Key is locking in tenant to rental deal

With vacancies rising in city offices because of the economic downturn, landlords need to work hard at holding on to their tenants, says Chas Keogh, newly appointed director of office leasing for CB Richard Ellis, who will oversee the management of a 15- member office services team in Auckland.

Keogh, who has been poached from CBRE's Sydney office, says 2009 is the year for landlords to move quickly on existing or pending future vacancies.

"Now, more than ever, it is imperative that landlords become proactive rather than reactive," Keogh says.

"Landlords need to be asking themselves how they can influence their tenants to stay in their existing space as well as asking how to attract new tenants into occupying their vacant space. Building owners need to take stock and re-evaluate how they can present their assets more favourably to the leasing market."

A newly released CBRE research paper shows that prime office vacancies increased from 1.1 per cent to 3.3 per cent in the past year, but this is still relatively low compared with the long-term average of 7.8 per cent.

To read the full NZ Herald story click here

Posted: 31 Jan 2009

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