“If I only knew then what I know now.” It’s apt many times in life, because there are many times in life when we find ourselves doing something for the first time. The learning curve is often steep, with high risk and money wasted. This can be – and usually is – the case for people searching for their first warehouse or industrial space. And it’s easy to see why. Here’s what you should know if you’re ready to start looking for industrial space or a warehouse here in northern Nevada.
The Reno-Sparks industrial real estate market has a high level of activity as we draw near to the end of the first month in 2017.
Landlords are filling their vacancies, which are continuing to drop over all size ranges due to recent absorption levels, prices have risen, concessions have eroded and now landlords are seeking quality for their remaining vacancies.
Different landlords have different needs/requirements at different times.
Finding the right ‘fit’ for your requirement means more than just locating the right-sized space.
To maximize your negotiating leverage, timely and proper handling of the entire lease process is essential.
If you’re chatting with an agent, be aware that they likely do not represent you and that anything you share is almost definitely going to negatively affect your negotiation leverage.
You should also be able to answer these questions – and more – thoroughly.
Is the property you are interested in already ‘in play’ to someone else?
Is the place you are leasing actively being marketed for sale to a new landlord. If so, what impact might that have? How might a tenant potentially use this fact to their benefit?
Who performs the property management on the place you are considering? What kind of reputation do they have?
What area submarkets provide the best tenant advantages, and what terms yield the best advantages for the tenant?
Are local economic development agencies offering valuable real estate assistance?
How will you qualify an industrial real estate agent’s ability to serve your needs?
If reading this list is making you a little worried, consider it a sign. 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 to realize this only after you’ve wasted far too much time and money. We suggest an alternative.
Partner with an experienced industrial real estate agent here in northern Nevada. Find someone who is not only qualified, but comes with a track record that points to experience and expertise. Save yourself frustration down the line with a phone call now. It will open your eyes – and your options.