A client once called me, thrilled to have found an office space in Farmington Hills, MI, listed at just $1 per square foot near I-696. He wanted me to drop everything and check it out. Sounds amazing, right? Not so fast.
The listing was written in California lease language, which quotes rent per square foot per month—not annually. That “$1 deal” was really $12 per square foot per year. A fair rate, but nowhere near the once-in-a-lifetime steal he imagined. Thinking about leasing or purchasing a commercial building this year?