NBJ PR Wire

Timely Tips for Commercial Property Owners

Release Date: May 30, 2008

Contact: Ruth Furman

Las Vegas, May 30, 2008 - With the market down, commercial property owners must work even harder to keep profits up.

The market is more competitive than ever, with greater supply and less demand.

From leasing to property management to maintenance and landscaping, it's key for property owners to keep on their toes. In order to cut costs, retain tenants and lease space in today's challenging economic climate, being informed is a must.

Frank Gatski's goal is to do just that - keep property owners informed. Gatski owns Gatski Commercial Real Estate Services, Southern Nevada's largest privately held, full-service commercial real estate firm.

"The challenging residential real estate market, credit crunch and high fuel prices have trickled down to the commercial real estate market and our clients are feeling the impact," Gatski says. "It will certainly take our local economy some time to recover from its present state. Still, there are several factors that can help property owners protect their investments and survive a down market."

1. Be flexible: Leasing has really dropped off and there is a lot of commercial space available. Because of that, property owners must be flexible in negotiating lease transactions. That may entail dropping rates enough to at least match the competition. Consider short-term concessions in order to fill vacant space. An aggressive, proactive leasing team is a must. It's also vital that the property is well-maintained and clean with optimum curb appeal.

2. Mind Your Management Manners: Property owners must lean on property managers to assist with tenant relations and keep current tenants as happy as possible. Managers should know which tenants are struggling and be prepared to help them in their daily operations.

3. Re-value Vendors: Keep an eye on all of your contractors and vendors. When the market gets tough, some vendors are running lean and service can falter. Keep operating and CAM (common area maintenance) charges as low as possible to make properties more marketable. Don't be afraid to bid and re-bid for services to cut overall costs.

4. Keep Tabs on Collections: Initiate a very aggressive rent collections and lease enforcement program. Also work with your property manager to identify potential high-risk tenants in your properties so you are proactive and prepared.

Source: Gatski Commercial Real Estate Services (702) 221-8226 www.gatskicommercial.com

CONTACT: Ruth Furman, for Gatski Commercial Real Estate Services (702) 255-8288

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