It's been a rough week with the dentist office going in next door. Construction involved many hours of jack hammering every day this week. It starts to wear on you after a while and by the end of the day I'm physically exhausted. Hopefully they'll be done with the heavy construction soon. It can't be good for sales, although customers are far more understanding than I am.
I learned that the new tenant got a free year of rent. The place had been vacant for a long time, so the property management company came up with an incentive. Commercial leases are impossible to time. You might start a three or five year lease during a hot period, locking you into an expensive lease. You might weather tough times and come out at the other end having missed some great deals. Leases benefit property owners with stability, but you can occasionally get lucky, like our new neighbor. How lucky?
Imagine this scenario: A year of free rent would be like the landlord welcoming me to the building, handing me the key to the front door and then fishing in his pocket, producing yet another key with a little fob on the end. He pushes the button on the fob. Chirp, chirp. I look out in the parking lot and there sits my new Porsche 911 Carrera. A bonus gift for taking the property off his hands. That's the value of a free year of rent. Of course the money would all go to debt and build-out expenses, but I can't help thinking about my missing Porsche.
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