Which is not a factor in the creation or reduction of value in the leasing process?

The types of finishes in the building lobby may contribute to the overall aesthetic and first impression of a property, but they are not directly involved in the leasing process as factors that create or reduce value in the specific context of leasing agreements. Value in leasing primarily revolves around the terms and conditions that impact occupancy, tenant relationships, and financial performance.

Tenant expansion and contraction rights can significantly influence a lease’s value by providing tenants with flexibility, potentially enhancing the overall appeal of the property. Similarly, tenant co-tenancy clauses address conditions under which tenants maintain their lease based on the presence of other tenants, impacting occupancy and, consequently, value. Staggered lease expirations can help manage risk by ensuring that not all leases expire at the same time, which aids in maintaining stable cash flow and occupancy rates.

In contrast, while lobby finishes can improve marketability and tenant satisfaction, they do not alter the fundamental conditions of a lease agreement or its financial implications in the same way the other options do. Thus, they are not a direct factor in creating or reducing value during the leasing process itself.