Retail property inspections are performed on a range of commercial spaces, from small facilities like pad sites and individual suites, to large complexes like malls, shopping centers, and power centers. The clientele for these inspections include investors, lessors, and current and prospective lessees.
Retail markets are competitive for all businesses, both for their product or service niche in their area, and for the operating costs, primarily because of lease expenses. This makes understanding the physical condition of a property especially important as a safeguard to unforeseen costly maintenance and repairs that can affect the client’s overhead. An inspection report will provide the information the client needs to intimately understand the property they’re about to take on. An inspection can not only reduce their risk, but it can also save them thousands of dollars in the long run.
Many retail properties operate under a net lease or triple-net lease agreement. This also makes a commercial property inspection particularly important for lessors and lessees. It will provide lessees with realistic expectations related to the property’s maintenance and projected repairs, and it will also help them avoid disputes that can arise between a landlord and their tenant about the condition of the building and its attributes during any period of the lease. Read more about Triple-Net Lease Inspections.
About the Commercial Property Inspection
The commercial property inspector will comply with the International Standards of Practice for Inspecting Commercial Properties (ComSOP). The ComSOP is the industry-accepted commercial inspection guideline. It’s a proven process and system.
A commercial property inspection will provide the client with an understanding of the physical condition of the property as a whole. It will also provide an inventory of the building’s major systems and components, and an evaluation of their physical and functional condition. These findings will highlight the property’s strengths and potential deficiencies, including deferred maintenance issues.
Every commercial property inspection project is different. Prospective clients should contact a member of the Certified Commercial Property Inspectors Association to discuss the specific needs for their project. Learn more about what clients can expect and how they can prepare for a commercial property inspection.