Because the first 70% to 80% of a building is the easiest to lease and generates substantial leasing fees, landlord leasing brokers often focus hardest on this first. The best brokers, those most financially successful, are looking beyond their assignment when they get to this point. Many assign a lower priority to lease renewals because those fees are typically lower.
For owners, however, with multi-million dollar investments, the income stream in a typical building only begins to exceed operating costs and debt service at an 85% to 90% occupancy level. For owners, lease renewals are a very high priority in that they minimize downtime and transaction costs.
Because we are owners, we understand the importance of creating and maintaining leasing momentum from beginning to end, and the impact the loss of an existing tenant can have on value. Therefore, we perform leasing services for our own account and on behalf of third-party landlords.
Our leasing professionals prepare and implement marketing strategies, relying upon in depth market knowledge and conventional and non-conventional marketing methods. The strategy is monitored regularly to gauge momentum by comparing the pipeline of prospects to benchmarks. Success is tracked by one measure only — executed leases.
