A Sign Of The Times
Do you know how a landlord decides which tenants are listed on building signage? Does seniority or leased space matter? Is there an industry rule or guideline that determines signage priority? Though commercial real estate professionals are quite familiar with signage rights, many tenants are surprised by the answers to these questions.
The truth about signage rights lies in the hands of landlords. In fact, the roster of tenants added to monument or building signage is strictly up to the building owner, and the concession is often a matter of negotiation. While the number of monuments or number of names allowed on them may be subject to zoning, local governmental or deed restrictions, the final decision is at the discretion of the landlord.
How can you secure building signage or monument rights for your business? The first step is making a request. Negotiate before you sign the lease or as you consider a renewed contract, thus ensuring the greatest leverage. Bear in mind that the amount of space you lease, the landlord’s opinion of your company, market conditions and the particular building situation all come into play. A skilled broker can help tenants evaluate these issues in order to make the most compelling argument and solidify their signage rights.
Tenants should also consider the types of signage rights that may be available for a given multi-tenant property. In the case of exclusive building signage, tenants will maintain the only signage affixed to the building, usually at the top. In some cases, more than one tenant will have building signage rights, but a hierarchy may be established related to leased space. Monument signage can work in a similar fashion, with exclusive signage rights entitling a single tenant to a stand-alone monument or multiple tenants sharing general monument signage rights.
Companies make significant investments in office space to attract and retain talent, as well as to make a positive impression on their customers. Signage rights can play a large role in this, considered a marketing value-add to their location expenses. They reinforce branding efforts, extending the advertising efforts of savvy tenants.
The importance of signage rights is different for each tenant, and skilled commercial real estate brokers can help their clients evaluate and negotiate for the rights that are the greatest benefit to them. Contact the professionals at Intelica Commercial Real Estate to learn more, or for help securing the appropriate signage for your business.