Most landlords approach the market with a vacant space, an asking rent and a hope. The landlords who lease fastest and at the best terms approach the market with a clear strategy, complete documentation and a targeted tenant shortlist. Here is what to prepare before engaging a broker or taking a space to market.

Know Your Asking Rent — and Why

Your asking rent should be grounded in current closed transactions in comparable properties in your submarket — not what you think the space is worth, not what you paid for the building, and not what your neighbour is asking. Lucero benchmarks every mandate against verifiable data. Overpriced spaces create a negative signal in the market and are harder to lease even after a rent reduction.

Understand Your TI Budget

Tenant improvement allowance is a cost of leasing. Know your maximum TI budget before you receive a letter of intent — having to go back to ownership for TI approval slows every deal and signals to tenants that you are not ready to transact. In most industrial and retail leasing situations, TI of $15–$45/SF is expected. Office fit-outs run higher.

Prepare a Complete Information Package

Every qualified tenant will want: a dimensioned floor plan, building specifications (clear height, power, loading for industrial; HVAC, electrical, parking for office/retail), photographs, a site plan and a draft lease or term sheet. Having this ready before you go to market saves weeks of back-and-forth and signals professionalism.

Confirm Your Legal and Financial Position

Before engaging any tenant, confirm that your mortgage lender permits the proposed use, that your insurance covers the tenant type, and that there are no encumbrances that would prevent lease execution. Discovering a lender consent requirement after an LOI is signed causes deals to fall apart.

Set a Realistic Timeline

Industrial leasing in strong markets like GTA West can move quickly — 30 to 60 days from first showing to executed lease. Retail anchor leasing can take 12 to 18 months. Office leasing in suburban markets is typically 60 to 120 days. Set your expectations and your financial plan accordingly.