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Showerthought: I was overpaying for warehouse space because I kept renewing the same lease
Walked past a building on Michigan Ave last week that was half my rent per square foot. Called the owner out of curiosity. Realized my broker never shopped my renewal around for 6 years. Just took the landlord's first number every time. Any other Detroit landlords willing to share what they're actually charging per foot right now?
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blair59718d ago
(@wendy391) makes a good point about hidden costs, but did you actually ask that building's landlord what their elevator downtime and parking situation look like lately?
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wendy39120d ago
Six years of not shopping your renewal around sounds like you were getting a fair deal for a long time actually. Landlords don't keep offering the same low number if they know you'll walk. If your space is older or has weird layouts, you might have been paying market rate the whole time. Plus, that building on Michigan Ave probably has zero amenities or parking, and their elevator breaks down twice a month. You'd pay that lower rent once but then lose three days of work waiting for freight to get unloaded. Sometimes stability has real value even if the sticker price stings a little.
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elliot_taylor19d ago
Didn't a buddy of yours get stuck in that same elevator for an hour?
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Yeah, Pete from the third floor. Took them forty five minutes to even get the doors open. He still brings it up every time someone mentions that building.
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