No joke, the Dallas Morning News headline read: “Office Rents Are Headed Lower Because of the Pandemic”
Key take-aways Bob & Jan discuss in this episode:
· Only 2% of commercial real estate firm execs thought office rents would rise
· 77% said they expect more lease concessions as landlords try to lure tenants
· Office leasing in the 2nd quarter fell by 14 million SF in US
· DFW was 2 million SF negative.
· Tenants are expected to pause lease decisions for the foreseeable future
· They will opt for shorter-term renewals instead
· Almost half of the real estate execs expect warehouse leasing to rise
If you lease office space, delay long-term decisions if possible.
If you lease warehouse space, it's business as usual, for now.
At REATA Commercial Realty, we exclusively serve companies that lease or purchase office and warehouse properties. We never represent landlords. Find us at www.TexasTenantRep.com or call us at 972-667-0028.