One of the most popular topics of discussion at commercial real estate conferences over the last few months is when will the current rush of U.S. apartment construction slow down -- and recent government numbers and commentary from CoStar economists suggest that the answer may not be any time soon. Renter lifestyle is appealing to both the older and younger cohorts as homeownership rate continues to lag.

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McEnearney Commercial is pleased to welcome Adam Tafesse 

and Ann Page to the team. 

 

Adam is a native Virginian and has represented owners, buyers, tenants and investors since 2011. He matches his clients' goals with an understanding of the local Commercial Real Estate market. He has experience dealing with county government planning and zoning departments, is a CCIM designee and member of the Bailey's Revitalization Committee. Contact Adam ___________________________________________

Ann joins McEnearney Commercial after five years as a managing director/broker of commercial real estate in McLean, Tysons and Arlington. She brings with her over twenty-five years of experience in commercial real estate and has been a consistent top producer by transaction volume. She has identified some of the most successful condo projects in the area. Ann is a member of GWCAR million dollar-sales club.     Contact Ann

 

Current office vacancy rates in certain markets are helping tenants gain more favorable terms when renewing their leases. According to first quarter market statistics published by the CoStar Group, total vacancy in the CBD is 10.7% and in the Suburban market a whopping 17%. The highest concentration of vacancies is in the Class A & B Markets.

 

As a result, many landlords are working hard to retain existing tenants. This trend is giving existing tenants an advantage in negotiations for renewals and extensions to their existing leases. Even businesses with a year or more to run on their current lease are finding landlords are willing to entertain negotiations in advance of lease expiration.

 

So, how do you know if this works in your favor?  Look at the market reports from CoStar.  

 

 

VIEW THE ADVISORY REPORT Q1 2015

Source: CoStar Property ®

To get a closer look go to www.McEnearneyCommercial.com and follow the link to more detailed reports from CoStar. Then evaluate your business model and ask yourself some questions:

 

• Are you comfortable in your present location;
• Are you able to project the current and future level of your staffing needs;
• Have recent technological advances enabled you to reduce or expand your footprint;
• What would your landlord need to offer to incentivize you to extend your lease?

 

If you are ready to investigate your options more thoroughly, Bob Swearingen and John Quinn of McEnearney Commercial have experienced this type of market before and stand ready to provide the knowledge you need to succeed in all of these negotiations. Contact Bob and John at 703-683-2700 or by email at [email protected] or [email protected].