More Commercial Real Estate Leasing Trends. This article re-iterates the current commercial market. A well drafted lease is important to have, because it will have meant that the discussions and vetting of the various issues which could go wrong in a lease have been discussed. With certain Landlords now would be the appropriate time to approach and ask for alterations/changes/improvements. If a Landlord is not in the position to make such improvements it could be a barometer for the Landlord’s ability to sustain the property.
Enjoy the article…http://www.startribune.com/business/89281207.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUUsZ
So this article came out today in the Wall Street Journal related to retail Tenants. I think these trends will continue for a while, but clearly it is a better option than simply shuttering up storefronts. Creation of smaller spaces may allow new Tenants the opportunity to enter shopping centers that may otherwise never have been available. Tenants should remember that a review of their lease when specific stores leave a center or mall may directly impact their leases and may provide some cost savings!
Renters – are you eligible for some money back? Landlord’s don’t forget to fill out the CRP!
Federal and State tax returns are due in less than a month, but they aren’t the only returns you should be thinking about. If you are a renter, you may be eligible for an additional property tax refund based on household income and taxes paid on that principal residence. The refund is subject to certain eligibility requirements, as explained here by the Minnesota Department of Revenue:
You’ll need the Certificate of Rent Paid (CRP) issued by your landlord, which shows the amount of rent you paid and the property taxes your unit is considered to have covered, to calculate this refund. The proper refund form is M1PR, and can be found here:
The refund form can be filed electronically for a fee or via mail. Property tax returns are due on August 16, 2010, but may be filed up to a year after the due date. This means that returns for 2009 may be filed until August 15, 2011.
I read this article and found it to be informative for those interested in learning more about factors involved for both Tenants and Landlords on the commercial side of leasing. I am sensing that the pulse of the rental market is to make changes (if possible) that will make buildings and commercial properties more viable and “green friendly” now more so than in the previous year. Landlords have to adjust in order to keep up with the trends. The article does not mention this, but as long as the Landlord is leveraged appropriately, now may be the best time to venture into making commercial spaces more earth friendly. In fact, a Landlord may be impressed with a Tenant who aside from wanting to be more “green” is wanting to invest in the future of the property. This can lead the Landlord to believe that the Tenant is going to remain a long term Tenant.
The job market may be the most visible sign of the down economy, but it’s certainly not the only thing to take a hit.
In a recent article in the Star Tribune, Susan Feyder explored the rental market in the Twin Cities, as well as the effect the foreclosure crisis of the last year has had on landlords and tenants.
“Apartment building owners have more space on their hands”
—the apartment vacancy rate in the Twin Cities is at its highest point in several years, totaling 7.3 percent at the end of 2009. The low demand and poor overall market is working in favor of renters, with some building owners making significant concessions to keep the tenants they have and fill new vacancies.
An important legal tip: GET ALL concessions in writing!
Enjoy the article… http://www.startribune.com/business/84264267.html?page=3&c=y
As many of my renting clients know, there are laws which protect renters from cold weather shut-offs.
Summer is almost here, and so is the deadline for the energy providers. In just a few days they will be able to shut off the heat. See the linked article.
As always, renewals of leases are coming due, please seek the help of an attorney with quesions for lease analysis.
This story unfortunately illutrates a common phenomenon. We hope that the laws and judiciary continue to protect those renters who need the help the most.