Obviously, filling a vacancy in your retail property will put more money in your pocket at the end of each month. But, beyond that, there are many important considerations when finding a tenant for your space that go beyond just putting any business into a vacant retail space. Here are just some of the ways that a leasing broker will earn his commission (and then some). Contact me to learn how Progressive can help you fill your center.
Progressive Real Estate Partners completes more leasing transactions than any other brokerage in the Inland Empire. Since we are experts in our market area, we know the market rental rates and what is realistic to charge for prospective tenants.
The value of your property is dependent upon the amount of rent that your tenants are paying. The more rent they pay, the more the property is worth. But there are many things that a property owner can do to increase the value of the property – such as offering a few extra free months of rent, or giving more tenant improvement allowance in exchange for a higher lease rate; or renegotiating leases with tenants to extend their lease term for a few more years. Prospective buyers want high rents and secure, long-term tenants. A good leasing professional will not only help you find tenants for your property, but will also help you determine the market rental rate, and will help to structure the leases in a manner that will best increase your property’s value. This is of particular importance if you are considering selling your property. A simple lease restructure could equate to hundreds of thousands of dollars in value!
You may have seen shopping centers where there are more than one of the same type of business; or a business that just seems out of place; or perhaps you might scratch your head and wonder why there isn’t a particular store in a center where the neighborhood clearly needs one. A good leasing broker knows what type of store is a good fit for a particular shopping center, and what the needs are in a neighborhood or city. A strong mix of tenants in a shopping center benefits the entire center, as customers are likely to make one shopping trip to buy several items and different stores.
Different retail uses often have different requirements for the number of parking spaces allowed. You don’t want to find out that you don’t have enough parking in your center to allow the former shoe store to be converted to a restaurant. Sometimes a parking study can be done, which will analyze peak traffic times for the various tenants in the center. If the peak traffic hours are staggered among the different clients, it may be possible to do that conversion from a shoe store to a restaurant! Your leasing broker can help you with this decision.
I am proud to work with a team of brokers at Progressive Real Estate Partners who focus on leasing retail properties in the Inland Empire and San Gabriel Valley. If you are looking for quality tenants for your shopping center or single tenant property, we can help!
If you would like to know the market value of your property because you are considering selling, or just because you are curious to know, please complete a short form, and I will be in touch soon.Free Valuation