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Free rent? Commercial property owners looking for creative ways to lure businesses during COVID-19

Video Credit: WCPO Cincinnati - Duration: 02:23s - Published
Free rent? Commercial property owners looking for creative ways to lure businesses during COVID-19

Free rent? Commercial property owners looking for creative ways to lure businesses during COVID-19

People who are looking for commercial real estate either to lease or to buy are expecting a deal, way more than they might have gotten before COVID-19.

"the commericial real estatemarket is struggling duringthe pandemic.one solutioncould be -- offering freerent!"IN OUR ONGOING SERIES"THE REBOUND" -- WCPO 9 NEWSREPORTER LISA SMITH SAYS --SOME BUSINESS SPACES ARECOMING AT A áBARGAIN -- TOKEEP THEM FROM REMAININGVACANT.?PASSING BY THIS BUILDING ONMADISON IN EAST WALNUT HILLS..THERE'S NO DOUBT IT'SAVAILABLE.??"Put the signs out.

You know,the little road signs that areabout this big?

Put them inthe window, put the bannersup."?AS PROPERTY MANAGER,, IT'SDAN KRUEGER'S JOB TO KEEPSPACES LIKE THIS OCCUPIED..?AJOB THAT'S GOTTEN TOUGHERLATELY..

BECAUSE OF COVID-19.?"It's much more difficult tolure the people."??RESTAURANTS AND RETAIL SHOPSHAVE BEEN HARD HIT BY THEPANDEMIC... SOME HAVEN'TSURVIVED.?"Every week I hear of morerestaurants that are not goingto re-open.

I hear of morestores that have shut down.

Ihear of more businesses thatare temporarily closed stilland the writing is on the wallthat they may not reopen."??AND THAT CREATES LOTS OFVACANCIES THAT NEED TO BEFILLED.

JOSH ROTHSTEIN WORKSWITH BOTHLANDLORDS ANDBUSINESS CLIENTLOOKING FORCOMMERCIAL OR RETAIL SPACE.?HE SAYS THOSE WHO CAN MAXIMIZETHEIR BUSINESS IN SMALLERSPACES... DO OKAY.?"The pizza restaurants, thecounter service type ofrestaurants.

They seem to bedoing fine."??OTHERS, HE SAYS..

HAVE TOADJUST.?"Instead of seeking out thoselong-term tenants that areprepared to commit to a fiveor ten year lease, we have towelcome the tenants who arelooking for pop up shops."??"LOCAL COMMERCIAL REAL ESTATEEXPERTS SAY THIS IS DEFINITELYA "RENTER'S MARKET"..

THATMEANS BUSINESS RENTERS ARELOOKING FOR UPGRADES ANDBARGAINS.

IN SOME CASESPROPERTIES MAY BE GOING FOR 10OR 20-PERCENT LESS THANBEFORE THE PANDEMIC."??"So that's another creativeway of keeping someone, givingthem a little bit of what theywant, and everybody can, 'wellI'll sign up for five years ifI get some free rent orsomething like that."??THE IDEA IS TO COLLECT MORETHE IDEA IS TOTHE IDEA IS TO COLLECT MORE ASBUSINESS GETS BETTER.

?"So you just have to figureout who is the next bestoption and how to restructurethese deals."??LS WCPO 9 NEWS?




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