Common knowledge says that commercial real estate follows the home or retail market by 12-18 months. That is, if home prices start tanking (like they have now or probably started last April) then commercial will follow. For commercial renters, this portends a good time to start negotiating for more flexible terms and/or cheaper space.
As Tery Pristin writes in the Square Feet column of the New York Times today, landlords have started to respond more quickly to smaller renters looking for space. It might not be cheaper, but you can find shorter leases and/or better options.
If your footprint needs are changing and you seek more or a different type of commercial space, now is the time to keep a close eye on your local market for good deals which should become more plentiful over the next year or so.
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