Rehabbing/renovating retail space - what do buyers look for?

[Scott Harlow]

I have been in the market to rent workshop space. Spaces are hard to find in the downtown area where I'm looking to rent. Lost of artisans and artists snap these spots up. I've come across a retail/commercial property in what is already a decent location, but with the way things have been going in my city, I suspect it will be a prime location in a few years. It has good visibility and will really stand out when fixed up. 

The seller is willing to carry back and the monthly payment will be right around what I would be paying to rent workshop space. The building is rough, hence the low price, but my thinking is that I could essentially "live and flip" this property. Use it as a workshop (maybe rent part of it out as workshop/art space to cover part or all of my monthly payment) and fix the property up over the course of the next year or two. 

My question is, when flipping retail/commercial space what are the important factors potential buyers are going to be looking at? Do you tailor the space to a particular type of business or do you rehab it so that it is more or less a blank canvass?