4 Ways to Find Commercial Space for Rent
How to Find Commercial Space for Rent:
Searching for Your Next Commercial Space?
Finding and leasing commercial space isn’t the easiest task for business owners.
Unlike the residential world, commercial real estate doesn’t have a “one stop shop” resource like the MLS or Zillow.
While you can certainly utilize tools like Loopnet or Craigslist, they often don’t have up to date information and can still be difficult to use.
But how do you find your next commercial space?
Even though there’s no apparent database of commercial property listings, you still have a few options.
Here are four ways for a business owner to find commercial space for rent.
4 Ways to Find Commercial Space for Rent
Hire a Commercial Real Estate Brokerage
The best way to find commercial space is through hiring a commercial real estate broker.
Commercial real estate brokerages are dedicated exclusively to leasing and selling commercial property - office, retail, and industrial real estate.
Aside from your commercial attorney, your commercial real estate broker will be your expert adviser throughout the leasing process.
Since commercial real estate doesn’t have a listing database, brokers are the best resource for what is available and may be coming available in your market.
Not only will your commercial real estate broker be able to help you find space, they can help you negotiate your lease so that you know you’re getting the best deal possible.
Brokers can help negotiate rental rates, build out allowances, rent abatement periods, and so much more.
After all, even the most sophisticated landlords have representation - so should you!
And the best part about hiring a commercial real estate broker to represent your business?
It won’t cost you a dime. Just like residential real estate, the property owner pays your broker’s fee.
So not only will a broker help you find commercial real estate and save you money during negotiations, they won’t cost you anything!
2. Search the Internet
If you’re just starting your search, you may not yet need a broker to help you find commercial property.
Maybe you just want to see what’s available in the market.
Or get a feel for rent prices.
Utilizing Loopnet, CREXi, and Craigslist to scratch the surface and familiarize yourself with the market is a good route.
Sure, these online resources may not have 100% of the information you need to make a decision, but they’ll have enough to get you comfortably educated.
These resources will give you the ability to search by product type, square footage available, and (except for Craigslist) other minor details, such as amenities.
Another benefit of scouring these online listings?
You’ll be able to find a commercial real estate broker that’s focused on the neighborhood or area you’d like to be in.
Keep in mind, too, that as you reach out to these listing agents and landlords to find commercial property that they are not on your side. They’re out to negotiate the best deal for themselves or their clients, so be sure you have an attorney at the very least.
3. Network with Business Owners
Business owners that are currently located in the neighborhood or area where you’re looking to rent commercial space can be a phenomenal resource.
They’ll usually know what’s available or coming available soon in the area.
Entrepreneurs and small business owners are like a family, especially within certain neighborhoods. I’ll still stop by and ask business owners what’s going on in the neighborhood - they’ll often hear rumblings about space coming available early on.
They also already have experience being a tenant with different landlords in the area and can give you a quick thumbs up or thumbs down on that relationship. This point is crucial - I can’t tell you how many times I’ve run into awful landlords over the years. Having a good or bad landlord can be the difference between success and struggle as a new business.
Neighborhood groups are also a wonderful way of making these connections.
Try the local Chamber of Commerce, merchants associations, BNI groups, etc. If you’re serious about being in the area, then join these groups and let everyone know you’re on the search for commercial space. Chances are good someone will know which direction you should take.
These associations probably have pages & boards where you could ask for information on available commercial space, as well.
4. Drive Around Your Market
Another way you could find commercial space for rent is by driving the areas you’d like to open your business.
Depending on where you live, you may also want to walk the neighborhood.
As a commercial real estate broker, I drive and walk my markets regularly and I’m still occasionally surprised by what I’ll find.
Pay attention to buildings that have boarded up windows or seem to have no cars parked in the lot at peak times.
You’ll also see “for lease” signs in the windows, often with a number to call.
Sure, driving or walking your market can be time consuming, but it can also be very rewarding. You may discover parts of your neighborhood that you’ve never seen before or find a hidden gem of a business.
I like to keep a running list of all of the properties during my search that piqued my interest. When I get back to the office, I’ll pull the tax records and utilize white pages in an attempt to find a phone number. Sometimes, you have to be a bit of a detective.
During your search for property, you’ll either find a broker that knows the area very well, or you may find a good landlord with property asking reasonable rent.
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About The Author:
Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors as a board member for the Real Estate Investors of Nashville. Learn more at www.TylerCauble.com