Pre-leased commercial property vs Vacant commercial property
A pre-leased property is sold with a tenant already paying rent, so income starts on day one and the price reflects that rent. A vacant property is sold empty: usually cheaper, but you must find a tenant and carry the costs until you do. With pre-leased property, the lease terms matter as much as the building.
Pre-leased suits buyers who want income from the start and can judge a lease and a tenant.
When Vacant commercial property matters
Vacant suits buyers who want a lower entry price, may use the space themselves, or can lease it well.
In more detail
Yield on a pre-leased property is only as secure as the lease. Read the lock-in, notice, escalation and renewal clauses, and check the tenant's business.
The buyer becomes the landlord and takes over the duty to refund the tenant's security deposit, so adjust the deposit in the price.