Retail landlords strive to find good tenants for their properties. The first step to attract good tenants is to hire an experienced commercial real estate advisor. Your advisor should ask you the following questions, and your answers will guide your search for the right tenant.
To define your ideal tenant, complete a tenant profile that includes the business category and culture that would best suit the space. You may consider which types of retailers would complement those already occupying your building.
Define your primary and secondary objectives for the business arrangement. These objectives include:
To attract good tenants, retail landlords should highlight the features of the property. Compile a building profile and share it with your retail commercial real estate advisor. With this information, your agent will be prepared to market your space and answer questions from prospective tenants. Consider the following elements of your retail property:
Consider your property’s proximity to public transportation routes, airports and local amenities. You should also evaluate traffic patterns, crime rates, submarket reputation and planned construction.
You should know the exact measurements and layout of the offices, windows, restrooms and common areas.
Your building profile should include information on building codes and regulations. You will also want to include year built, maintenance and recent renovations. Other building details could include communications and use of green technology.
Your tenants will want details about security systems and measures that are in place.
The availability of adequate parking is a plus to prospective tenants who want their clients to have easy access.
Provide details on any special features that make your building different from the competition.
Prospective tenants may request lease terms that differ from what you had in mind. You need to decide ahead of time which elements you are willing to negotiate on.
Contact our landlord representation team to begin your search for successful, long-term tenants for your property.