Vacant 2nd floor Commercial retail/office Space - HELP!

[Sovat C.]

Need help or some suggestions. I purchased a small retail space 3 years ago which had existing tenants, but now I have a vacancy! The vacant space needs some work and it's on the 2nd floor with stairs; no elevator! I want to try and lease it out myself but all the interested people want 1st floor space, have no credit/bad credit, or want it heavily discounted. It's about 1500 sqft in a C class building so I know i'm most likely going to get a mom and pop type business. How do I find them if i'm listing it myself. What are some good online platforms I could use. Currently, I just have a sign outside the property. Should I consider lowering the rent just to fill the space or seek a commercial broker to help. I contacted a few. One wasn't interested and another wanted a year listing agreement. I was thinking something 3-6 months or is that impossible to get? Also, what are brokers fees on commercial leases? I'm looking to do a NNN lease. Do you they typically include taxes and CAM on their commission base? If anyone has a good recommendation on brokers in the Washington DC area, please DM me! Sorry, I have lots of questions. Commercial leasing is TOUGH! Definitely not as easy as residential.

[Joel Owens]

Retail floor level lease rates are typically NOT the same as second level leases rates. The same can be said when entrance to a unit is on the side or back level of a building.

Not having an elevator is a big negative. It cuts down potential businesses who want to rent the space because their clientele might need an elevator to reach their space.

Have your leasing broker do a VOID analysis of your upstairs space. This typically determines the spaces highest and best use that is missing or in demand for the marketplace. Then from there rent per sq ft comps for upper level spaces with no elevator and similar locations. Then leasing broker figures out TI,LC, average attorney legal costs doing lease,etc.

It's not about what you want to rent it for it's what the MARKET tenants are willing to pay.