Taking Care of Business
Labor Day is an American federal holiday that is intended to pay tribute to the contributions and achievements of American workers. It also symbolizes the end of summer for many Americans, and for commercial real estate professionals the beginning of the frenzy to finish transactions before the end of the year.
These days market conditions are affording many office tenants the luxury of taking more time to make real estate decisions. While for me personally it has been a busy summer, transactions tend to move slowly as deal participants take their summer vacations and the “manana” mind-set is very much in play. Then Labor Day comes and go and magically everyone gets motivated to make decisions and execute the transactions they have been contemplating.
Today it seems office tenants have much more to consider when making real estate decisions as trends in the workplace have created a whole new set of decisions to be contemplated.This year happens to be an election year with a tight presidential race and uncertainty tends to make companies slower to make important business decisions.
However, rest assured that come Tuesday the pace of business will accelerate. You will be working longer hours and your cell phone will ring more, as the client who didn’t call you back for three days this summer will be calling you daily for an update on the progress of their transaction. I am ready. Have a great Labor Day!