What to do when you have multiple people interested in leasing?

[Jason J.]

Hello,

I am looking for advice on a commercial property. I listed it for lease a few days ago and have a huge interest in the space. I can start showing the space in a few days. I will likely have multiple people who want to lease it. This is a commercial space, not residential.

We plan on getting information on each business and narrowing the list down to those who seem the most reputable. 

How do we go about deciding who to lease the space to? 

1. Is it common to have all of the potential tenants submit offers to you? Should we look at what they are willing to offer above listing price and how long they are willing to sign?

2. Or do you go with the first person who shows up who is willing to sign the lease?

Any other advice is greatly appreciated. If you were in this situation, would love to hear your story and how you handled it.

Right now, the space is in high demand due to no inventory on the market in that particular type and size of property.