How can I find out what neighboring retail properties are paying for rent?

Many "asking" prices are $17-$20/sq ft/yr, but I heard that some rents are actually starting around $8. I'd like to submit an LOI on a space that's new around many other vacancies, but the owner hasn't been vacant enough to understand that things generally do not go for asking price.
In Leasing Property - Asked by Krista M. - Sep 6, 2010
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Neil B.
Louisville, KY

The best way to find out is to go to an experienced broker dealing in properties in that area. Another way is to use the "Search Recent Sales" section of Loopnet - call Loopnet to ask them how to do this. You may also want to call property managers in the area. And if you have the personality and tenacity you may also go door-to-door asking tenants how much they pay per sq ft. Take into account that with methods 3 and 4, you may be met with refusal or dishonest answers. Sometimes some of the larger real estate companies keep track of rental rates. There are many other ways and companies that provide this data, but this is a start....Good luck!

Sep 7, 2010
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Jim K.
Huntington Beach, CA

Go ask them in a indirect way. People like to engage about their property and what they have done. Example, I lease down the block or am thinking about leasing. What do you think about this area? What do you think the rents should be? You will be surpised. By the way-I am a Certified Appraiser. Knowledge is supreme in this business.

Sep 14, 2010
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