High Rise: Hughes Marino Looks at the Upward Trend of Office Rent Costs

Despite a significant drop in demand for commercial office space, the price of office space rental has decreased little, if at all. Hughes Marino has experience with both buyer and tenant representation, positioning them to help you navigate this challenging market, especially if you are looking for a new business space.

Sticker Shock: Landlords

Hughes Marino also shares this. While commercial landlords aren’t a formally organized body, they are all largely responding to the same market forces and matching each other’s moves (and prices). As long as they control the spaces, there is very little to stop them from setting the prices where they want them. Since lease prices aren’t in the public record, it hampers the ability of would-be lessors to “shop around”.

In the Middle: Brokers

Brokers are ostensibly a neutral go-between, but in practice they are typically going to support the landlord as the landlord is in a better position to benefit the brokerage. This further entrenches high rental prices and keeps them from going down. Successful and reliable rep firm Hughes Marino works for tenants as well as owners and also offers lease restructuring to help balance the scales.

Great Expectations: Investors and Lenders

Another reason landlords are hesitant to lower prices is the expectations of their investors, Hughes Marino adds. They have to satisfy them as well as the holders of any debt they may have. This will be their top priority, well above giving favorable terms to a renter.

Despite a significant drop in demand for commercial office space, the price of office space rental has decreased little, if at all. Hughes Marino has experience with both buyer and tenant representation, positioning them to help you navigate this challenging market, especially if you are looking for a new business space.   Sticker Shock: Landlords…