Your business is booming and you are ready to expand, or maybe you are just starting and are looking for the best small retail space to rent. As you drive around looking at areas, you see a sign that says “commercial property for rent.” It seems perfect, but first there are many factors to consider.
Have you done your research to narrow down your area choices?
While looking for a commercial property for rent, you must look at demographics and check your competition. You need to know the state laws and taxes, assess your supply chain. Also, you must thoroughly know you budget so that you are able to stay within it.
Are the building and the areas surrounding it safe?
While looking at the commercial space for rent, make a smart decision regarding the safety of the space. Go there in the morning, afternoon, and night to see if you feel safe at each of these three times. This is important because you will want both your employees and customers to feel safe in and outside of the building at all times.
Is the area consistent with your brand or company’s image?
As you browse a commercial space for lease, think about the image you want or have for your brand and company. Is this location consistent with your ideas and other retail spaces, and does the area represent what your brand represents? These are very important when choosing your location because and inconsistency could deter current and future customers.
Are the costs of the considered space in line with your budget?
When choosing a business space for rent, you must budget for the cost of renovation and decorating. Your new space will be a blank slate, so you will have to incorporate the cost of any paint, remodeling, decorations, furniture, signs, IT system upgrades, etc. Keeping these things in mind is very important when choosing which commercial property for rent is right for you.
What are the lease requirements of the retail space for rent?
Will you be responsible for repairs, such as plumbing, air conditioning, electrical, etc.? Are you responsible for property upkeep, maintenance fees, and common area maintenance? These are all very important to understand when looking at the lease of the property, and knowing if these responsibilities fit into your budget.
There is a lot that goes into finding a commercial space for rent. A great idea to help is to find a property developer who has had great success with other companies. Doing your research and knowing you budget and what to look for will help make the process a lot easier.
