Landlord Representation
Portland office lease-up strategy, tenant placement, and renewal management—structured around the landlord's asset goals, pricing position, and net operating income.
WHAT IS LANDLORD REPRESENTATION
Office landlord representation means hiring a commercial real estate broker who works exclusively on behalf of the property owner—not the tenant. The landlord rep's job is to position the asset, identify and qualify prospective tenants, negotiate lease terms, and protect the landlord's economic interests from listing through execution.
In most Portland office leases, the landlord pays the brokerage commission as part of the transaction cost. That commission funds both the listing broker and the tenant's representative. The landlord rep earns their value not just through tenant placement, but by structuring deals that protect long-term NOI—controlling concession exposure, negotiating favorable escalation schedules, and securing lease terms that hold up over the life of the deal.
Whether the need is a full-building lease-up, a single vacancy, or a renewal negotiation with an existing tenant, the process starts the same way: establish pricing using current comps, define the target tenant profile, build a marketing and outreach strategy, and negotiate from a position backed by data and competitive positioning.
WHY IT MATTERS IN PORTLAND’S OFFICE MARKET
Portland's office market carries elevated vacancy across multiple submarkets, and landlords are competing for a smaller pool of active tenants. That means positioning, pricing, and deal structure matter more than they have in years. The buildings filling space are the ones with clear value propositions, competitive concession packages, and brokers who are actively sourcing tenants—not waiting for inbound inquiries.
Without experienced representation, landlords risk mispricing space, over-conceding on TI and free rent, or losing deals to competing buildings that move faster and present cleaner proposals. A landlord rep levels the playing field by benchmarking current deal activity, structuring concessions that attract tenants without eroding returns, and running a disciplined process that creates urgency. In a market where tenants have options, the landlords who capture quality tenants are the ones running proactive, well-positioned campaigns—not the ones reacting to lowball offers.
HOW LANDLORD REPRESENTATION WORKS
The landlord rep process follows a structured sequence designed to minimize vacancy, maximize net effective rent, and place tenants who strengthen the asset's long-term value. Every engagement is different, but the core framework applies whether the assignment is a single 2,000 SF suite or a 50,000 SF multi-tenant lease-up.
Step 1 — Asset Assessment and Pricing. Building condition, floor plate efficiency, common areas, parking ratios, systems, and location are evaluated alongside current market comps. Asking rent, concession budget, and target deal economics are established to position the space competitively without leaving money on the table.
Step 2 — Target Tenant Profile. The ideal tenant type is defined based on the building's strengths—size range, industry fit, lease term preferences, and credit profile. This focuses outreach and avoids wasted time on tenants who aren't a fit for the asset.
Step 3 — Marketing and Outreach Strategy. Listings are syndicated across major platforms (CoStar, LoopNet, Crexi) and marketed directly to the tenant rep community. Broker outreach, email campaigns, signage, and targeted prospecting generate qualified leads beyond passive listing exposure.
Step 4 — Tours, Qualification, and Proposal Review. Prospects are pre-qualified and toured. Incoming proposals are evaluated not just on face rate, but on effective economics—net rent after TI amortization, free rent, escalation structure, and lease term. Weak proposals are countered; strong ones are advanced.
Step 5 — Negotiation and LOI. Terms are negotiated using comparable deal data and the landlord's target economics. The letter of intent locks in base rent, escalations, TI allowance, free rent, expense structure, options, and key business terms before moving to lease documentation.
Step 6 — Lease Execution and Tenant Coordination. The lease is drafted and reviewed against the LOI terms, with attention to operating expense pass-throughs, assignment and subletting restrictions, maintenance responsibilities, default provisions, and renewal or termination options. The broker coordinates between the landlord's legal counsel, property management, and the tenant's team through execution and occupancy.
ECONOMICS & VALUE
Cost Overview
Office landlord representation in Portland is commission-based, typically calculated as a percentage of total lease value. The commission covers both the listing broker and the cooperating tenant rep broker. The cost is built into the transaction and paid at lease execution—there is no retainer or upfront fee in most standard leasing engagements. The value of landlord representation shows up in reduced vacancy time, stronger deal economics, and lease structures that protect NOI over the full term.
How Leverage Drives Better Terms
The primary value of landlord representation is positioning. When a building is priced correctly, marketed aggressively, and presented with a clear concession framework, it attracts more qualified prospects and compresses the time from listing to lease. A landlord rep builds that competitive position by benchmarking current comps, monitoring competing availability, and adjusting strategy as the market moves. In high-vacancy submarkets, the difference between a well-positioned listing and a stale one can be six to twelve months of additional downtime.
Why Work with a Landlord Rep
A landlord rep works exclusively for the property owner—aligning every recommendation with the landlord's financial objectives. That alignment matters when evaluating tenant credit, structuring concessions, and deciding which proposals to counter versus accept. Beyond negotiation, a landlord rep provides market intelligence on competing buildings, tenant activity, and deal velocity that informs pricing and strategy decisions throughout the assignment. The broker also manages showings, coordinates with property management on building presentations, and handles the back-and-forth with tenant reps so the ownership team stays focused on the asset.
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GET IN TOUCH
Contact Matt Lyman at Norris & Stevens about office landlord representation in Portland—lease-up assignments, single-vacancy placements, renewal negotiations, repositioning strategy, or a quick pricing opinion.
Share your building address, available square footage, current asking terms, target tenant profile, and timeline, and Matt will follow up with a market comp set, positioning recommendations, and clear next steps.
Coverage spans the full Portland metro office market—Downtown/CBD, Pearl District, Central Eastside, Lloyd District, Lake Oswego, Kruse Way, Beaverton, 217 Corridor, Tigard, Tualatin, Hillsboro, Sunset Corridor, and Vancouver, WA.