How to Find the best Office Rents and Industrial Rents. This is my second blog entry that explains our approach to working through every market and finding the property that fits the highest and best use for business looking for commercial lease space.
Hey everybody, this is James Robertson with WorkSpace Real Estate and today we're going to talk about how to find the best office and industrial space in the marketplace. This applies to all major markets like Houston, Dallas, New York, etc.
The first thing that you need to do in order to find the best spaces, is understand your needs, and I mean really specific--down to how much square feet you need, how much you have per month to pay in rent. You need to know how many parking spaces you need, what side of town you need to be on. These are all critical pieces that you need to understand before you even start a search. Another bit of helpful information is going to be what we call rent versus revenue ratio. Look at what other competitors in your business are doing and what they're paying in rent compared to what they actually make a year.
Once you have that outlined, the second step is to outline all available options you market that could possibly work and that means it takes a very thorough search it's something that most people cannot do on their own. Even the best systems available to the public like Loopnet will have about 60-70% of the options available that's actually on the market to you. The only system that has all of the options available is Costar, and that's a very expensive program that most people just looking don't have access to, but commercial brokers that specialize in that stuff actually do. We pay a heavy price for it but what you need to do is get a comprehensive set of lists in that two to three mile area that works. I mean everything from there. Then it's just methodically going through and seeing what could work based on that vision you had in the beginning and you should select about four or five that you want to tour. It shouldn't take more than a day or two to actually look at those places.



So, I hope this information was helpful. If you guys have questions that you think will be helpful to answer in this daily vlog let me know. This is James signing off and thank you for watching!

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