What to target for filling a space in an office building
A friend of mine just purchased an office building that was in foreclosure. The building is about 16,500 square feet and two stories. It has beautiful glass windows all over and it looks out on mountains and desert - very scenic in the Southwest US.
He has a plan for tenants in 3/4 of the space, but has one more unit (about 4,500 Square feet) that he is trying to fill. The building is right next to a community center for a 1200 home development. The development was just purchased by a developer. There are probably 50-100 homes developed but the previous developer went bankrupt. The new developer is already putting up homes and they are selling.
It looks like the nearest city is growing well, and the path of growth will go right through this development, but the downtown is about 5 miles away right now. He asked me what I think he should go after to put in there. I've brainstormed with him for something like a day care or some kind of internet business (that is what is renting the upstairs).
I would love to hear the thoughts of people on this forum. Thanks.