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Capital Rivers ’ Aguirre says this is a good time for landlords to proactively evaluate their spaces in order to improve their chances of getting higher rents and quality tenants . “ Really think about what you can do to accommodate the needs of prospective tenants ,” he says , adding that he believes increased amenities like outdoor and rooftop areas are going to be in demand . “ Highlight what ’ s going to be top-of-mind to tenants — which right now , because of COVID , is safety .”
Updated HVAC systems will be an essential upgrade for many landlords . “ One technology we ’ ve embraced in several of our office buildings is an artificial intelligence program to help monitor HVAC ,” Mason of Jackson Properties says . “ That program has the ability to ... monitor the air exchanges in the building to create more fresh air . That ’ s really a nice feature .”
Overall , DeAngelis says she ’ s optimistic about the future and believes the past year is more of a “ blip ” than the start of a down market . She says the number of subleases that have been marketed over the past six months is “ extraordinary — record-setting by all measures .” But that doesn ’ t mean this time has been without stress . “ The first few months , we were all each other ’ s psychologists trying to get through it all ,” she says .
Capital Rivers also realized that tenants and landlords , including those who weren ’ t clients , needed some counseling and made their expertise available . Aguirre says the company helped hundreds of business owners and landlords across the country with free information and advice .
“ When COVID first hit , we as a team decided to consciously focus on helping both tenants and landlords , versus continue to sell space ,” Aguirre says . “ So we created the Tenant Survival Guide and Landlord Reaction Plan as a guideline to assist both tenants and landlords working through the challenges resulting from COVID .” ( Both are available for download on the company ’ s website .) “ What ’ s interesting ( now ) is that if a tenant is asking to reduce square footage , a lot of times they ’ re also asking for right of first refusal to expand . I think what that tells you is that this is not a permanent problem . This is a temporary problem and the future looks positive .”
DeAngelis believes people will want to return to the office — even though it may look different than it used to . “ I think we ’ re going to start to see things pick up ,” she says . “ It ’ s not going to be immediate , it ’ s going to be slow and measured .”
Ken Smith is a freelance writer , public relations consultant and video producer who is also managing editor of Sierra Sacramento Valley Medicine magazine . More at kdscommunications . com .
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