Owners know that to effectively compete for tenants, and keep existing ones in place, properties must be priced right. Although an increase in activity sometimes translates into rising rates, this will not be the case in 2004.
It’s a well known fact that venders need to offer high and purchasers need to purchase low. Anyway they frequently touch base at the arranging table with altogether different thoughts on cost. A reasonable and target property Valuation can help purchasers Property and venders discover shared opinion and streamline the transaction process. At last, the property is worth what a purchaser is eager to pay under present showcasing conditions.
It will take some time for the market to recover from the many companies who downsized or closed their doors altogether in the last year. Rates will stay flat through mid-year, only possibly strengthening towards year-end.
St. Louis has not seen the increase in shorter lease terms that other cities have witnessed. Leases are typically in three to five- year terms. Early on, the steering group rejected initial proposals for the Clients’ Charter to be based on a regime of mandatory auditing of the client.
Rates here average 15 percent to 25 percent lower than they were at their peak in 2000. Landlord concessions will still be a part of negotiations in the coming year. Tenants will continue to request free rent and improvement allowances, with possible increases in moving allowances. While this is still a tenant ’ s market, the window of opportunity is shortening.