In today’s real estate market, it can be very difficult to find industrial property, and it can be even more so to find it on a short term lease. Many landlords are not interested in doing shorter term leases because they prefer to get longer commitments, especially as rates are on the higher end for the past number of years.
We are pleased to share this success story with you.... (click below to read more)
Recently we were engaged by a well-respected company looking for just this – a short term lease on space to bridge the gap between a larger move, and the hunt was on. Additionally, the tenant had a very specific set of parameters that they needed in order to utilize the space in a profitable way, thus further reducing our options. Nonetheless, they chose to work with the right team (Christopher J. Destino & Erik Thompson of Lee & Associates) to get the job done.
In this present environment, principals and business owners may feel they need to talk to every broker to find what they are looking for, and that is not always a bad approach. However, time and energy can be much better served by working with a select team who knows the market and the participants well, so that a focused effort can be executed. This is a relationship business and working with an agent who has good relationships with other agents and owners can often make the difference when searching for hard to find real estate requirements.
In this case, that was just what happened. As we were working for this client to find their solution we scoured the market, contacted brokers on over 40 different properties, and reached out directly to owners of properties. At the end of the day the solution came from an “out of the box” approach, an idea that not every broker would or could come up with. On behalf of our client we began to call the brokers and tenants who recently leased larger warehouse buildings to determine if they were going to occupy the whole space immediately, or if perhaps they had some extra space they were planning on growing into over the next 6-12 months.
And eureka! We found what we needed. After calling over 10 recent deals of 100,000 sf and up, we found a company who recently leased a large building and they had an extra 25,000 SF that we could lease for 6 months. We negotiated and struck a deal to the satisfaction of all the parties, and solved a real problem for our client.
In today’s market, it takes the effort of an agent who knows their market to come up with creative solutions to really solve the real estate problems and needs for their clients. We are pleased to share this success story with you, and we want to let you know that we are available to help you find what you need also.
Contact Christopher today to discuss your needs and how we can help you find what you are looking for.
Christopher J. Destino, SIOR, a Principal at Lee & Associates, is an engaging, responsive professional who enjoys working closely with his clients and helping them succeed.