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Attempting to Poach Downtown Tenants: Cool or Not?

By Eric Richardson
Published: Monday, August 25, 2008, at 02:54PM
Chapman Flyer Eric Richardson [Flickr]

A glossy flyer advertising the Chapman Flats, sent to residents of Downtown rental buildings.

Last week while checking the mail I was a little surprised to see it include a glossy flyer advertising rentals at the Chapman Flats, just two blocks or so away from my current residence. The flyer, addressed to "Current Resident," asked me to "Rent Now" and offered a move-in special.

With all work going into bringing those who don't live Downtown into the neighborhood, isn't it a bit soon for a property to start poaching off its neighbors?

Perhaps this sort of in-market advertising is a sign of a building that needs to find a little extra edge in attracting tenants, or perhaps it's just a sign of a market that's being more mature.

Office buildings routine work to steal tenants off each other, with tenants moving around Downtown in search of a better deal or more prestigious address. That sort of activity may be good for the building that signs away some space, but deals that don't lower the overall vacancy rate don't make the market any more healthy.

So what do Downtowners think? Does the Chapman's move seem a little desperate, or is it just good business sense?

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