tenant retention

Tenant Retention

Lease Renewal Negotiations

Prior to lease renewal negotiations, JMG evaluates the financial impact of the proposed transaction with Ownership. This thorough evaluation includes current local leasing rates, transaction costs / commissions, tenant improvements, rental concession (if any), and lease term and investment cap rate. Our goal is to recommend new terms that maximize the property value.

When interior improvements are necessary, JMG establishes a timetable for completion of space planning, receipt of building permits, and completion of interior improvement construction. This schedule establishes the framework in which the tenant must operate. We also establish criteria for each contractor —with approval by ownership — as well as procedures to maintain a safe/clean and minimally disruptive construction site.

Some of our lease renewal support functions are:

  • Quick response time to prospective and renewal tenant proposals, and the willingness to "meet the competition" for qualified tenants in terms of lease rate and tenant improvements.
  • Negotiation of up-front tenant deposit or prepaid rent to defray transaction costs.
  • Provide lease negotiation expertise and technical application.
  • Negotiate the highest possible rental rates and most favorable business points in the shortest possible time period with new and existing tenants.
  • Prompt and accurate lease preparation and tenant execution.
  • Reduction of tenant improvement costs through control of building improvements and knowledge of building shell.