EXCLUSIVE: Accesso Exec on Office Leasing Strategies That Work

Over the past five years, the office sector has been constantly adapting to new market needs and economic realities, but office attendance is still far from pre-2020 levels.

Despite a monthly uptick in office-using employment of 31,000 jobs in April, office-using sectors overall were up just 0.2 percent year-over-year, Census data shows. The national office vacancy rate was 19.7 percent as of April, down 20 basis points from the previous month, but up 140 basis points year-over-year, according to a recent CommercialEdge report.

However, mostly fueled by some organizations implementing return-to-office mandates, office renewals and expansion deals are still taking place. Accesso, for example, has signed nearly 112,000 square feet in lease expansions across its mixed-use, office and retail portfolio over the last 12 months. The Florida-based commercial real estate investment manager, owner and operator signed expansion agreements at six of its properties across the Southeast. What was Accesso’s strategy to determine tenants to renew and/or expand their leases?...

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RSK: One key for renewals is to be in constant communication with your tenants well before the renewal date, the flight to quality and less commuting time with amenities.