For businesses looking for a great deal on office space, there is no better time to look. Due to the economic downturn, many businesses have gone belly-up or moved out of expensive leases. Sadly, empty office space is never a good thing but the silver lining is that there are affordable options available to new start-ups or businesses that are doing well in this economy and looking to expand their business.
Corporate real estate owners are offering great rates, deals and special incentives in order to get businesses to sign new leases. Besides filling empty office spaces, commercial real estate owners are trying to appease to their current tenants who are reluctant to sign another lease. But that can work for a business owner’s advantage; the option to renew a lease rather than take on the expense of moving is more attractive to several business owners who may have had plans to expand or move.
Vacant stores, retail spaces and office spaces don’t help neighboring retailers and other offices and often become a target for vandalism and usually fall into some form of disrepair. If landlords can offer more incentives for struggling businesses to stay, it may be worth giving a month’s lease for free in order to keep a business or attract new ones.
The hardest hit areas for commercial real estate vacancies are Michigan, Arizona, Las Vegas and California. The metropolitan cities of Oregon and Washington State are among the least affected, but still affected none-the less.
The hardest thing to measure is the trickle down affects of all the commercial real estate vacancies and office space. When the people leave the area, people stop going to the restaurants and other businesses in the area and so on. When people stop going to the grocery stores and stopping into after work happy hour or coffee shops, it’s much more than the business workers who are affected. It’s everyone who works in those smaller businesses who are affected.
It may be great for new businesses looking for once hard to get space, but in the end, vacant signs on businesses affects more than just those businesses.
About the author: Melissa Peterman is a web content specialist for Innuity. For more information regarding Corporate real estate or office space go to Royal Commercial.
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