The biggest costs in a brick and mortar aren’t the ones you plan for. It’s everything else that adds up. Staffing, systems, maintenance, marketing, things breaking, things needing to be replaced.
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In commercial real estate, the strategy changes because the business changes. That’s why I don’t believe in searching every listing and hoping one works. Before we start touring commercial spaces, I want to understand your business. What has your first location taught you? Where are your customers coming from? What are you trying to accomplish with the next one?
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I’ve learned through representing commercial property owners that leasing a commercial space isn’t just about finding someone willing to pay the rent. The right commercial tenant should make sense for the property, the neighborhood, and the business itself.
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Negotiating commercial leases is that the lowest rent doesn’t always make it the best deal. Every business has different priorities. For some, keeping monthly rent as low as possible is the right strategy. For others, it makes more sense to negotiate concessions that improve cash flow during the first year, when expenses are often the highest.
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Business owners usually know they’ve outgrown their space before they admit it. The signs are hard to miss. The team is constantly working around each other. Customers are waiting longer than they should. Every table is full, every appointment is booked, and you’ve reached a point where demand is there, but the commercial space won’t let you grow any further.
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Some of the best opportunities are the ones people walk right past. Everyone loves a polished, move-in-ready space. It’s easy to picture your business there because someone else has already done the hard work. The problem is that everyone else sees the same thing.
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When I negotiate a commercial lease, I look at the entire structure, not just the monthly number. Free rent, buildout support, tenant improvement allowances, the lease start date, and other concessions can sometimes create more value than a lower asking rent.
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Just because a business is doing well online doesn’t automatically mean it’s ready for a brick and mortar location. A physical space brings an entirely different set of expenses, responsibilities, and operational challenges.
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It surprises me how many first time business owners try to lease commercial space without representation. I represent both landlords and tenants, and whenever someone approaches one of my listings without a broker, I always wonder why.
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In my years as a commercial real estate specialist, I’ve noticed that the tenant offering the most rent isn’t always the one you want to sign. It’s easy to get excited when someone is willing to pay above asking. Every property owner wants to maximize income. But I’ve learned that the better question is whether that business is likely to succeed.
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