The Indianapolis commercial real estate market and the market throughout the U.S. is more turbulent than it has been in nearly 20 years. In fact, when it’s all said and done, today’s market may prove worse than the first commercial real estate recession I experienced from 1989 to 1993.
In the current environment, Landlords are doing all they can to maintain occupancy and continue to generate enough cash flow to service their debt. In an environment like this, tenants have a tremendous opportunity to negotiate aggressively with landlords; however, there are numerous pitfalls that can trip up even the most stable companies looking for an attractive lease in the right building. That is why it is now more important than ever to rely on a seasoned commercial real estate broker that works exclusively as a tenant representative to assist you with your space needs.
Given current conditions, exclusive tenant representatives' insight is invaluable. A tenant representative is a commercial real estate broker that specializes in only representing tenants, thus, eliminating the potential for conflict of interest that can occur with brokers that both represent tenants and landlords. A “Tenant Rep”, as they’re known, can help you make sense of the quick ups and downs of rental rates, concession trends, occupancy numbers and key company relocations or bankruptcies that are impacting the local real estate community. They are also in touch with important space usage trends, such as how to best leverage open floor plans, negotiate an environmentally-friendly fit-up and whether or not subleasing is a good option for your company.
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