Developing commercial properties

I have a high income, but I want to invest in other things than stocks, residential land, and retirement.

I have thought about apartment/house rentals, but maybe I am scarred by my childhood of helping maintain my family's properties, and the issues they had with tenants. For the most part they were crappy tenants so that was our fault for setting the bar so low.

In recent months I have expressed interest in owning/developing commercial properties. I don't know about it in depth so I want to surround myself with the right people. First person I found is an architect in our social network who designs the properties. I have an old friend who is a commercial builder, so building it out is covered by someone I can trust. He does great work. My concern is speculation and how to figure out that by building X property that serves Y purpose it will bring in tenants. My fear is that it turns out a dud and it sits vacant.

I have not yet talked in depth with the builder and the architect but soon will be. The architect mentioned taking a property and developing it in phases. Sounded logical to me.

I wanted to see before I dip my toes in it if anyone out there deals with this, or if they are an owner of commercial property. What advice do you have?