I guess you need to look at what you really want out of the place...new wiring, new kitchen, new windows, new plaster, sandblasted brick, hardwood floors, new bathroom(s), new lighting? Then contrast that with what you think it is worth and what the motivation of the landlord is. I'm currently in a negotiated lease where I'm pretty well gutting a portion of an old slaughterhouse to turn into studio/shop space. My costs are lower because I pay my crew wages and myself not at all to work on it, I'm balancing new material purchases with used or reclaimed materials, especially in fixtures and furniture (etsy, craigslist and ebay are my friends)...it is still expensive...the net result will be a very personal branding of the space and a below market value lease for the next 5 years (including the cost of the demo and build out).

Consult with a designer so he/she can help you envision the space that you want, then a contractor would be able to cost the project out based on the design.