Short and sweet question today. What are the top 3 things NOT to do when advertising a commercial office space?
If you must know: a buyer is considering a deal in his local downtown. The building has stable tenants although severely sub-par rents and about 40% vacancy. However, given the purchase price, the property nearly cash flows as is. What should this potential buyer avoid when advertising to potential tenants to fill his/her vacancies? Also, any other advice about this type of deal would be appreciated.
Thanks in advance!!
See if the in place tenants are STICKY.
For example an office medical tenant has tons of tenant improvements and can be harder to relocate. That versus an office tenant with a desk and chairs that can move in the middle of the night and be out in a day.
Pay big commissions, for something that sounds like small leases, you need to get the broker/agent's attention.