July Edition: Market forecast, tips for negotiations & lease expiries, options for industrial tenants
Welcome to this month's edition of Tenant CS's Monthly Roundup, where we share company news, articles you may have missed and helpful tips for commercial tenants. Let’s get started!
Australian CBD Leasing Markets Q3 Office Snapshot
As business confidence returns, the Australian CBD office leasing market is experiencing improved leasing conditions.
Vacancies, rents, and incentives are stabilising across most CBD markets. However, it will be a slower recovery for some cities, such as Melbourne, where vacancy rates will likely remain double digits beyond 2023. And while sublease availability has declined across the board, there's still plenty of stock available in most major cities, allowing tenants to seek quality fitted-out space at competitive rates.
Commercial Lease Negotiation: There Are 40+ Points To Negotiate
Did you know that there are over 40 points of negotiation in a commercial lease?
The terms of your agreement can act like a slow leak in your tires and can open the door to unexpected costs.
So, critically evaluate your future needs, hit your commercial lease negotiation hard, and consider all opportunities before signing.
To get you started, read about these ten lesser-thought-of clauses to consider negotiating when it comes to your next office lease.
Tenant Tip: Commercial Lease Expiries
A commercial lease expiry can creep up on you. Follow these tips to reduce your risk and get the best results:
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?? ?????????? ?????????? - we advise our clients to prepare as early as possible. It depends on your circumstances but a good rule of thumb is to start planning at least 12-18 months before your lease expires.
?? ???? ???????????????? - If you're looking to renegotiate your existing lease, plan well in advance and gather all the relevant information, such as your lease and property condition report.
?? ?????????????? ???????? ?????????????????? - should you stay or should you go? These days, unless you already have a tenant-friendly lease, we often advise our commercial clients not to exercise their options and instead go to an open market.
?? ???????????? ?? ???????????? ?????? - Generating savings for your business is our only KPI. We're market experts, fierce negotiators, proudly independent and conflict-free, securing you the right outcome on the best terms every time.
The Industrial Market Is Tight, But Tenants Still Have Options. Here's What We Want You To Know
Fear-mongering by agents and the media has left many industrial tenants thinking that they have no option but to renew at their current premises, meet landlord demands and accept no incentive.?
But, that’s simply not the case.?
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We’re an Asia-Pacific-based commercial tenant advisory service that acts exclusively for office, industrial, warehouse and speciality retailing tenants. But that’s not all we’re about. We work hard, stay real, feel proud and remain humble. You can learn more about what it's like to work with our team here.