Contact us! It is important to understand both your short and long term goals for the property. We’ll present current leasing comps for the property in its market area pulled from the largest real estate data service in the nation. Then, we’ll work on a leasing strategy specific to the property.

Possibly. The key is that you want to get the property “leaseable”. However, there are so many variables to consider with each property, and this is best approached on a case by case basis with your Solas associate. You can always lease the property “as-is”, but it should be noted that Tenants will typically will expect a lower price than lease comps if there is substantial work needed. Fixing some things will help the property lease quicker, but, again, this is best evaluated on a case by case basis dependent on property specifics.

While you will often have to give Rent Abatement, a “Tenant Improvement allowance” (TI), or a lower rent rate for a property that needs work, you will likely have to repair major Capital Improvement items. These can include a leaky roof or broken HVAC if they need to be fixed. However, the goal should always be to put the least amount of money possible into a property as possible and still get your desired lease price as quickly as possible. Your Solas can help you come up with a solid leasing strategy.

Commission’s can be whatever you as the Landlord agrees to pay. Except for very exceptional circumstances, Solas associates do not work for a flat fee unless the lease is under 1 year in length because of how hard we work for every property. Most Brokers will consider between 3-6% of the gross lease price a fair commission. However, there is no “standard” rate, and this should be evaluated on a case by case basis with your Solas associate. This percentage is calculated based on the total amount of base rent paid by the Tenant over the Primary Term of the lease. This commission is usually paid upon lease execution or shortly thereafter.

We don’t want to give away all our secrets, but we have three-pronged strategy:

1. Signage and Flyers. Sometimes the tried and true approaches work best with the noise of our digital age. We make sure you have visible signage and professionally designed flyers for each listing.

2. Digital. Aside from the industry standard of CoStar and Loopnet advertising, we market on 2 other national data service platforms as well as a couple a few other key lines of marketing. In addition, depending on size, we can create a landing page for your property equipped with geofencing, keywords, and SEO.

3. Shoe Leather. We don’t sit back and wait for prospective Tenants to come to us. In today’s digital society, there’s still no substitute for the old fashioned approach of call potential Tenants and contacting our network of businesses looking to move or expand.

Sometimes. This is often dependent upon the type of buildout/improvements needed or desired and the credibility of the Tenant. Typically, Landlords of multi-Tenant properties, such as office buildings or shopping centers, will offer a Tenant Improvement Allowance (“TI”) to stronger financially qualified tenants or regional/nationally recognized brands such as franchises. Landlords of stand alone properties and other landlords will often not offer “TI”, but they will negotiate some free rent (“Rent Abatement”) to offset “TI” costs. If you are a developer of new construction, you can often help with buildout or provide “TI” by rolling these costs into construction financing. Additionally there are other options and strategies that can be discussed with your Solas associate, such as amortization of all or part of any “TI” needs that a Tenant may have into the rent.

Triple Net refers to the three net costs of Property Taxes, Insurance, and Common Area Maintenance expenses. Retail properties will often charge these costs back to the Tenant as Additional Rent in the lease on top of the Base Rent, Utilities, etc. (CAM costs can even sometimes include Management and Administrative fees, so you will want to want work with your Solas advocate to understand exactly what can be charged back to you as the Tenant). There can also be Single Net and Double Net leases, removing one or more of these expenses.

Most often seen in office towers or complexes, a Full Service Lease is one where the Tenant only pays the Primary Rent, and all other expenses are paid by the Landlord. This includes Property Taxes, Property Insurance, Common Area Maintenance (CAM), Utilities, and often Janitorial Service. The Tenant is still usually responsible for its own communication expenses, such as Telephone and Internet.

Modified Gross is basically a combination of Full Service and a NNN Lease. It can technically be any combination thereof but is typically seen with the Landlord being responsible to pay for the Property Insurance and Property Taxes, and the Tenant agrees pays for Common Area Maintenance and Utilities in addition to the Base Rent.