Search
 

Renewing Office Tenants Maintain Leverage

MIAMI-Landlords are doing whatever is necessary to retain longtime occupants.

By Carl Cronan | Updated on July 01, 2009

MIAMI-It’s a good time to be a renewing office tenant, and the longer one has been in a building, the better. Occupants at or near the end of their lease terms are able to negotiate better rents, or at least more favorable space, during the ongoing downturn.

The latest example of this type of leverage is a renewal and expansion by InSource Inc. at the Dadeland Towers South building, where it has had its headquarters since the early 1990s. The insurance and employee benefits agency will move from the second floor to the building’s fourth floor, signing for 13,176 square feet, including a 1,000-square-foot expansion.

“This deal was kind of a poster child for this type of scenario,” Bob Orban, senior vice president and local branch manager with Studley Inc., tells GlobeSt.com. He says the renewal between InSource and building owner AvMed Inc. had been going on for the past year and a half as the tenant considered possibly relocating to another office building.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.