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New York City Councilman Donovan Richards recently introduced a bill to require commercial buildings to turn off the lights at night when no one is working inside. The rules would affect approximately 40,000 buildings—mostly office buildings. The bill includes a fine of $1,000 for violators.
Landmark buildings with more than 20 floors could apply for an exemption, thus preserving New York’s nighttime skyline. Exemptions would also be available for buil...
In addition to Santa Claus and other holiday-themed events and live music, some of the top free and low-cost services owners are offering shoppers to lure them to their malls this holiday season include:
How will this year’s start to the holiday shopping season compare to last year’s? Will the Thanksgiving Day shopping trend continue? Here’s a look at the key numbers to beat from Thanksgiving Day and Black Friday 2013, from the National Retail Federation:
44.8 million: Consumers who shopped on Thanksgiving Day, up 27 percent from 2012.
92.1 million: Consumers who shopped on Black Friday in 2013.
In the last few years, the rise in medical office tenants leasing at retail properties or in office buildings has been a good development for many commercial owners because it has widened the pool of prospective tenants for dark space. But medical tenants also present some challenges. For example, some owners worry about confidentiality issues. Others are aware that medical tenants have a tendency to demand exclusives—which may c...
Determining whose obligation it is to pay for capital improvements isn’t always clear cut. As with many disputes between an owner and tenant, the lease is likely to control the outcome. Responsibility for paying a portion or the entire cost of a capital improvement is typically covered in the lease, so check yours with the tenant and consult your attorney before making any more demands.
The commercial real estate industry is up in arms over a New York City Council bill that aims to change the city’s commercial lease renewal process. One effect of the proposed Small Business Jobs Survival Act would be the creation of a new city-supervised mediation program for lease renewal negotiations, which would permit landlords to decline a renewal only under certain circumstances.
A 2014 Commercial Real Estate Outlook Survey conducted by tax advisory firm KPMG shows that secondary markets are proving to be a first choice for many commercial real estate executives as the economy continues to pick up. CRE investors are looking to develop assets and deploy capital in secondary markets to generate returns.
One of the biggest points in a lease negotiation for the owner is prohibiting the tenant’s use of a lease auditor who works on contingency to perform the audit. These lease auditors get paid based on the amount of money they save for the tenant with the errors they find. Insist on a certified public accountant that’s being paid on an hourly basis to do the audit. This is a major point that gets negotiated into lease audit provisions, so don’t be afraid...
Retailers are increasingly weaving their way through Manhattan’s Garment District, setting up shop in the neighborhood that was once very specialized and catered to the fashion industry. Now, retailers, cafes, and upscale restaurants are taking over storefronts—and landlords are hustling to invest in renovations to spaces that are of interest to retailers willing to pay top dollar.
If you defaulted on the mortgage loan for your office building or center because a major tenant didn’t pay its rent, leaving you short of money to make a loan payment, it seems only fair that the delinquent tenant should have to reimburse you for the loan-related damages you had to pay to the lender. But if your lease doesn’t allow you to recover loan-related damages from a delinquent tenant, you’ll miss the chance for reimbursement.
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