EAST LONGMEADOW, Mass., June 21, 2018 /PRNewswire/ -- The story of retail has always been one of change. Malls moved commercial energy from Main Street into the suburbs. Big-box stores took their toll on mom-and-pop operations. Now, retailers are on the ground floor of this next generation of the new face of retail.
Healthy retail sales belie the shakedown going on within the over-saturated traditional brick-and-mortar environment. There is a surplus of retail square footage in our American shopping model; something needs to give.
Commercial tenants of all types are being increasingly challenged to craft lease language and strategies that protect their investments from occupancy cost increases and misallocated charges from landlords, particularly when it comes to mixed-use space.
Lease administrators must incorporate short- and long-term strategies to challenge restrictive lease terms that may hinder the company's ability to adjust to market forces during this transition period.
When paired together, clear, concisely detailed leases and savvy administrators form the nucleus of the most effective tool in existence for controlling occupancy cost and tenant lease obligations.
A hot topic at the National Retail Tenants Association (NRTA)'s upcoming Expanding Knowledge Conference in Houston deals with the obligation of today's lease administrator in this challenging time. As front line guardians of the industry's real estate investment, lease administrators must adjust best practices in order to secure and protect the stockholders' property investment.
An informed lease administrator often influences the person responsible for negotiating the lease; showing them how the various clauses and options–such as assignments, sublease, kick out rights, tenant expansion, use clauses, co-tenancy violations, and the ability to exercise lease options–all protect a company when crafted correctly.
There is no doubt that lease administration experience is a valuable commodity. So is education and training, which allows real estate lease management professionals to learn the current best practices, rules and regulations. The NRTA stands as the premier educational resource for this, and its annual training forum, scheduled for this September in Houston, is sharply focused on providing what real estate lease management practitioners need.
A conference brochure with program highlights, registration information, and course descriptions is available online on the NRTA's National Conference page.
SOURCE National Retail Tenants Association