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A lot has changed in the post-pandemic world. Office building occupancy has been slow to recover from the shutdown, with vacancy levels at an all-time high. Maturing debt on real estate that was financed during times with much lower interest rates puts many building owners in a precarious position as they seek to refinance in a higher interest rate environment.
It’s a favorable market for tenants, but that doesn’t mean it’s easy to score favorable lease terms through a typical brokerage, which often will be conflicted due to their representation of both landlords and tenants. Offering tenant-only representation, Advocate Commercial Real Estate Advisors acts strictly as a fiduciary to tenants across a wide range of industries in over 20 markets across the country.
“Our ability to negotiate and add value for our clients is heightened by drastic changes in the market,” says David Knight, managing principal. “By examining ownership portfolios, debt, and other factors, we effectively negotiate savings for our clients.”
Conflict Free
Commercial real estate markets are rife with conflicts of interest. When leasing office space, it is critical that tenants have an advisor or representative who is exclusively on their side and is looking out for their interests. A brokerage firm who represents both building owners and tenants is in effect trying to serve two masters. To whom does the broker owe allegiance?
For tenant-only firms like Advocate, the choice is clear. The fiduciary relationship is strictly with its client, the tenant.
“There is no pressure to steer our clients toward a specific location,” Knight says. “We’re committed to finding the best fit on the best terms.”
In addition to office space, the firm sources industrial space for its clients—a rare service given that most brokers working in the industrial arena work primarily on behalf of landlords.
Renewals, too, fall squarely within the firm’s wheelhouse. With a unique forte in restructuring leases, Advocate finds opportunities that might otherwise go unnoticed. The firm pushes for larger concession packages and savings based on an owner’s ability to refinance when their debt matures. Tenants aren’t the only ones who benefit; Advocate’s efforts on behalf of clients mean that landlords secure tenants, which can help stabilize their assets for longer periods of time and make them more financeable and marketable to other investors.
Despite massive consolidation in the commercial real estate space, Advocate remains one of the few tenant-only firms. Moreover, Advocate is growing—in terms of headcount, revenue, and the number of service lines offered—at a time when competitors are downsizing. The firm’s reputation for aggressive negotiation and superior market knowledge, channeled by a senior-level team that stays involved in every transaction, is a major draw for its expanding list of clients.
“Being tenant-first and, therefore, conflict-free is a rarity in this industry,” says Knight. “That position, in addition to our entrepreneurial streak and institutional knowledge, makes us poised to scale and grow.”
Contact Info:
Name: Joanna Voos
Email: Send Email
Organization: Advocate Commercial Real Estate Advisors
Website: https://www.advocateadvisors.com
Release ID: 89139651
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