Leasing commercial real estate is totally different game than residential leasing. So getting up to speed on how to lease commercial real estate is a must, and Jim Blasingame has put together a great two part series on the major things that you need to look out for.
Here’s one thing you should pay particular interest to:
Create a comparables analysis in an electronic spreadsheet that allows you to compare the details of prospective properties. The basics include: leased square footage, unit lease price, incremental expenses (including maintenance), lease term required (how many years), plus pros-and-cons notes about each property.
He mentions other things too, like keeping emotion out of the equation, and ensuring that you look for at least two or three properties that could potentially work for your business. The old school “location, location, location” certainly applies when it comes to placing your business in the best possible area to maximize your sales and profits.
You can get the details on Jim’s series here.