Retail Leasing Update - March 2016
The majority of tenants looking for leases at present are mum and dad business owners. They are either looking to expand or relocate a current business, or are starting a new business. Very few are franchisees, and there is very little activity amongst the major franchise groups.
Recent changes to the First Asset Management leasing ‘super team’ concept have resulted in lease negotiation times being halved. However, some law firms are still causing unwarranted delays, which only add to the overall costs of leasing and is adding to vacancy time for owners. We are working closely with all the law firms we deal with in each transaction so to ensure we reduce any unnecessary delays in getting lease documentation drafted and signed by all parties. This will further expedite deals being finalised.