Joe Sciolla, managing principal with Cresa Partners Bostonoffice, tells GlobeSt.com that with such a small number of ownerscontrolling two of the city's key office markets, landlords could"attempt to wrest control away from tenants" who have for yearsenjoyed a tenants' market for rented office space.
"There is a sense of urgency in the next couple of months," saysSciolla, noting that increased space demands along with a 30% hikein the cost of building materials for tenant improvements in thelast 24 months indicate that rents are trending upward.
While an improving economy and other factors could help levelout the playing field, Sciolla cautions that tenants should createalternative options if they want to maintain leverage with anexisting landlord.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
