Michael Schiff, EVP
How Long of a Lease Should a Retailer Commit To?
Oct 26th
By Michael Schiff, Executive Vice President, NAI Capital
The decision regarding how long of a lease to sign is very different for an office tenant than it is for a retailer. An office tenant needs to consider, among other things, how long it will take before they outgrow their space, and if they predict rents will be higher or lower at the end of their lease term. As an office tenant’s business grows, typically the number of employees they have also grows and they therefore need larger space. It’s a bit different for a retailer because as a retailer’s business grows, the retailer usually expands by opening up more units, not expanding the square footage of each unit. In addition, retailers don’t like to relocate profitable stores at the end of the lease since, as the saying goes, “If it ain’t broke, don’t fix it”. More >
Understanding Parking Code Requirements on Retail Properties
Apr 25th
By Michael Schiff, EVP, Branch Manager
Most tenants do not understand how parking code requirements work on retail properties, and that different types of uses have different required parking ratios. At least once a week I receive a call from a prospective tenant on one of my properties that goes something like this: More >
Landlords Faced With the Decision of Giving Rent Reductions
Mar 31st
By Michael Schiff, EVP, Branch Manager
Flash back to September of 2008 when the first massive wave of the recession hit and it felt like the sky was falling. The Dow dropped 778 points in its biggest single-day point loss ever, and giant companies like Lehman Brothers, Merrill Lynch, Fannie Mae and Freddie Mac were collapsing before our very eyes. During the weeks and months that followed, almost every landlord received the influx of calls from their tenants who were saying, “I am going to go out of business if you don’t give me a rent reduction”. More >