A shift in building occupation is happening — more businesses want shorter leases that range between two to three years rather than 10 to 15 years. Now, landlords are left to figure out how to design spaces and model them to meet these demands.
Sarajane “SJ” Goodfellow, Unico Properties Associate Regional Director, said that landlords may have a few options in approaching this shift.
First, if a company has big growth plans, the landlord may be able to upgrade the tenant into a larger space within the building.
Another option is to reach out to coworking operators such as WeWork who can sign long term building leases, and deal with the businesses that want shorter term leases.
Additionally, tenants are now seeking more technology-driven amenities rather than beer taps and foosball, so implementing fast Wi-Fi and cellphone service will be key in setting a building apart. The location of a building that will allow employees maintain a healthy work-life balance can also be beneficial to future tenants.
