What they say is true: it really is all about location when it comes to finding the best retail space for lease. Depending on the types of services you offer, you may want a busier area to attract more customers, or you may want a more unique location to lessen competition. There are a few important aspects of choosing a retail space for lease that you’ll want to take under consideration when shopping around, such as demographics, figuring out a supply chain that will work for you, assessing the existing and potential competition in the area, sticking to your budget, and having a good grasp on any state regulations and taxes.
Before Signing a Lease Agreement, Look for the Following
Read the fine print. This should go without saying, but sometimes people forget or are in a rush to be somewhere else. However, this is crucial to do before signing a lease agreement, because some commercial leases may include hidden costs or extra responsibilities. The contracts that may accompany a commercial property for rent may stipulate that the renter pay maintenance fees or pitch in for shared facilities (otherwise known as CAM, or Common Area Maintenance). Some commercial leases may require that the tenant has complete responsibility for every aspect of property upkeep and repairs and others may ask that the tenant maintain air conditioning, plumbing, heating, or other systems in the building. If you’re trying to stick to a budget, these may have a serious impact on whether or not you can lease the property.
What Are Things to Look For In A Retail Space for Lease?
Place
The most basic element is where you’re choosing to locate your business. A commercial space for rent should be well situated among other businesses or retail stores, but be unique enough in that location to really hold its own. Does it sync with the business image or brand you’re trying to sell?
Additionally, safety is key to place. If your customers or employees might feel unsafe walking to their transit stops or vehicles after hours, this might be a sign to move location. It’ll be harder to attract both customers and employees if you’re located in an unsafe location, no matter how low your lease fees are.
Convenience
Having your business in a public place with quick and easy access to public transit stops and plenty of parking spaces can do wonders for your business. Make sure the layout of parking lots and the store itself is easy to navigate and that your store is easy to find on a map. Additionally, you’ll want to keep the Americans with Disabilities Act (ADA) in mind. Your business should be accessible and convenient for those with disabilities as well. Indeed, the act requires that any business open to the public or that has a staff of over 15 people must have facilities that are open and accessible to those with disabilities. This includes not just retail spaces, but also commercial spaces.
If you keep these things in mind when choosing a retail space for lease, you’re sure to find success and prosperity for your business!
