Starting a business is exciting; you get to be your own boss and call all the shots. No matter what type of business you have, whether its retail, a hair salon or a restaurant, you will need prime retail space in order for your business to take off. They type of commercial property to lease depends on the type of business that you have. You will also need to select a location that will receive a lot of traffic and around other businesses that are complementary.
When you check out the retail property for the first time you want to make sure that there is enough room. Close your eyes and visualize everything in the space. Is there a break room in the back for employees? What about a restroom? Don’t forget to make sure that will be sufficient utility resources to support your business. Always make sure that you visit many properties before you decide on a final one.
Location is imperative and you want to set up your place in a location that is easily accessible via the main roads and freeways. Locations in malls and shopping centers tend to receive a lot of foot traffic. Find out if there are a large number of competing businesses in the same area. It may not be a good location if there are too many competitors in the area because the market may be already saturated. You might also want to consider if the neighboring businesses in the area complement yours.
It may be a good idea to talk the person who last leased the same space. Ask them why they left and if they feel the location is suitable for your business. Price is another factor to consider. The most expensive retail spaces are in big fancy shopping miles. A space in a small strip mall is most likely to be more affordable.
Commercial leases can be very complex and involve many stipulations and fine print. You may consider utilizing the services of an attorney to make sure that you are getting your money’s worth. If you are leasing a large retail space and spending a lot of money, you will have more bargaining power and will be able to negotiate strongly in your favor. Commercial renters have less rights and protections than residential renters so it is good idea to have a seasoned expert handle all of the paperwork for you and negotiating on your behalf.
If you have any questions feel free to ask your attorney and the property management team. Establish who will be responsible for maintenance, insurance and taxes. Starting your own business is a big deal but a prime retail space can be a massive boost.