"Smart companies do it. I advise all clients who have larger leases after two to three years to audit leases," Jim Vanderslice, senior vice president of private capital investment in Dallas for Santa Ana, CA-based Grubb & Ellis Co., tells GlobeSt.com. "The tenant doesn't have to do it, but I think it's important that any tenant 5,000 sf and over take a look at it." The need is particularly critical if buildings change hands or the tenant has been in its space a long time, he says.
In a benchmark survey, the New York City-based Deloitte Financial Advisory Services LLP found 84% of 200 corporate executives realized cost reductions from lease audits, of which 41% reported "significant savings." On the owner side, 74% reported lease reviews resulted in expense recovery.
Deloitte's Dallas team will be hosting seminars Nov. 19 and 20 for lease administration and audits, respectively, for tenants, property owners and corporate account executives. The sessions will be held in Deloitte's office at 2200 Ross Ave. in the Downtown.
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