How long does it take to rent commercial space?

I have a commercial space in center slope. Assuming the asking rent is market rate, how long should I typically expect to wait before it’s rented.

Thanks in advance

landlord

in General Discussion 8 years and 5 months ago

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resident2 | 8 years and 5 months ago

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The liquor license does not stay with the premises and is a valuable thing to have.
The State liquor license is to a person running the business. If the license lapses at your address, a neighbor may be able to get one. There are only so many liquor licenses issued within certain boundaries.
So you are on a time line to get the most rent for it.

landlord | 8 years and 5 months ago

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Thank you Bessie.

Bessie | 8 years and 5 months ago

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If you price it well, maybe 3-4 months. Advertise on Loopnet.
Resident2 is spot on about the folks with no business plan.

daveinbedstuy | 8 years and 5 months ago

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A state liquor license does not.

landlord | 8 years and 5 months ago

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I am not working with a real estate agent at this time. I know what comparable rents are. I just want to know how soon before the current lease expires should I list it for rent.
It’s my understanding that liquor licenses stay under the property. The bar’s liquor license was transferred to different bar owners 3 times since I took possession of the property

lgwlcvqt | 8 years and 5 months ago

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Does a liquor license stay with the property or belong tothe business?

peaceout | 8 years and 5 months ago

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Are you working with a real estate agent? Are you asking comparable rents?

landlord | 8 years and 5 months ago

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I am very flexible of the business that decides to set up shop. It is currently being used as a bar and has a full liquor license. I would describe the condition of the space as good. It has very tall tin ceilings and is rectangular in shape. I agree with you in regards to giving someone a chance and would prefer someone with a proven track history and a strong business plan.
So would you recommend 6 months before current lease expires? or longer?

resident2 | 8 years and 5 months ago

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It depends on the kind of business you are looking for , the current condition of the space how are you marketing it?
Commercial tenants do normally take a while to rent if you are screening the tenant properly to get a good stable business..
With a sign on the front window 90% of the “applicants” will be people with not a clue as to run a business. People that have a dream and no business plan. You cannot afford to “give someone a chance”. We have all seen commercial spaces that have a high turn over of tenants? A landlord that gives people a chance and it ends up costing the landlord and the building a bad reputation…… It is worth waiting for the right business.

landlord | 8 years and 5 months ago

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Mozee – on 5th Ave between 5th and 6th

lgwlcvqt | 8 years and 5 months ago

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Where is center slope?