Join the club. In today’s commercial leasing world, to say there is confusion would be an understatement. There are a few key scenarios that are influencing the direction or maybe one can say, the misdirection of the market. These include: Recovery from the recession Changing demographics of the workforce First, it is not #RocketSurgery to understand the economics that hit the market from 2008 through as late as 2015 in some markets. Tenants were scrambling to keep above water. So, the first thing tenants did was to go to their landlords begging for some relief. In many cases, landlords were agreeable to reduce the rent in turn for a lease extension, commonly known as a “Blend and Extend.” W
You’re half way through your lease and you get your usual monthly statement. But there’s something wrong. At least you think there’s something wrong. You knew your rent would increase by three percent on each anniversary of the Lease but your recent bill seems to reflect a greater increase. Is that possible? Is it legal? The answer is “Yes” and “Yes.” Every few years, Building Operators and Managers Association also known as BOMA (http://www.boma.org/Pages/default.aspx) modifies the standards in which the owner of a building measures their property. Recently, they took on the task of modifying the 2010 standards. The result was that the rentable square footage of the building and your space
