If you’re like most people, you can think of a few times when that old adage, “If I only knew then what I know now,” really rang true. The fact is, when we embark on something for the first time, the learning curve can be steep and the risks are often time and money wasted. For many people, searching for a warehouse or industrial space can quickly become an exercise in frustration. And if it’s not something you do regularly, it’s easy to see why. If you’re ready to start looking for industrial space or a warehouse here in northern Nevada, here’s what you should know first:
The Reno-Sparks industrial real estate market has a high level of activity carrying into 2016.
Landlords are filling their vacancies, prices have risen, concessions have eroded and now landlords are seeking quality for their remaining vacancies.
Various landlords have various needs/requirements at different times.
Finding the right ‘fit’ for your requirement goes beyond just locating the right-sized space.
To maximize your negotiating leverage, proper and timely handling of the entire lease process is critical.
If you are chatting with an agent, you should know that they likely do not represent you and that anything you share is almost definitely going to ding your negotiation leverage.
And here are questions you need to be able to answer thoroughly.
Is the property you are interested in already ‘in play’ to another tenant?
Is the place you are leasing actively being marketed for sale to a new landlord, and what impact might that have? How can a tenant potentially use this fact to their benefit?
Who performs the property management on the place you are considering and what is their reputation for their level of service?
What area submarkets provide the best tenant advantages?
What terms yield the best advantages for the tenant?
Do the local economic development agencies offer valuable real estate assistance?
Do you know how to qualify an industrial real estate agent’s ability to serve your needs well?
If reading this list leaves you feeling more in the dark than you were before, consider it a bullet dodged. It’s better to understand now that you’re out of your depth when it comes to not only finding the right space for your industrial needs, but negotiating the deal itself, than after you’ve wasted far too much time and money. So what’s the alternative?
Partner with an experienced industrial real estate agent here in northern Nevada. Find someone who is not only qualified, but has a track record that points to experience and expertise. A phone call alone is enough to open your eyes and your options, and it will certainly spare you frustration down the line.
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