{"podcast":{"title":"The Commercial Real Estate Investor Podcast","slug":"the-commercial-real-estate-investor-podcast-1247143","podcast_index_feed_id":1247143,"rss_url":"https://www.tylercauble.com/podcast?format=rss","website_url":"https://www.tylercauble.com/podcast/","image_url":"https://images.squarespace-cdn.com/content/v1/5c115fec9d5abbba78a23c93/1637795740335-ODSY1MEOVIXJU97AK7TT/Thumbnail+for+the+podcast+2+.jpg?format=1500w","author":"Tyler Cauble","episode_count":297,"summary":"Welcome to The Commercial Real Estate Investor Podcast where your host, Tyler Cauble, covers the ins and outs building wealth and passive income through investing in commercial real estate. Tune in for investing strategies, leasing & management tips, market updates, and more.","last_synced_at":"2026-07-21T06:18:10.176097+00:00","page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143"},"episode":{"title":"375.  Why I'd Rather Buy an Empty Building Than a Full One Right Now","slug":"375-why-i-d-rather-buy-an-empty-building-than-a-full-one-right-now","published_at":"2026-04-30T10:00:00+00:00","page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/375-why-i-d-rather-buy-an-empty-building-than-a-full-one-right-now","show_page_url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143","url":"https://www.tylercauble.com/podcast/episode375","audio_url":"https://static1.squarespace.com/static/5c115fec9d5abbba78a23c93/t/69eba9abd36d2633218e341d/1777568270962/Why+I_d+Rather+Buy+an+Empty+Building+Than+a+Full+One+Right+Now.+%28Office+Hours%29.mp3","summary":"Vacant buildings = more upside You avoid paying a premium for someone else’s lease‑up work. You create value through rehab + leasing (forced appreciation), not just clip coupons. Stronger negotiating position Vacant = motivated seller; you have more leverage on price, terms, and concessions . Priced by $/sq ft , often at or below replacement cost . Cleaner from a legal/lease standpoint No legacy leases, estoppels, co‑tenancy clauses, or messy files to inherit. You set your own lease standards from day one. Market conditions favor existing vacant buildings High rates + high construction costs = very little new supply . Low national vacancy (≈4–5%) = strong demand for quality space that already exists. Math can be dramatically better than stabilized deals Example: All‑in at ~$928k vs. stabilized value at $1.85M → $900k forced appreciation . Vacant strategy can create multiples more equity than buying fully stabilized for cash flow. Vacancy risk must be planned for Keep 6–12 months of operating costs in reserve (or financed/raised). Underwrite 12–18 months to stabilize; don’t assume instant tenants. Brokers and data are crucial Good brokers (commission‑only) protect their time—bring serious deals and a clear buy box . Use them for rent comps, TI norms, free rent, and realistic lease‑up timelines . Strategy is for growth‑focused investors, not retirees Best for those aiming to build wealth and scale a portfolio , not live off immediate cash flow. Holding 3–7+ years lets you maximize NOI growth, tax benefits, and 1031 options.","meta_description":"Vacant buildings = more upside You avoid paying a premium for someone else’s lease‑up work. You create value through rehab + leasing (forced appreciation)…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2288,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-commercial-real-estate-investor-podcast-1247143/episodes/375-why-i-d-rather-buy-an-empty-building-than-a-full-one-right-now/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/375-why-i-d-rather-buy-an-empty-building-than-a-full-one-right-now.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}