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Rant: I was shocked to see the average commercial lease rate downtown is $18 per square foot now
Found that in a quarterly market report from the city's economic development office. Has anyone else seen a jump in their own lease costs this year?
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jamiew532mo agoMost Upvoted
Our last renewal downtown hit $21 a square foot, which felt like a punch in the gut. We ended up talking the landlord into a longer lease term to lock in the rate and avoid another jump next year. It's worth asking if they'll trade some tenant improvement money for a higher rent, they sometimes go for it. Honestly, you need to get creative because the market reports never tell the full story.
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richard_anderson2mo ago
$21 is rough but downtown has seen way worse. Remember when Class A space hit $30 before the last crash? @jamiew53 is right about getting creative, but sometimes you just have to walk. A friend's firm moved to a cheaper floor in the same building and saved a ton. Are landlords really that desperate to keep people?
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reese_nelson2mo ago
Has anyone tried negotiating for more than just a longer lease term? I've been following this thread and it's rough watching these numbers climb. A shop near mine got hit with a $19.50 renewal and had to give up half their storage space just to stay put. That kind of squeeze is hard on any small business. I really feel for anyone dealing with those rates.
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