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The Land Advisor
The Land Advisor, Experienced Land Investor
Category: Finance
Satisfied Customers: 1387
Experience:  Retired successful "land baron", financier and investor.
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What is the average rent for a 1000 square foot commercial property

Customer Question

In the Northeast part of the United States.
Submitted: 7 years ago.
Category: Finance
Expert:  The Land Advisor replied 7 years ago.
How long is a piece of string?

Rates are lower in the "Rust Belt" where jobs are shrinking.

Rates are higher for upscale buildings with amenities.

Rates are dependent upon the use of the property to some extent. Different commercial uses have different space requirements.

There is one web site I can recommend if you want to get an independent idea of what commercial space leases for, for a variety of uses, in a variety of states. You enter your parameters and an estimate is provided.

But, let's be realistic - when you actually try to lease commercial space, it will be represented by a broker, someone like my lifelong friend who owns Wolf Commercial Real Estate out here in California. There is going to be a lease commission paid by the owner of the space.

Once you have reviewed the VERRRY APPROXIMATE lease rates you can find, either from this web site or anecdotally, it is inevitable that you will be dealing with a commercial broker. It will cost you NOTHING ADDITIONAL to ensure that there is a commercial broker representive YOU and YOUR NEEDS exclusively... which is why I recommend you enlist professional help now to define the size and type of commercial space you need, where you need it, when you need it, ... and then let them find candidate space for your review.

Here is the web site that promises representative prices for commercial space. I have found commercial space myself during my prior business career, I can tell you that if you find the right special situation it can make a 50% difference in your lease rate.

http://www.loopnet.com/LoopLink/grubbEllis/qrylease.aspx
Customer: replied 7 years ago.
Let's cut through the "Greek", give me a ball park answer. It's just for the space with water included. That's it.
Expert:  The Land Advisor replied 7 years ago.
I am "opting out" so that other experts can offer their own estimate. Without knowing the state and city, kind of business, and approximate space requirements, I am not comfortable giving an answer that has no realistic basis.

I hope you can get the estimate you need from another expert.
Customer: replied 7 years ago.
Reply to The Land Advisor's Post: It's a tattoo business, Harrisburg, PA, 1000 square feet, water inclueded. Location is a small strip mall on the edge of the city. The location also has it's own parking area, which also has to be shared with other businesses. I hope this is enough info.
Expert:  The Land Advisor replied 7 years ago.
Had to do some experimentation with the software that Grubb and Ellis provided in order to get some representative numbers.

The link below will show you properties that lease for between $0.90 cents per square foot and $3.00 per square foot per month. HOWEVER, the higher numbers are for office and medical buildings, which is NOT what you will want.

As you look at each of the properties shown on this four-page report, two things stand out: (1) you are probably looking at between $1.00 and $1.60 per square foot per month ($1000 to $1600 per month) for your space if you can find either the right size (or someone who will divide the space if you sign a reasonably long lease)... and (2) many of the lease rates indicated read "negotiable", which might hint at a bargain or it just means their agent took the easy way out.

As you look at the properties shown, some will clearly be NOT for your needs, so don't include their lease rates in your mental picture... others in small malls or smaller buildings WILL match your space needs, so they are more representative.

At least this will give you a ballpark estimate to budget for. Hope this helps, here is the link:

http://www.loopnet.com/xNet/LoopLink/LoopLinks/grubbEllis/searchresults.aspx?SearchType=FL&VIEWSTATEID=611845767&PgCxtGuid=5a1951e2-e507-4683-b9b1-158f644f0cfa&PgCxtCurFLKey=LooplinkSearchPage&name=grubb&ForLeasePropertyType=80%2c90%2c110%2c120&ForLe aseCountry=US&ForLeaseState%3aSelectedItems=PA&ForLeaseLeaseRateMinimum=0&ForLeaseLeaseRateMaximum=6000&ForLeaseLeaseRateMonthlyAnnual=MO&ForLeaseSpaceAvailableMinimum=500&ForLeaseSpaceAvailableMaximum=3500&ForLeaseIncludeNeighboringCitiesCheckBox=Y& ForLeaseLooplinkSubmit=Begin+Search&R_FL_INCCB=Y&ReturnTargetUrl=%2fxNet%2fLoopLink%2fLoopLinks%2fgrubbEllis%2fqrylease.aspx&R_FL_LRMin=0&R_FL_LRMax=6000&R_FL_LRMA=MO&R_FL_SAMin=500&R_FL_SAMax=3500&R_FL_Country=US&R_FL_S=PA&R_FL_PT=80%2c90%2c110%2c12 0

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