Leasing first office space - Should I lease or hire it out?

2 Replies

I am purchasing an office building near a trendy downtown area in my home town. The address is 38021 Euclid Ave Willoughby if you want to take a look - its an old century home that used to house a medium sized law firm. I am going to use a small section of it for my office and plan to rent the other 3-4 units.

I am a real estate investor that flips/rents single family. I have a portfolio of 32 rentals that I have in house management for. We do a great job on single family rental listings. My wife is my agent and another girl is our part time property manager, we have professional photos, we syndicate to all the listing websites. So we tend to rent our units quick and at a premium.

Because of our success, I initially planned on leasing the empty office units myself but because I am just starting to get into commercial I am thinking of hiring out the leasing at least initially to get a batter idea on market rents and different lease structures in the commercial space.

Thoughts on this?

@Adam Craig , I own a similar building. Prior to buying it, I rented space in another similar property in town, so I had a decent idea of what market rates were and what I wanted in a lease. But if you don't have experience in leasing office space, I think it would be worth it to work with a realtor.

Hope this helps, 

hey @Adam Craig , cool to hear that you are pulling the trigger! I know you have been thinking on it for a while. While I cant offer much knowledge in this area, our commercial director at KWGCNE Rick Osborne may be able to offer some insight. I can give him a call and ask if he has any thoughts, or can give you his contact if you want to shoot him a quick email.