Space for lease - not sure where to start
We have a small office/retail space that's been used by a family member for the last 25 years. The space has recently been vacated and we're ready to prep it for lease, but we're not certain where to start. It's not large -- maybe 1500 sq feet, but it is located a prime office/retail area of town. It's currently built out as office space, but could easily be converted to retail. If it's to be used as office space it would need some minor updates; new carpet/tile, maybe paint, etc.

Where do we start? Should we update the space now, or wait until we know who is going to take it over? Are there standardized leasing documents we can use for contracts (we're in Texas)? We don't know what we don't know well enough to even ask at this point. 
[{"id": "e9z5uc0", "text": "Find a broker that has similar listings in your market and engage them. They will answer all of these questions for you. There are too many variables for anyone to give you a strong answer here.", "replies": [], "depth": 1}, {"id": "e9zb1sb", "text": "Typically a commercial landlord would offer a certain amount to tenant improvement money (TI) that is used by the future tenant to build out the space to their liking.\n\nDo not do any work other than clean the space out.  Maybe leave the utilities on so you can show the space with the lights on.", "replies": [{"id": "ea03u4b", "text": "This, keep the utilities on, stick a (nice, not cardboard and sharpie) for lease sign in the window.  You should have an idea of what level of rehab you will help pay for and allow. A hair salon will take a lot of construction both when they move in and move out, but may pay more than a candle shop. You can call around and see what others are asking to get a idea of price per sq ft. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "e9zgkjn", "text": "If its suitable for retail or office, you shouldn't do anything. If its been used for 25 years without any updates, it might be worth while to tear out everything and just have it basic white-box; especially if it has any specific odor. If it is in a prominent location with a significant amount of drive-by traffic, you'll get better rent from a retail tenant. ", "replies": [], "depth": 1}, {"id": "e9ziol9", "text": "There are a bunch of different options when it comes to commercial spaces. You can lease it as-is for a cheaper rent PSF or offer them a TIA or TI (tenant improvement allowance) if you go this route make sure you\u2019re paying out after the work is done in the space and the tenant has provided you with lien waivers and their using licensed contractors, this is the easiest option and requires the lease amount of work on your end. You can also negotiate delivering the space to the tenants in vanilla shell, grey shell, etc. conditions.\n", "replies": [], "depth": 1}, {"id": "ea1njxv", "text": "What part of Texas?", "replies": [{"id": "ea2e7oo", "text": "North Dallas", "replies": [], "depth": 2}], "depth": 1}]