Buying, Selling, or Leasing Commercial Property? Start With a Number That Holds Up
Weighing a commercial move and not sure the number you’ve been given is real? Here’s how pricing should actually be built, and what to expect from the right representation.
By Casey Prindle, Nicklaus Vance Commercial Division
If you own, occupy, or want to invest in commercial property in Palm Beach, Martin, or St. Lucie County, the most important number in the decision is the price or lease rate. It should come from an income approach and a comparison against recent sales or leases in your specific submarket. If no one can show you that work on paper, you don’t have a recommendation yet. You have a guess.
Why the number you’ve been given might not hold up
Commercial owners and investors often face the same situation. They’re deciding whether to sell a building, lease vacant space, or buy an income property. They talk to a broker or two, and they walk away with a number.
The problem is that some numbers are chosen to win the listing rather than to reflect the market. An inflated list price gets the listing signed, then the property sits, the price gets cut, and buyers and tenants notice how long it has been available. On the buy side, a number that isn’t stress tested can mean overpaying for an asset whose income doesn’t support the price.
Either way, the cost lands on you, not the broker. A decision this size shouldn’t rest on a figure no one can defend.
How a commercial price or lease rate should actually be set
A defensible recommendation has two parts:
An income approach. What the property earns, or should earn, after operating expenses, capitalized at a cap rate supported by the market. For leasing, what the space realistically produces as rent given its condition, layout, and location.
A sales or lease comparison. What comparable properties in the same asset class and submarket have actually sold or leased for recently, not a countywide average.
When those two methods agree, you have a number you can act on. When they don’t, the gap tells you something important about the property.
Who we work with and what we handle
The Nicklaus Vance Commercial Division handles investment sales, leasing, and advisory work across five property types:
Office: ground floor and multi tenant leasing and sales
Retail: single tenant, multi tenant, and shopping center leasing and investment sales
Industrial: warehouse, flex, and distribution space
Multifamily: apartment communities and smaller multifamily assets, including portfolio unwinds
Land: vacant and entitlement stage land, assemblages, and development sites
Our core market runs from West Palm Beach, Jupiter and Palm Beach Gardens through Stuart and Port St. Lucie. We cover Palm Beach, Martin, and St. Lucie counties, with select assignments elsewhere in Florida.
Landlord representation
For owners with vacant space: pricing strategy, tenant targeting, marketing exposure, and lease negotiation through execution.
Tenant representation
For businesses looking for space: site selection, market surveys, and lease negotiation focused on long term occupancy cost and flexibility, not just the first year rate.
Investment sales
Disposition and acquisition of income producing assets, each underwritten with an income approach valuation and a defensible cap rate.
Asset and portfolio advisory
For owners, banks, and asset managers deciding whether to position, reposition, or dispose of an asset or a portfolio, including distressed and REO situations.
Why underwriting is the difference
Most brokers can market a listing. Fewer can underwrite one.
Casey Prindle came to commercial real estate from finance and banking, with roles in Boston, New York, and Miami at firms including Royal Bank of Canada, Bank of America, and CDC IXIS Asset Management. After the 2008 collapse, Casey represented a distressed asset real estate fund across Florida and took a $40 million portfolio of distressed notes from courthouse to resale. Casey then represented Fannie Mae, major banks, and bulk note buyers in REO and defaulted loan disposition.
Since 2009, Casey’s clients have included family offices, private equity funds, developers, asset managers, banks, high net worth investors, and first time commercial buyers. Casey has closed more than one million square feet in commercial investment sales and has been qualified as an Expert Real Estate Witness in Miami-Dade County Courts.
Behind that is Nicklaus Vance, the family owned firm founded in 2003 by Michael Nicklaus and Todd Vance. You get the reach and relationships of an established firm, without a national platform steering you toward in house inventory.
What working together looks like
Start with a conversation. We walk the property and talk through what you’re trying to accomplish.
Get the numbers on paper. You receive a written recommendation backed by an income approach and current submarket comparables.
Move forward with confidence. We position and market the property to the buyers or tenants most likely to act, then manage every step from LOI or lease proposal through closing.
Every recommendation is measured against one standard. It has to protect you from the two most expensive mistakes in commercial real estate: overpaying on a purchase, or leaving money behind on a sale or lease.
Frequently asked questions
How do I know if a commercial property is priced correctly?
Ask to see the income approach and the comparable sales or leases behind the number. A well supported price should be explainable line by line.
Do you represent tenants as well as landlords?
Yes. The Commercial Division handles both landlord representation and tenant representation, plus investment sales and asset advisory.
What areas do you cover?
Palm Beach, Martin, and St. Lucie counties, including Jupiter, Palm Beach Gardens, Stuart, and Port St. Lucie, with select assignments elsewhere in Florida.
What does a consultation cost?
Nothing. The walkthrough, submarket review, and written recommendation come with no cost or obligation.
Weighing a commercial move?
Whether you’re buying, selling, or leasing, start with a number you can trust. Contact me for a Commercial Capabilities Brochure. You can also call Casey Prindle directly at (561) 221-1871.
