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Leasing: partnership between building, tenant.

The abundance of commercial office space combined with a low absorption rate has created many new challenges and opportunities for building owners and tenants alike. Many buildings and real estate firms continue to be highly successful, despite difficulties in the current marketplace.

The challenge of successful commercial office leasing is to create a partnership between building and tenant. As an extension of the workplace, a building reflects the character, style and image of the tenant. By building this partnership, a leasing agent or broker can work to assist tenants meet their specific requirements and help increase the productivity and efficiency of their business.

It is crucial to determine tenant needs and match individual specifications to a particular property. By establishing clearly defined criteria and goals for both a building and a prospective tenant, it has been possible for many to buck current negative trends.

At Swiss Bank Tower, for example, Galbreath Riverbank realized full occupancy fewer than two years after this building was completed, and we achieved .among the highest rents in Midtown Manhattan. Our success may be attributed to the high quality building with virtually column free space, an uninterrupted power supply and emergency generator, and raised floors, and conveniences such as dining and conference facilities.

By the same token, a successful partnership between building and tenant requires property managers to be in tune with current business strategies. In this decade of streamlining, amenities must be very carefully planned. Facilities that are too ostentatious may be as undesirable as poorly maintained space because neither reflect current standards.

As tenants have shifted their emphasis to greater efficiency and lower overhead, they appreciate a well-run, costefficient building. They expect a creative, high-quality amenities that make practical sense and work towards a common goal.

With an abundance of new space in the market, older buildings present different challenges to leasing and tenant retention. Leasing and management must work to find innovative ways to use age as an asset instead of a liability.

At 14 Wall Street and 90 West Street, Galbreath Riverbank has undertaken substantial renovation projects on behalf of the buildings' ownerships. Restoration of these properties to original architectural significance coupled with upgrading building systems to meet current requirements results in tenants enjoying the best of both worlds.

Commercial leasing agents must more than ever work to maintain the building-tenant relationship, understand current business and market trends, and meet ever-changing tenant needs. A successful partnership between building and tenant results in greater tenant satisfaction and retention, and a successful commercial leasing operation.
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Title Annotation:Review & Forecast, Section I; advice for success in commercial office leasing industry
Author:Ricker, Peter E.
Publication:Real Estate Weekly
Date:Jan 27, 1993
Words:421
Previous Article:End to the free-fall in sight.
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