Curious if there are any other Ags on here involved in retail centers or commercial leases.
My father and I (+1 business partner) bought some land with the intent to build (2) 10,000 retail centers in a nice area with lots of homes around. There is strong interest and the commercial leasing company thinks we can pre-lease the first 10,000 ft building, but they are recommending a finish-out of $50/ft now.
What's crazy is this was $20-30/ft in the past, and you can imagine: $500,000 for finish out vs $250,000 makes a big difference in what $/ft rent will need to be charged. Moreover, building costs have gone up as with residential, making the per ft construction really high.
Just curious if anyone knows whether this $50/ft is standard affair for the San Antonio area?
This would be "MY" first entry into retail, but my family has a few already where building costs were < $100/ft and finish-out only needed $20/ft.
My father and I (+1 business partner) bought some land with the intent to build (2) 10,000 retail centers in a nice area with lots of homes around. There is strong interest and the commercial leasing company thinks we can pre-lease the first 10,000 ft building, but they are recommending a finish-out of $50/ft now.
What's crazy is this was $20-30/ft in the past, and you can imagine: $500,000 for finish out vs $250,000 makes a big difference in what $/ft rent will need to be charged. Moreover, building costs have gone up as with residential, making the per ft construction really high.
Just curious if anyone knows whether this $50/ft is standard affair for the San Antonio area?
This would be "MY" first entry into retail, but my family has a few already where building costs were < $100/ft and finish-out only needed $20/ft.