When it comes to commercial real estate, what does love have to do with it? Often times, more than you’d think!
When representing a client, I focus on occupancy costs, traffic counts, co-tenancies, lease terms, demographics, financial performance, etc. Let’s be honest…all the boring stuff.
For me, love is finding the property that exactly matches a client’s specs and budget…which doesn’t happen very often.
But buyer and tenant clients fall in love for completely different reasons. They fall in love with a vibe, a view, the proximity to their home, the paint color, the landscaping, the break room, the corner office, the common areas, etc.
Suddenly, the priority list changes. Deficiencies are explained away.
“We’ll take a 2nd floor suite, even though anything but main floor was a “deal breaker”.”
“We’ll give up dedicated parking and have faith that our co-tenants will be good neighbors.”
All because people fall in love.
Believe me, I get it! I have fallen in love too many times to count.
That cute little restaurant would be so fun to run. (With what time?)
That office space with the gorgeous view of a water feature and a balcony! (Costing 5X your current cost.)
That eclectic little retail space with the dream loft above, where you’d like to live a hip downtown lifestyle. (Talk about never getting away from your work!)
But you know what?
You can’t.
If you want your business to thrive, you need to do the best possible job of site selection. This means simply, that you can’t fall in love.
That’s why it’s important to identify the critical location factors well in advance of your search, and make sure you share that information with your Broker. They can keep you focused on the real priorities and objectives.
That doesn’t mean things won’t change during the search, but it does mean that you’ve fully thought about what the deviation from your original plan means in terms of your business objectives.
Your Broker’s job is to rip those rose-colored glasses right off of your face and remind you of what you were looking for when you started the journey.
So, call me a “dream killer” if you must.
But I’d prefer to be known as a “reality enhancer.”
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