Digging deeper than ‘drive by’ property analysis Posted 2010, 31 August I’ve been talking for some time now about how much of a tenant’s market it is for leasing property. It’s been keeping us busy working with clients looking to negotiate good deals and take advantage of the over supply of commercial space. And if you are in the right position, it is a very good time to move. But a word of caution… A lot of thought should go into any decision right now, as there is a risk in our ‘boom and bust’ fashion to think, heck, let’s go for it while the market is good. My caution is to make sure the homework gets done thoroughly. Because as much as there are good deals to be had, one still needs to dig a little deeper for any potential fish hooks, and take a good look at analysing a business’ property needs closely. It is a fast changing world, and there is a danger we can make some quick assumptions given the current market. Space needs for businesses are changing fast, so a detailed matching of a business plan to a property plan is all important. It is only too easy for us to build assumptions from what we are hearing through the media or what we see driving around town. For instance, there has been talk about the fall off in retail and the number of vacancies in main streets such as Broadway in Newmarket. The thing is if you take a look around the corner to the renovated Hayes Foundry site in Osborne and Teed Streets you will find a different story. More than 14 new shops have opened in the precinct including top brands such as World, Zambesi and Calvin Klein. Retail is a fast moving game, so it is important to look a bit deeper than the surface to identify what is going on with trends. Vacancies for office, retail, warehouse and industrial sites abound, but don’t over estimate the opportunity for a bargain. Make sure it stacks up on all levels. If in doubt, do give me a call.