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Lost a tenant in my Tulsa strip mall, then raised rent 20 percent on the empty unit
When my anchor tenant bailed on a 4,200 sq ft unit at my strip center in Tulsa back in March, I panicked and almost dropped the asking rent just to fill it fast. My broker talked me out of it and said to hold firm because a low number gets stuck in comps for years. I sat on it for 5 months, which hurt, but I finally signed a regional taco chain at $22 a sq ft, up from the $18 the old tenant was paying. The trick was calling the two other landlords on my street and agreeing none of us would undercut each other. Anyone else tried holding the line on rent in a soft market, or did it blow up in your face?
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