Where To Meet Commercial Lease Space Brokers?

by ja2854. Posted on Sep 11, 2020    1    6


Hello all,

We are a commercial design/development firm and are moving into the next phase of our business which includes building ownership and lease procurement. We have stopped just short of actually dealing with the leases themselves. Ideally we would line up with commercial brokers so that we can try and get commercial lease commitments before the buildings are either flipped or built. The banks are requiring certain pre-leases with certain loans and that's something we are exploring now. We have a few potential interested partners as well so the financial backing isn't an issue, but ideally we'd line up with brokers to get better tenants with ideally better leases. We are trying to move up in the ranks, our buildings have a very nice fit and finish relative to the other buildings of similar scope, and can at least offer that to the potential leasers. Our typical building size is between 6000 and 10000 SF.

So where to look? I've tried meet and greets and stuff through MeetUp but I end up in a room full of pyramid schemers and fresh real estate agents. Anyone got any advice? Just cold calling brokerage firms? Thanks for any insight you may have.


Comments

UncleFishKiller 2

Sounds like you want to do the work of a broker while playing them against one another. Why not contract with a broker and let them manage your deals? You set the lease terms ultimately, your broker has the network that you seem to be missing.

  ja2854 1

Not sure I understand your statement of "playing them against each other".

UncleFishKiller 1

"Ideally we would line up with commercial brokers"

I took this to mean you would be dealing directly with multiple brokers which is not the norm. Usually a RE investor will contract with a broker who then networks with other brokers and does that job while earning a cut of each deal.

  ja2854 1

Yes my apologies, my intention is not to use a bunch of brokers against each other. Let's say I own/lease 5 shopping centers. My assumption is that one broker handles all of them for me? Or do we have a different broker for each center? This is the part that I'm not as experienced with so pardon my ignorance.

UncleFishKiller 1

If you want the most bang for you buck, you would contract with a single broker for all your properties. You get more attention from the broker the more business you give them as with all things business. Finding a solid broker partner should be an interview process like if you were hiring an employee. While they are independent, you want to make sure they are showing your properties often and representing you in the best possible light. They may also be helpful in acquiring new investment properties as they often know when people are preparing to sell before the general public does.

  ja2854 2

Gotcha. OK thats helpful. We are in Texas so we have a network that I can use to find brokers. I'll start reaching out and go from there. We develop and build so ideally it would be a mutual help type of relationship.