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Shopping Center Management - Managing Vacancy Factors and Events

By Subscribe to RSS | November 25th 2011 | Views:
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Like it or not get the vacancies in the mall. As a manager mall or lease of property, it is essential to minimize the impact of vacancies and the vacancy rate within the property. Careful planning of the maturities and lease renewals of contracts is part of the process.

Increased vacancy factors are sometimes the product of a series of variables including:

* A change in spending patterns of customers and the frequency

* A change in regional demographics and customer

* Bad matched tenant mix initiatives in the property to maximize opportunities for retail sales

* A slowdown in the local or regional economy changing business confidence

* The development of a larger property in the same place that attracts tenants out of their property

Facing the facts of a vacant property and deal with them professionally in a timely manner, usually minimize downtime vacant. Then you can keep the income and expenses after the owner to reasonable levels.

Vacancy Control Program

For this reason it pays to have a vacancy control program (VCP) on your property at retail. The vacancy control program must be a visionary program that focuses on the next period of 24 months at the mall. Each month, the program stretches out for more 24thmonth and strategies are set for newly identified problems.

The vacancy control program (VCP) should include the following control features:

1. Identification of future lease expirations (use a graphic for this)

2. Identification of future reviews of all types rent (use of a graphic for this)

3. Identification of options for renewal of contract with all leases

4. Restoration programs to carry out by the lessee under the terms of occupation

5. Rehabilitation programs to be undertaken by the owner

6. Issues of expansion leases with any particular

7. Topics of contraction required for any lease

8. The strategies for the group of tenants within the tenancy mix

9. Optimization Shopping area within the tenant mix

10. Make good provisions expected of tenants and the landlord when the lease expires

11. Services and facilities affected by vacant tenant

12. Customer buying patterns and walkways adjacent to lease vacant

13. Common patterns in the area adjacent to the free use leases

14. Allowances for loss of income and expenses during the vacancy downtime

15. Allowances of the new lease documentation when identifying suitable tenants

16. Allocation of incentives to be applied in any lease to be created for the vacancy

17. Rental strategies that apply to leases in particular and any vacancy that occurs

18. Communication processes to be adopted between the owner, tenant, property manager and any leasing process

19. Planning strategies for the approval of any new contract in the form of

20. Decisions about cosmetic and aesthetic barriers applied through a lease vacant when and if they occur.

21. Fitout implementation programs given the role of property and customer visits

22. Regular progress reports to the owner of the issues relating to lease negotiations and minimizing vacancies

23. The strategies to be adopted regarding the use of other leasing agents in the marketing and leasing of vacant leases

These simple processes establish rules for the vacancy control and minimization. Each shopping center Retail must have a vacancy control program incorporating these and other decision factors. Thus, the property can be allowed to carry out effectively while under pressure from a vacant area.

- About Author:
Author is an associate editor for dwarka expressway.Get all possible information about puri residential projects.we also provide information on buy, sell, rent residential apartment, plot, house, commercial properties in Delhi/NCR.

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