Happy New Year!
I'm putting together my first redevelopment of a mixed use commercial and multi-tenant residential building and am looking for a tenant for the commercial space. The space is listed by a commercial broker. What ideas do you have for finding a commercial tenant? Your thoughts are most welcome!
Using a good commercial broker is a great start. If they're doing their job well they should be advertising on closed access systems like CoStar and also in public forums like Craigslist. Similar to residential tenants you'll want to vet your tenants well. Review their business financials, ask why they are leaving their current space, and if they're new to brick & mortar space it is common to ask for personal guarantees from the business owners. I also recommend sticking with tenants who don't require much specialty build out (ie salons, bars, food service) so if they don't work out you're not stuck with a space that won't appeal to a new tenant . Tenants who are upsizing due to growth or opening a second location are usually good bets. Lastly, more smaller tenants versus one big tenant helps mitigate your risk, and you can usually charge more per sqft for smaller space. Good luck!
Thanks for your ideas; I really appreciate your insight. And, I love your address!
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