5 Tips to Finding the Right Retail Space for Lease

Written by Small Business Magazine on March 30, 2016. Posted in Commercial property for lease new lenox, Retail space for lease

Commercial space for rent

If you are starting a new business or expanding a current one, you need a place to operate. As the economy improves, it has become increasingly challenging to find retail and other commercial space for rent and lease. If you are looking for retail space for lease, here are some tips to make the process go more smoothly.

  1. Find a good broker. A broker can help you find your space and then negotiate a better deal with the landlord. real estate brokers may know of spaces that are available but not listed in the places you are looking, They also know a lot of the area’s landlords and can steer you away the bad ones and towards the good ones. They are experts in real estate, you are not. Find a good one that you trust who can help you navigate the process. They can also steer you away from rentals that have hidden costs or fees. They will also know what questions you need the landlords to answer about the space. They can also help you avoid signing a long term lease that is longer than you want. If the landlord likes you, they will want to lock you into a long term lease. A good broker can help prevent this from happening.
  2. Look for space you can afford. That probably goes without saying that you have to be able to afford your business space for rent but finding the most economical space should be one of your top priorities. When you set out to look at commercial space for rent, avoid looking at spaces that are completely outside of your price range. With the economy doing better, retail space for lease has gotten more expensive. You need a lot of things from your commercial space for lease but you need it to cost less than what you will be taking in, or what is the point of running a business?
  3. Find a spot that matches up your brand and messaging. If you run a hip, vintage clothing store, you probably do not want to get retail space for lease in a medical office building. Likewise, if your clientele is all older people, you do not need to go for commercial property to rent in the hipster part of town. Your space should reflect your brand and company identity. Also, in baseball there is a saying, “go where the ball is.” In business real estate, this means go where your customers are. You have to look for retail space for lease in places near your customer base or in places they can get to easily. Look at the businesses right around your potential retail space for lease and think how you would fit into that area.
  4. Consider your expenses beyond your rent. The rent is a big business expense but that is not your only operating expense. Do you already have the furniture you need? You can consider leasing furniture. This is similar to renting residential space where you have to factor in the utilities and cable, you have expenses that have nothing to do with the rent. What is the wiring like? What about your IT needs? Look at how expensive it will be to make your space work for you business. The rent you pay is just one cost involved in running your business.
  5. Remember your requirements under the Americans with Disabilities Act (ADA). When you rent your commercial space for rent, ask about who will be responsible for making your business accessible to people with disabilities. If you are open to the public or have more than 15 employees, you have to make your business accessible to people with disabilities under the federal law. If the space you are considering renting, does it need modifications to bring you into compliance with the ADA? Who will pay for those modifications? This may make an affordable rental space more expensive if you have to pay for changes to the space to comply with the law.

Finding the right commercial property for rent can be challenging. With the right research, you can find the best one for you and your business to thrive.

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