Finding Commercial Property for Lease Near You
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.
Locating the right commercial property for lease is an important task…one that can make or break your business plans, no matter what type of property you need.
Whether you're searching for retail space, an office, a warehouse, or other commercial real estate, finding the ideal location that meets your business's specific needs can be challenging, especially if competition is afoot and vacancies are rare.
Unlike leasing an apartment or similar, a commercial lease is considerably more complex.
Here, we'll guide you through the process of finding commercial properties for lease in your desired area. We'll also provide strategies for a smoother, easier search and a competitive rent rate.
Before you begin your search, you'll want to create a concise “shopping list” with details of your ideal property.
#1 – Fine-Tune Your Requirements
Before beginning your search, it's essential for you and any business partners to define your needs and preferences.
While you're not limited to the following list, these are the most important ones:
- Space requirements (square footage);
- Desired location and accessibility;
- Budget constraints;
- Specific amenities or features;
- Parking availability; and
- Zoning requirements.
Since you may not locate a property that meets all your needs, you may want to separate your requirements into two columns: “must-haves” and “want-to-haves.”
Preparing a commercial property “shopping list” before you begin your search in earnest will save hours or even days of time. This is equally true if you choose to work with a CRE broker or agent.
Next, you'll want to research the local commercial real estate scene.
#2 – Analyze Your Local Market
It's important to do some reconnaissance before you begin searching in earnest.
You'll learn about lease prices in your area while identifying areas with genuine potential for future growth.
Your analysis should include:
- Average lease rates per square foot;
- Current and past vacancy rates;
- Recent leasing activity;
- Economic development plans; and
- Upcoming commercial developments.
This information will help you gauge whether asking prices are fair and identify areas with potential for future growth.
In addition, if you discover higher vacancy rates than expected, this may provide you with opportunities to negotiate lease terms.
For example, your future landlord may offer you discounted rent rates or other incentives. Commercial vacancies lower a building owner's passive income, so a landlord under pressure to lower vacancies may be ready to offer you an attractive deal.
While you can probably complete your analysis online, the next step in the commercial leasing process is best done in person.
#3 – Recon Target Areas
Sometimes the best way to find available properties is by exploring your desired locations in person.
This method will give you a better feel for the neighborhood and surrounding businesses. You can make notes of the streets and/or zip codes that are home to the commercial properties that appeal most to you and any business partners.
It's also helpful to visit commercial neighborhoods at different times of the day, especially rush hours. You may also spot potential problems that won't be mentioned in an online listing. This could be anything from a planned building demolition to a lengthy road construction project.
After you've toured the nearby areas with appropriate lease options for your business, you can begin your search for a shortlist of suitable properties.
#4 – Using Online Commercial Real Estate Listings
Almost everyone who is planning to buy or lease commercial real estate begins their search online.
Websites specializing in CRE leasing and/or sales sometimes allow you to zero in on a shortlist of possibilities. These sites have search functions that allow users to filter properties based on location, size, price, and property type.
Here at MyEListing.com, the Advanced Search function offers all of these filtering choices. It's a convenient, free service.
While you'll find a wealth of CRE leasing resources online, you may prefer to work with a local commercial real estate agent.
Here are some of the advantages they offer potential tenants like yourself.
#5 – Work With a CRE Agent
When you consider an agent's typical workday, you'll realize how and why they can make your search for a commercial lease easier and faster.
In addition to sharing their years of experience working with local CRE owners and landlords, a CRE agent can assist you with:
- Access to off-market listings;
- Negotiating favorable rental rates; and
- Details of local zoning laws and regulations.
An experienced agent can save you time and potentially money by guiding you through the entire leasing process.
While we've discussed the most common methods of locating CRE property for lease, the following strategies can be equally effective. You may also meet new and valuable business colleagues, clients, and vendors.
#6 – Network With Your Local Connections
It's well worth spending time with members of your professional network and local business community.
You can do this by:
- Attending Chamber of Commerce events;
- Joining any industry-specific associations in your area;
- Participating in local business meetups and events; and
- Engaging with other business owners in your target area.
Sharing lunch or coffee with your business connections may reward you with information about attractive property vacancies or off-market opportunities.
List & Browse Commercial Property for Lease for Free on MyEListing.com
MyEListing.com maintains one of the largest national databases of commercial property listings in the country and a growing library of informative articles.
Use it for free to list and browse commercial property for lease near you.
Other recent articles
Article Search
Share
All Article Categories
