There are a number of reasons why landlords renovate office building common areas:
1. One reason is to maintain a modern image and keep up with color and style changes.
2. Another might be due to the necessity to stay up with current life-safety, ADA or fire department codes and regulations.
3. A third reason is that oftentimes the management company earns significant fees in supervising the common area work entailed, which in most cases is passed back onto the tenants as part of the operating cost escalations.
So, if you are the tenant with all this common area renovation going on, enjoy it because like it or not, you are probably paying for it. Of course, there are also the special landlords who absorb this cost and don't pass it on to tenants.
Happy July 4th to all. Have a fun and safe long weekend!
By: Jeffrey Weil
Executive Vice President | Colliers International - Walnut Creek
Jeffrey Weil is an executive vice president for Colliers International Walnut Creek. Mr. Weil has specialized in the sale and leasing of commercial properties for 38 years and has achieved CCIM, SIOR and NACORE’s Master in Commercial Real Estate Services with Honors (MCR.h) designations.
Email Jeffrey: firstname.lastname@example.org
Follow Jeffrey on Twitter: @jeffreyweil
Follow Colliers International on Twitter: @colliersintl
Want real estate news on-the-go? Download our NEW mobile app today!