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Best Places to Find Commercial Property for Rent in 2022

Published: 04-12-22 Category: Leasing/Renting

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

What’s more competitive than the Olympics and yet way more accessible? Commercial real estate, of course.

You don’t have to be a genetic wunderkind like Michael Phelps or an insanely powerful gymnast like Simone Biles to get a commercial property for rent that makes sense for the rest of your business goals.

Yet the race is on because, just like the Olympics, you’re not the only one watching out for commercial properties in your area.

How do you accomplish the mission without going too “James Bond” about things?

#1 – Your Own Network

The best deal is the off-market deal, and that means hunting in your own proverbial backyard first. The reason why is simple: you cut some of the competition by stepping away from the digital databases.

A good deal can come from your real estate community for a wide variety of reasons, including the following:

Someone has a building that needs more work than what they want to put in, creating an opportunity for you on several levels.
Another person might have to leave the area, and they worry about a vacant building situation, creating new opportunities for you to step in with a rental offer that gives them peace of mind.
Another person may want to make a tenant deal simply because you could help them in the future. The power of networks is exponential, not linear.

Word of mouth is powerful too. Just letting your network know that you’re looking for a commercial property for rent can unlock the floodgates of people offering properties for your further examination. Of course, not every property is going to pass muster, but it doesn’t hurt to look.

#2 – Free Commercial Real Estate Listings

What if you don’t have a strong real estate network? Surely your commercial property rental dreams are dashed, right? Not at all.

Free commercial real estate listings aren’t just for the buy-side of things; you can also find properties to rent.

Don’t assume that everything will be out of your price range either: everything in the real estate world is open to negotiation.

You could, for example, get lower rent in exchange for a longer lease term. The sky is the limit; don’t be afraid to ask for what you want.

#3 – Existing Tenants in a Building

Do you have businesses in your area that pair well with your business idea? For example, if you’re dreaming of opening up your own bakery, finding a location that’s close to daycare isn’t a bad idea.

Moving into an existing space with other successful businesses gives your own business a bit of a fresh paint job: people want to support local businesses and get to know them.

#4 – Business Groups

The same business groups you use to expand non-real estate businesses could connect you with someone with commercial property for rent. Rentals are always in-season as landlords look to plug up any vacancies.

#5 – Vacant or Low-Activity Markets

When all else fails, it’s never a bad idea to drive around and see what’s vacant and any “for rent” signs. Commercial property is all around us, and the right building that lines up for your purposes could be right around the corner.

Sure, with gas prices climbing up, driving around might not be at the top of the list.

Yet driving for dollars works for multiple real estate purposes, including finding commercial property for rent.

Making a Case for Broker-Discovered Commercial Rentals

Why isn’t the broker one of the originally listed “sources” for commercial property for rent? Well, some are worried about commissions.

The truth is that the broker is a great source for commercial renters. They have listings of their own, but they also come with expertise.

Negotiating a commercial lease isn’t like a residential one. There are more moving pieces, longer lease terms, and completely different rules in the contract.

A broker can help navigate the waters far better than the average business owner trying to go solo with finding a commercial property. Asking a broker for help doesn’t mean you lose control of the process. Ultimately, it’s up to you what deal you sign officially.

Don’t Skip Over Physical Examination

Whether you see a listing on a free site, ask a broker, or follow any other sources for great commercial properties, absolutely nothing beats checking out a space in person.

No, pictures will not suffice. You are a champion, and you deserve a space worthy of champions.

Channel your inner Michael Phelps and think: what am I comfortably endorsing?

Because when you rent a space, you’re signing on to the way it looks for the most part and the general location. Sometimes a location looks great but doesn’t fit.

Finding fit is more important than square footage or a sea of amenities that don’t fit your business objectives.

Fit is subjective, but it’s kind of like obscenity: you know it when you see it. Take the time to look at every location that might make the final cut, and then pare down the list.

Tying it Together: From Listing to Agreement

The famous Wayne Gretzky line about missing 100 percent of the shots you don’t take is apt here. After you pause and reflect on what type of commercial property you want to get, it’s time to put those plans into action.

Pick one place and start looking around for the type of commercial property that would make sense for your agenda. From there, you can build a shortlist.

Don’t overthink it: great property for rent may be harder in smaller markets, but landlords want to build deals.

They want to compromise. They want to do whatever they can to make sure that they aren’t left with a space that isn’t making them money.

Take action, negotiate, prosper. It isn’t as hard as it looks.

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