Leasing Tip of the Day: The Power of Property Audits

In retail leasing, making the right decisions starts with a thorough physical audit of your property. Let’s break it down into simple steps:

Measure Dimensions: Estimate space by counting ceiling tiles and determining depth.
Check Condition: Assess if the space is in good, fair, or poor condition to plan for renovations.
Ceiling Heights: Measure ceiling height for tenant suitability.
Former Use: Understand why the previous tenant left to guide your tenant selection.
ADA Compliance: Ensure bathrooms and hallways comply with accessibility standards.
Parking: Evaluate parking availability and handicap spaces.
Signage Rules: Know property and municipal signage rules for visibility and branding.
HVAC System: Record specs and conditions for tenant comfort.
Electrical Amperage: Be aware of electrical capabilities for different tenant needs.
Gas Availability: Check if gas is available, especially for restaurant tenants.
Back-Door Access: Assess the convenience of deliveries.
Parking Ratio: Understand municipal standards for parking spaces.

Now, consider the property as a whole:

Square Footage: Determine available space and the potential for splitting or combining vacancies.
Location: Assess whether vacancies are impulse spaces (end-caps) or interior spaces.
Tenant Type: Match visibility and location to the right tenant type.
Expansion Opportunities: Keep an eye on successful tenants looking to expand.
Lease Renewals: Monitor lease expiration dates, tenant success, and adjacent vacancies.

Thorough property audits are key to unlocking success in retail leasing. Don’t miss out on this opportunity to elevate your leasing game.

I hope this helps you! Happy Leasing!