the average industrial lease came in at 43.4 months. The recession and weak corporate revenues have prompted many tenants to opt for short-term renewals as existing leases expire, as opposed to longer extensions. And landlords, for their part, are in no position to demand longer terms, given the downturn in demand for space across markets and resultant switch from an owners’ market to a renters’. However, some owners are only too happy to ink tenants to shorter-term leases, hoping that rental rates will rebound by the time those shorter leases are up, this allowing them to jack rents back up.

 
Recent Leasing  Headlines
Vacancy Rental Rates Dropping 19 Percent for Manhattan’s Top-Quality Buildings
Aug 07, 2009
Asking rental rates for Manhattan’s trophy-quality buildings suffered in the first half of the year as the average asking rental rates dropped 18.7 percent, falling to $83.66 per square foot from $102.85 per square foot in fall 2008, according Jones Lang LaSalle’s 2009 Skyline Review.
Timberland Renews 246,000SF HQ Lease in New Hampshire
Aug 06, 2009
New England-based real estate firm Altid Enterprises L.L.C. has inked a 246,000-square-foot office lease renewal with apparel maker The Timberland Co., in Stratham, N.H.
Cassidy & Pinkard Wins 72,100SF Reston Leasing Contract
Jul 31, 2009
Cassidy & Pinkard Colliers has been selected by The Bernstein Cos. to provide exclusive marketing and leasing services for 12220 Sunrise Valley Drive, a 72,100-square-foot office building in Reston Sunrise Park in Reston, Va.
Tenant Signs on for 269,000 SF of Inland Empire Industrial Space
Jul 30, 2009
Newport Beach, Calif.-based Master Development Corp., the managing member of Ontario Two L.L.C., has inked a tenant to a six-year lease valued at $3.5 million in Phase II of its Thoroughbred Business Park, a 2 million-square-foot industrial park located in Ontario, Calif.
Office Vacancies Reach Highest Point in Four Years
Jul 30, 2009
U.S. office vacancy rates have reached their highest point in four years, and rents are falling as a result, according to a report from Cushman & Wakefield Inc. Vacancies reached 13.7 percent at midyear, matching second-quarter 2005 figures, though they still trailed the decade high of 15.5 percent, reached in the second and third quarters of 2003.
 
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