In addition to real estate databases, a good real estate professional will have at his or her finger tips the exact date of lease expirations around the area.It is after all their job to market to office tenants for representation, so mining this information is natural.In addition to the list of “available” or “listed” spaces, a good list of tenants whose lease expirations fall within your schedule will provide you with a hidden outlet for alternatives.These spaces rarely come on the market because the landlords of these buildings also are attempting to keep their tenant and renew them.Think about yourself for a minute.You occupy a nice chunk of space; you know when your own lease expiration is. How many tenants on the market which might be compatible with your space know about it?Knowledge of these provides you with a second tier of possibilities.
Contact with the tenant of these potential lease expirations can give you secret indication of their intentions and whether approaching the landlord is viable.This is a better technique than contacting the landlord of these tenants because in so doing you reveal to the landlord that he has an automatic two players for the same space.But once you determine that certain lease expirations will likely result in a new vacancy not known to the market, this gives you the added weight with the landlord of being the potential automatic follow up tenant without having to put the space on the market and suffer the cost of the lease up period.And for your agent, his or her real estate commission will remain unchanged because you will a require that your agent’s fee be apart of the transaction or no deal.The landlord can barely say no when the alternative is such a burden.
