Rational Rent Relief: Commercial Landlords, Lenders and Tenants Must Face Reality.
New York (Vocus) July 30, 2009
As weak economic conditions continue, powerful national retailers and restaurant corporations are actively and aggressively re-negotiating their leases with their landlords. Taking this kind of proactive approach, these leading corporations are using their nationwide buying power to persuade landlords that rent relief is essential. Smaller retailers, if they are to survive, must now do the same and put in place a survival plan of their own, say commercial rent reduction specialists, Reduce Your Rent (http://www.ReduceYourRent.com).
Reduce Your Rent (RYR) is a nationwide company that champions the small business retailer, using the experience of local commercial real estate professionals to convince landlords that rent reduction is not only necessary, but is in everyone's best interest - including theirs!
As the recession continues, small retailers face reduced consumer spending, along with spiraling triple net and common area expenses. If these smaller businesses go out of business, property owners also face significant problems re-leasing these dark store fronts, acting a kind of retail "cancer," possibly causing landlords to violate key loan covenants, and risk losing it all.
Taking a proactive, insightful approach, RYR works with tenants across the US to assist in properly evaluating and re-structuring their commercial leases. Historically, tenants who try to reach out and renegotiate their leases with their landlords almost always fail. Lacking a clear understanding of the intricacies of their leases, the market and its direction, they time and again run into stone walls. But this is a false sense of security for landlords. They may be in the position to say "no," but they could end up just hurting themselves.
Says RYR Founder, Tom Lackman, "I've watched real estate cycles come and go since the 1970's, and I've never seen a crisis of this magnitude, particularly with respect to retail properties. The bottom line is if tenants don't get some kind of rent relief, they are going to fail in increasing numbers. That will be followed by empty malls and half-built office buildings owned by lenders that have no idea what to do with them. Tenants, landlords and lenders must start working together now or this already bad situation will get much worse."
To try to give tenants a better understanding of their situation, RYR is releasing a ground breaking "white paper" entitled "Rational Rent Relief: Commercial Landlords, Lenders and Tenants Must Face Reality." The paper discusses consumer savings and spending trends, tenant reactions and concerns, CRE vacancy trends, commercial financing and loan default issues, options and cost/benefits of rent relief and a Business Case Approach to a tenant's request for rent relief. "Rational Rent Relief" and its unique and comprehensive approach to today's commercial real estate crisis will deliver better results for all, and most importantly to the small business tenant.
The full white paper can be downloaded from the home page of http://www.ReduceYourRent.com.
ReduceYourRent.com was formed in early 2009 and by its three principals: Tom Lackman CPA (ret), Colleen Canale, MBA, and Michael Jackowitz, Esq. In that short time, RYR has expanded to major US markets including Atlanta, Boston, Chicago, Denver, San Francisco, Las Vegas, TriState area (of CT), San Diego, Portland, Los Angeles, Tampa, Dallas, Charlotte, Chattanooga, New York, Phoenix, Minneapolis Raleigh and Baltimore. Each local agent is a specialist in leasing. Focusing on the smaller business retailer, RYR puts years of regional and nationwide experience in commercial banking, law, zoning and construction at its clients fingertips.
SOURCE Reduce Your Rent