Leasing tactics: tried and true.Tried and true tactics will help rent office space in the soft commercial office leasing market, said George B. Donahue, president of William B. May, at a National Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Club luncheon last week. Donahue was the former general manager of real estate for The Port Authority of New York and New Jersey Port Authority of New York and New Jersey, self-sustaining public corporation established in 1921 by the states of New York and New Jersey to administer the activities of the New York–New Jersey port area, which has a waterfront of c. . His responsibilities included leasing the 110 story, 12,000,000 square foot complex World Trade Center complex from 1996 to 2000. His experience was evident as he detailed his winning strategies for the leasing industry at The Williams Club Williams Club is a club for alumni of Williams College. The Williams Club was founded in 1913, by Williams alumni in New York City as a place to socialise. The club was originally located at 291 Madison Avenue in a building donated by Mary Clark Thompson, wife of Williams alumnus , where the luncheon was held. With vacancy rates at a eight-year high, being flexible and knowing the market are key elements to a winning strategy, said Donohue, who is now responsible for managing the overall operation of William B. May, one of the nation's largest real estate firms. "We created a weekly price matrix of our competition," Donohue said. "Every Monday morning we changed our prices accordingly." Another tactic was to get out of the office, whether it be to see what the competition has or drop in on prospective client. Successful brokers don't sit in the office. "Take it on the road," Donohue said. "I never waited to be invited." Thinking creatively also helps. "Market floors simultaneously," he said. "Retail is strong compared to the office market. Think about converting office space to retail space.... Maybe it's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a for vertical malls." Speculating at where the market is going and what business or businesses that will need the most office space in the near future is also a smart business move. "Some believe biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. is the next boom," he said, but also explained that "Booms are high risk." Should biotech be the next boom, business would need qualified talent and office space with adjoining lab space, he said. He also said that capital improvements should be timed with lease renewals, in order to entice tenants to stay. Checker check·er n. 1. a. One, such as an inspector or examiner, that checks. b. One that receives items for temporary safekeeping or for shipment: a baggage checker. 2. boarding was another strategy he said worked for growth--oriented tenants. "If there is adjacent space leave it vacant," he said. "Try to move spaces around for tenants looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. growth. They can move up or down." Updating the lease agreement to meet the market is also a wise strategy, added Donohue. |
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