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Leasing Is Not Cut-and-Dry

NEW YORK CITY-Short-term deals, subleasing, variations, turnkeys and free rent are all on the table in leasing negotiations, REBNY panelists say.

By Cody Lyon | Updated on March 05, 2009

NEW YORK CITY-Referring to current times as uncharted waters, William Montana, chair of the Real Estate Board of New York’s commercial board of directors, opened a panel discussion on negotiating leases Tuesday night by professing a sense of uncertainty about how best to navigate into the future. “We’re all experiencing some things we haven’t seen before and trying to figure out how to operate in this challenging environment,” Montana, managing director of Studley, told an especially attentive group of brokers and other industry professionals at REBNY’s Mendik Education Center.

The night’s consensus: credit will rescue the market; deal re-trades are no longer the exception but are becoming the rule for now; the word ‘no’ has been temporarily eliminated from the vocabulary of sublease agents; and tenants should not deal with landlords like used car salesmen.

Moderator Frederick Marek of the Vortex Group posed several questions to a panel of current real estate luminary that included Calvin Farley, managing director of leasing, at Tishman Speyer, Robert L. Freedman, executive chairman, FirstService Williams, Nicky Heryet, senior managing director, Colliers ABR; Donald M. Preate, executive director, Cushman & Wakefield; and Sloane Rhulen, first VP at CB Richard Ellis.

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