Well, Raise My Rent. No, Wait ...
A story yesterday about Dallas-based Blockbuster's attempt to get its landlords to knock 30 percent off rent (or give them early lease termination deals) leads to this follow-up today, in which some landlords balk at the idea of reduced rent -- especially if Blockbuster isn't willing to open the books and explain why come, down to the last cent. Then again, in what remains of the economy, rent reduction isn't entirely ridiculous ... which brings us back to Victory Park. A few days after spokesperson Dustee Tucker told Unfair Park that, yes, Hillwood is offering rent abatements, there's this follow-up:
"Landlords are willing to have the discussions. Whether its panic over the idea of losing a tenant or income, those discussions are happening," remarks Don Edrington, senior vice president with SRS Real Estate Partners' Denver, CO office.
In some cases, like with the mixed-use Victory Park near downtown Dallas, the owners will actually approach the tenants to determine if a deal can be cut. A spokeswoman with Victory Park says cutting deals with tenants has been on a case-by-case basis. She also acknowledges that for some tenants, cutting rent costs may not be enough to save a business.