What office tenants want in today’s economy – Hampton Roads / Peninsula

     Teresa Nettles, office sales & leasing specialist in Thalhimer's Newport News office, shares her perspective and thoughts on a recent Wall Street Journal article describing the state of the national office market and how it relates to the Hampton Roads/Peninsula area.

"The office tenants on the Peninsula are acting very conservatively these days - shopping the market for the best deal.  Most are taking advantage of lower rates to use as negotiating power with existing landlords on space they currently occupy instead of relocating into smaller space, while others are taking advantage of lower rates to move up a notch into nicer and more efficient space.  Peninsula has a strong presence of Defense Contractor companies, however, with the US Military’s Joint Forces Command closure announcement, some companies have recently put the brakes on leasing deals in the works citing this as the reason.  This announcement will have a drastic impact on our area and the real estate community will definitely see the ripple of its effects if or when it goes through."

Read full article here:  Troianovski, Anton.  "Office-Leasing Rebound Could Be Deceiving", The Wall Street Journal, August 18, 2010.

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