Does this information tell me the landlord is willing to negotiate?
6% vacancy rate of total property (6000ft vacant). It has been vacant for 3 years. Market currently has 4 prime locations 3k-4k ft each for retail. End of next year a 270,000ft strip mall will be built right down the road from this plaza.

If I play my cards right will I be able to get this place for significantly under market value? Its also one of the most expensive in the area. 
[{"id": "cwje02a", "text": "Much more information is needed to really understand the situation. For instance, who is the landlord? Is this their only holding? If not, how large is their portfolio, dozens of properties? Hundreds? Even if this is their only holding, 6% vacancy is quite low, very low actually. Unless they are in dire financial straits, the rent they would collect on this 6% would be the gravy. You would also want to understand the status of the other leases on the property, do they have a large tenant expiring next year? If so, maybe they would want to secure as much rented space as possible. That doesn't necessarily mean that they'd be willing to drop \"below market\" though. Assuming this is a 100,000 sf building with multiple tenants, the landlord would never do a below market deal on their last 6% of space as this would skew the \"market\" for any upcoming renewals. Typically landlords are very aggressive with their last 10-15% of vacancy, the higher rents and stronger deals set a precedent that they will rely on to achieve better performing leases when their existing tenants renew.\n\nNow, on to your situation, do you bring anything exceptional to the table to justify any decrease in the rent? Are you a AAA national tenant? Are you putting down a huge deposit? Are you personally guaranteeing the lease? What do you offer to the landlord that would be worth them reducing the rent? Given the scenario you outlined in your post it would have to be pretty substantial.", "replies": [{"id": "cwjlxsb", "text": "Its above average I would say. Strong franchise, good community ties, and good financials. **IMO** the market is \"flooded\" with prime real estate. They recently reduced their asking price 1 year ago by 10%!!!! knowing little to nothing about real estate - I'd say their is no \"fair market value\", because its free falling!!!! Tell me if my mentality is extremely skewed. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "cwjfgd2", "text": "You really can't tell. Some LLs hold out for high rents through years and years of vacancy rather than negotiate. Find out if he's negotiated with other tenants in the past.", "replies": [], "depth": 1}, {"id": "cwjlflb", "text": "Tough to say if the \"what'll happen next year\" is the LL's way of justifying a higher rate or if the \"vacant 3 years\" is his way of saying he'll negotiate, but either way, I'd use those two pieces of info to bargain for better.\n", "replies": [], "depth": 1}, {"id": "cwjp9jv", "text": "Why do you think the market is flooded?  If someone is building 270k sf, this center is sitting at 6% vacancy, and only a few other comparable locations are available it sounds to me more like there is a lack of space available.  Who knows though this shit is hard to figure out without knowing a lot more.\n\nThat generally doesn't sound like someone that needs to dump space below market though......\n\nAre you bringing this landlord anything besides rent?  Are you a destination retailer?  Do you have minimal parking needs?  off hours?  Do you compete with anyone there?  Will your complement the other tenants?  Are you an upscale retailer?\n\nThese things matter to.", "replies": [], "depth": 1}, {"id": "cwk34z2", "text": "The way to find out is to ask. It has little to do with the market stats and much to do with the individual.", "replies": [], "depth": 1}]