Dismal Outlook for Commercial Property Owners
There’s no good news in 2009 for owners of commercial properties. A recent article in the Washington Post gives a bleak forecast for owners saddled with empty office space, vacant apartment houses and empty storefronts. Rents are projects to drop to around 18%, vacancies could rise another 10%.
Loan modification negotiation for commercial properties is a good solution to a top-heavy commercial portfolio. Lower interest rates and/or a reduction of principal and reduced payments can pave the way to a landlord having the flexibility to drop rents, offer move-in incentives and compete aggressively in a very competitive market.
Commercial loan modification is a complex art and there are far fewer loan modification companies which will attempt to do it. It can be successfully accomplished, however, and a good result can be achieved.