Vacant Commercial Property - Reducing Risk and Pitfalls; Question: As a Landlord, How Can I Reduce the Risks Associated with a Vacant Property? Colin Bailey, Associate Director in DTZ's Corporate Real Estate Management Team Has the Answers

The Birmingham Post (England), January 19, 2012 | Go to article overview

Vacant Commercial Property - Reducing Risk and Pitfalls; Question: As a Landlord, How Can I Reduce the Risks Associated with a Vacant Property? Colin Bailey, Associate Director in DTZ's Corporate Real Estate Management Team Has the Answers


Byline: Colin Bailey

Since the economic downturn the demand for commercial property of all types - retail, office, industrial - has significantly reduced. This combined with a significant number of business failures has lead to a significant increase in the number of vacant properties in the UK. Currently over one in 10 high street shops are vacant.

Landlords, property holders, investors and developers all face management problems and increased risk when a commercial property becomes vacant. Failure to manage vacant property correctly can result in expensive repairs, unnecessary costs, management problems and potential litigation and costs. The other concern is to keep the property in a reasonable condition in order to attract new tenants or occupiers.

So what can landlords do to reduce these risks, issues and property management headaches? Insurance If you, as owner, insure the property it is more than often a legal requirement to inform your insurer when that property (in part or whole) becomes vacant. You should check the terms of building insurance policy as soon as the property becomes vacant to make sure the building is adequately covered. Failure to notify your insurer can either invalidate or reduce the cover on your policy as vacant property is generally more costly to insure and requires additional cover.

If your landlord insures the building you should also check the provisions of your lease to identify whether there is a contractual requirement to notify him when the property becomes vacant. To avoid potential litigation it is always best practice to notify your landlord in writing as soon as the property becomes vacant.

Vacant property inspections and security Vacant properties run a far higher risk of attracting squatters, trespassers, criminal damage, arson or theft. Also, on vacant properties, defects such as leaking pipes run a far higher risk of causing significant damage and cost to a building owner if left unattended. It is also worth mentioning that there is often an insurance requirement to undertake routine inspections on vacant properties by building owners.

As soon as a property becomes vacant a regular inspection and security regime should be implemented to minimise the risk of criminal action or damage to the building and to ensure that standards are maintained. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • A full archive of books and articles related to this one
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Vacant Commercial Property - Reducing Risk and Pitfalls; Question: As a Landlord, How Can I Reduce the Risks Associated with a Vacant Property? Colin Bailey, Associate Director in DTZ's Corporate Real Estate Management Team Has the Answers
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.