SIOR Pulse

Meet SIOR's HQ Team: Patrick Harrison

media@sior.com (SIOR HQ) — Wed, 18 Mar 2026 19:17:26 GMT

Get to know the people who keep SIOR HQ moving forward. Patrick Harrison, Technology Administrator, joined the team in 2023 and brings insight and technical know-how to the team. From favorite travel destinations to his love of lasagna, Patrick shares a few personal insights and quick takes. Read on for 10 questions with Patrick.

For Occupiers, Optionality is King

media@sior.com (SIOR HQ) — Mon, 09 Mar 2026 16:54:31 GMT

Not long ago, commercial real estate tenant space decisions followed a predictable formula. Lengthy lease terms, fixed square footage and often heavily amortized tenant improvements were typical components to agreements. These variables benefitted tenant and landlord alike. However, whether office, industrial or other commercial asset class such as medical/life sciences, occupiers now expect some degree of optionality in their lease agreements.

“The model is evolving,” says New York City based Kenneth Salzman, SIOR, and Principal at Cresa, the global commercial real estate advisory exclusively representing occupiers. “From a tenant representation standpoint, the central focus has moved away from simply what the market rent is to figuring out ways to build flexibility into the commitment without undermining the business’ economics, credit or capital access.”
Brokers specializing in occupier services point to one defining moment in time when optionality not only became more desirable, but critically important.

“A lot of this focus on flexibility took hold during the pandemic years,” says Street Jones, SIOR, SIOR Board Member and Principal with Rich Commercial Realty, a North Carolina-based commercial real estate brokerage firm. “A curveball of that magnitude couldn’t have been predicted. However, after experiencing it, companies now understand anything is possible and are thinking about worst case scenarios when they negotiate for space.”
With contingency planning front and center, numerous contract options are now widely desired. These include phased commitments, shorter lease terms, expansion and contraction flexibility, termination rights, and the ability to sublease space.

“Occupiers are aligning commitments with capital events, supply chain restructuring, regulatory approvals, M&A activity, and headcount volatility,” says Salzman. “One result of Covid is that the traditional leasing model, particularly for office, has been thrown on its head. Landlords unaccustomed to short term extensions, conditional commitments, and phased decisions have been forced to revise their pro-forma assumptions, as occupier demands for flexibility are only increasing.”

Adds Michael Feuerman, Esq., SIOR, SIOR Board Member, and Managing Director-Palm Beach County for Berger Commercial Realty / CORFAR International, “Forward thinking clients understand they need to plan for future growth as well as for potential contraction if that becomes necessary. Unless you’re in an industry where employee headcount is highly predictable, then you’ll always need to plan for these scenarios.”
Not all contract options are as easy to negotiate and secure, however. They impact a landlord’s risk, profitability and finance agreements with their lender.

“Landlords must balance tenant optionality with debt covenants, tenant improvement amortization schedules, WALT stability, and refinance risk,” says Salzman. “As lease durations compress, underwriting assumptions tighten.”

While shorter-term leases are certainly ‘en vogue’, the market has again been more open to longer terms. Jones notes that “Tenants are becoming more agreeable to longer leases, however they want to pair that with termination rights. While we can’t always negotiate those successfully with landlords, we will try to and often have better chances if the property is in a struggling submarket. Still, termination rights always come with penalties.”

The ability to expand is also important. “We have many clients in growth mode,” says Feuerman. “When negotiating expansion rights for them, it’s not enough to just secure the right to expand. You need to tie the cost of the expansion space to the economics of what the client is paying on the original space, if possible, and secure concessions and improvement allowances ahead of time as well.”

Subleasing options are another common point of negotiation, and Feuerman speaks to some of the challenges. “The simple right to sublease isn’t the only thing to consider and ask for,” he says. “It’s critical to negotiate all terms and conditions surrounding subleasing upfront. This includes how profits will or won’t be split, how long a landlord gets to review and approve a sublease request, as well as how stringent a landlord can be in approving a subtenant.”

Jones has found success with his clients going the spec space route. “This can be an ideal option for companies who want to eliminate the additional cost and timeline uncertainties involved with an upfit,” he says. “With spec space, you can avoid surprises associated with completion timing, construction costs, and any complications working with municipalities. We have found this option to be popular with local and corporate tenants alike.”

Many agree, a lot of these options discussed are most important today to occupiers of office real estate, noting one still present challenge for these tenants – the tension between employers and workers regarding the prospects of working from the office, from home, or some mix of both.

“There’s still an imbalance that hasn’t been fully worked out between employees who want to work from home and the employers wanting their workforce back in the office,” says Feuerman.

Says Jones of how likely owners are to agree to some of these options, “It really depends. Owners that are well capitalized, as well as those planning to hold the asset, may be more willing to play ball during negotiations.”

Lenders also play a pivotal role. “The lender is often behind the scenes with control over what decision ultimately gets made,” Jones adds.
Regardless of what the situation may be during negotiations, time can be saved by being upfront about the tenant’s goals. “In the current environment, we are encouraging more open dialogue between parties from the start so that nobody wastes the other’s time going down a path that is not viable,” he says.

Adds Salzman, “Commercial real estate leasing conventions are evolving; however, the bottom line is the transaction structure must align with the occupier’s needs.”

Meet SIOR's HQ Team: Corrine Nowak

media@sior.com (SIOR HQ) — Tue, 03 Mar 2026 00:48:49 GMT

Get to know the people who keep SIOR HQ moving forward. Corrine Nowak, Director of the SIOR Foundation, joined the team in 2010 (she's our longest standing team member!) and loves creating opportunities for the next generation of CRE leaders to learn about and pursue careers in commercial real estate. From favorite foods to her love of movies, Corrine shares a few fun facts and personal favorites. Read on for 10 questions with Corrine.

Panattoni Development Company Celebrates 40 Years of Growth and a 20-Year Partnership With SIOR

Panattoni Development Company — Tue, 17 Feb 2026 01:54:14 GMT

Meet SIOR's HQ Team: Maddie Koch

media@sior.com (SIOR HQ) — Thu, 12 Feb 2026 19:53:29 GMT

Get to know the people who keep SIOR HQ moving forward. Maddie Koch, Manager of Admissions, joined the team in 2022 and brings energy, insight, and a passion for connecting with members. From favorite travel destinations to the vibe of the office, Maddie shares a few personal insights and quick takes. Read on for 10 questions with Maddie.

CRE in a Time of Conflict: Key Takeaways from SIOR Global's Webinar

media@sior.com (SIOR HQ) — Mon, 15 Dec 2025 22:05:01 GMT

Brought to you by the Global Business Growth Group, with support from the SIOR Foundation

SIOR recently hosted a webinar, “CRE in a Time of Conflict,” offering a clear look at what it means to operate, invest, and rebuild within the Ukrainian real estate market during an ongoing conflict. The session featured three experienced Ukraine-based real estate professionals—Olena Podolska, Ganna Koryagina, and Sergiy But—and included remarks from Igor Raikov, an Unmanned Systems Officer with the 13th Brigade of the Ukrainian National Guard “Khartiia.”

Together, the speakers described a market facing significant challenges but also showing resilience, adaptability, and forward momentum. The discussion highlighted several key themes.

The Market Continues—Even Under Strain

An overarching message from the webinar was that daily life and business activity in Ukraine continue despite difficult circumstances. Companies are still operating, relocating, rebuilding, and expanding. Industrial production, logistics activity, and service sectors remain functional. Ukrainians continue to work, shop, study, and launch new businesses, demonstrating a strong culture of perseverance.

The commercial real estate market, while smaller in scale than before the conflict, remains active. Leasing in safer regions is steady; industrial users continue to move goods; and companies are pursuing solutions that allow them to serve customers both within Ukraine and across Europe.

Financing Is Present—Driven Largely by Local Capital

While many international investors remain cautious, Ukrainian private capital and small investment groups are continuing to deploy funds. Domestic banks have also expanded financing options, providing loans for small and mid-sized companies, including programs supported indirectly by European institutions. These programs have enabled businesses to relocate, purchase facilities, and maintain growth plans in challenging conditions.

This mix of local investors, bank programs, and targeted incentives is helping to lay the foundation for future reconstruction financing.

Companies Are Adapting Through Relocation and Market Diversification

Businesses across Ukraine are adjusting operations in several ways:

Relocation: Some companies are moving to western or central regions when customers require lower-risk operating locations.
Labor shortages: Many industries—especially construction—face hiring constraints, and companies are modifying operations or securing labor “reservations” when possible.
New markets: Ukrainian producers are expanding into Central, Northern, and Eastern Europe, strengthening export relationships that may continue to benefit them long-term

Healthcare and Mixed-Use Development Are Expanding

Certain sectors continue to grow despite the conflict. Private healthcare has seen notable development, with new clinics opening in both major cities and regions closer to active zones. Investors view healthcare as a stable and necessary service.

Looking ahead, mixed-use developments are expected to play an important role in reconstruction, incorporating flexible spaces, essential services, and modern planning concepts that align with evolving community needs.

Large-Scale Reconstruction Is Expected—and Early Preparation Matters

Although the timing of long-term recovery remains uncertain, many anticipate that rebuilding efforts in Ukraine will be extensive. The scale of reconstruction is expected to be significant, likely comparable to other large post-conflict redevelopment efforts across modern history.

Speakers noted that organizations and investors building relationships and gaining on-the-ground understanding today may be better positioned once large-scale reconstruction officially begins. Many projects are already planned or partially designed but are awaiting conditions that allow full implementation.

Ukraine Represents Long-Term Potential—and an Opportunity to Contribute

Ukraine remains closely connected to European markets and is home to a population of more than 30 million people, creating a strong foundation for long-term rebuilding and future growth. Many property values are currently lower than that of their long-term potential, creating opportunities for investors who are prepared to navigate the challenges and take a long-view approach.

The message to global commercial real estate professionals was clear: Ukraine continues to conduct business, remains committed to recovery, and welcomes collaboration with international partners interested in supporting its future.

Watch the Full Webinar

To hear the full discussion—including firsthand perspectives from the speakers—watch the recorded session here.

Contact the moderator or panelists

If you would like to get in touch with any of the speakers, their contact information can be found here.

From Fragility to Flexibility: How Industrial Real Estate Is Powering the Next Global Supply Chain

media@sior.com (SIOR HQ) — Tue, 09 Dec 2025 19:53:08 GMT

Adapting to the Next Wave of Industrial CRE Demand

media@sior.com (SIOR HQ) — Thu, 13 Nov 2025 20:21:44 GMT

In Conversation with a New CEO: Futureproofing in Commercial Real Estate

NAI Global — Tue, 16 Sep 2025 17:19:13 GMT

The Future of the Business Park: From Land-Heavy Suburbia to Multi-Dimensional Hubs

Dan Spiegel, SIOR — Tue, 09 Sep 2025 15:37:50 GMT