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Some buildings find ways to fill space

LETTERS TO THE EDITOR Amenities key to leasing success The Nov. 11 story, “Small tenant trauma,” was right to point out that many properties catering to small office tenants are struggling to fill up their empty space. Unfortunately, the article overlooked those properties, and the companies that manage them, that are succeeding despite what was called a “widespread crisis.” For example, the dozen properties in the Adams & Co. Real Estate lease portfolio almost exclusively house small- to medium-sized tenants and boast a staggeringly low 2.46 percent average vacancy rate. We have been able to sign leases with new tenants even in this "recession-ravaged" market, and many of the properties are fully leased. And not only are spaces being filled, but rents are 50% higher than they were three and a half years ago. Adams & Co. concentrates on attracting to many of our properties specialized tenants in such industries as apparel and toys. These tenants will survive the economic storm in part because of their proximity to each other, and access to the same suppliers and buyers. Another strategy that more landlords might be encouraged to follow is to invest in maintenance and improvements, so their properties can offer Class A amenities at Class B and C prices. Looking around the market, it is easy to see that clean, efficient, well-maintained buildings are among the winners in the competition for quality tenants. DAVID LEVY Principal Adams & Co. Real Estate Manhattan
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