Restaurant Brokerage

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Comment by FohBoh on July 20, 2009 at 11:30pm

Hi!
On behalf of everyone here at FohBoh, we want to thank all of you for taking part in this active, exciting community! Just wanted to drop you a line to let you know that Restaurant Brokerage is a featured group today! If you haven’t already, take a moment to write up a new blog post, start a new discussion or invite more friends to join your exciting group. Once again, thanks for participating in the FohBoh community. We look forward to hearing more from you!

Best,
FohBoh Community Development

Comment by John McGrath on January 31, 2009 at 3:26pm

Not exactly poertaining to restayrants though a similar, landlord concern on BOston's posh, Newbury street:
http://www.boston.com/business/articles/2009/01/31/fashioning_an_exit/

Comment by John McGrath on January 31, 2009 at 2:37pm

Susan-


I meant to reply to your question weeks ago! I apologize.
Yesterday I met with one of the top Restaurant Brokers in New England. We touched upon your question, briefly. Landlords in fact are offering Leashold improvement as well as no rent periods during Construction/ renovations etc. Doing buildouts et all.
I believe it is really up to the tenant to use these options as a negotiating tool. We will be hearing more as new tenants push harder and harder. Landlords look at their own bottoms lines . The idea of another year of unoccupied space in their portfolios of properties certainly strikes quite a bit of fear. They also have "adjustable rates" themselves to worry about.
Revisiting your great question in a month or so should provde us all with even further, creative ideas put forward by tenants and excepted by landlords, which helps in opening those floodgates of change.
Thank you. - John

Comment by John McGrath on January 13, 2009 at 11:42pm

I think the group needs some additional referals and invitations to truly get us started. So, please help me to spread the word about us and up to date on your continuing discussions, if you wouldn't mind.
I am hoping to find out additional information shortly regarding additional concesions and provisions including build outs and such. I also an keep[ing tabs on New England area in general also.

It is such a tough time for borrowing in general and family money, investors aren't an option as often had been the case.

Thank you both for contributing here. - John

Comment by Don L. Stull on January 13, 2009 at 2:41pm

I'll be able to speak more intelligently about this in a few days. I looked at a closed restaurant a few weeks ago and gave up when I heard the rent quote. After chasing some dead ends, I gave them a call again and was asked by the leasing agent why I had changed my mind. My response was that because he had asked for an amount didn't mean that was as low as he would go. He agreed quickly and when we talked again today, he brought up the idea of lower rent. This will be the sixth joint I am trying to purchase and I've sold five so this discussion has a lot of appeal to me. How do we get more started?

Comment by susan holaday on January 12, 2009 at 8:23pm

What do you see ahead for deals offered by landlords this year in the Boston area? I hear that in NYC, landlords are making all kinds of concessions, even doing buildouts.