Since Miller Industrial Properties opened its doors in 1993, our leasing focus has been to represent the interests of tenants. Our specialty has been advocating for tenants seeking
new Western locations, expanding or downsizing locally, or seeking to locate a subtenant to take over all or part of their existing space. Through these negotiations, several interesting factors have become apparent. Our awareness of these special market factors has proven to be the cornerstone of the elite service level we provide for our clients.
Understanding Special Market Factors
One of these special market factors are that all ownership groups are not created equal, nor do they have the same ownership goals. Our region has property ownerships that range from internationally-based mega-conglomerates to large regional groups to localized multi-property owners to single-property owners. No one specific group is good or bad, better or worse. However, tenants had better be acutely aware of exactly who the ownership group is – and then adjust their expectations accordingly.
It’s also important to be very aware that the leasing sign on the property is definitely not the ownership group. Nor is the company to which you write your rent check. Those are both agents for the owner and should not be confused for the real owner. Each owner has very diverse operating models and highly diverse investment goals and timing. Each ownership group also has a specific manager responsible for portfolio performance. Knowing and understanding the specific ownership group as well as the management style and their goals will play strongly into the type of transaction direction you should be taking.
There are several other special market factors that have equally significant impacts on the market and how it relates to specific properties and locations. But one market factor in particular stands out, and that is the fact that we live in an ever-changing real estate and business environment. We need to change and evolve with it to provide the type of premier services for our clients that will help them achieve successful real estate results over time, without exception. Doing this for our clients with a streamlined approach is the hallmark of Miller Industrial Properties.
If reading this prompts some questions in your mind about your next real estate decision, we’ve made out point. There is expertise available to assist your decisions, and it’s just an email or a phone call away.
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