Billboard Negotiation with Lamar Signs
I own commercial property in Mobile, Alabama, and I am at the end of a 15-year lease with Lamar signs, who owns a digital sign on my property. The company charges about $1,200 per 4 weeks, and averages over 100,000 impressions per week. The company has the ability to add up to 6 separate advertisements on 1 face of the billboard. I have plans to build a strip center worth well over $800k on the property with at least 1 national brand. I am asking for at least $16K a year from Lamar Signs, with 3% increases every year for inflation. Is that pricing at Market or below? Also, can I put a provision, which allows me to renegotiate in the case that they add another digital face on the other side of the board?