Picking up and moving shop is a large undertaking. Before you can even begin to worry about the details of the move itself, however, you must find a suitable location to move to. Depending on the needs of your company, this research process may be rather extensive. There are many different factors you will need to consider when shopping for retail space. Even elements that may seem relatively small and inconsequential at first can have a substantial impact on the success of your business in the long run. As such, it’s important to pay attention to even the tiniest detail when shopping for a new retail space. This comprehensive guide explores how to find retail space for lease from start to finish.
Establish a budget
First and foremost, you will need to establish a budget for yourself. Depending on the size and location of a space, leasing property can become a costly affair. As such, create a realistic budget before you even begin the hunt for a new retail space. Start by considering the monthly gross revenue for your company. As a rule of thumb, your leasing costs should not exceed 10% of your company’s monthly revenue cost. Of course, this percentage may vary slightly depending on the industry your company is in. Limiting your budget according to this percentage will ensure that you will still have enough monthly revenue left over to account for other expenses, such as utilities, payroll, and supplies. It’s always better to be a bit conservative with your budget at first. Doing this will keep you from making any impulsive decisions as you shop for retail space and make it easier to account for any additional charges that may pop up along the way.
Consider location
Location is everything when establishing a business. As such, carefully consider the location of various retail properties when looking for a potential lease space. Try to choose a location that will receive a lot of natural foot traffic. This is especially important for start-up businesses that do not yet have a loyal customer base. The more foot traffic your retail business receives, the easier it will be to drum up additional business through word-of-mouth marketing. Location is also a crucial consideration because it can have a significant influence on the leasing costs of a potential space. Leasing costs are highly dependent on the average income of the businesses and homeowners in the surrounding area. Be sure to consider this fact, as well as the average market value for surrounding properties, when looking at potential retail spaces.
Understand your needs
Perhaps the most important tip for how to find retail space for lease is to create a list that details the exact things you’re looking for in your retail space. This can vary greatly depending on the size and industry of your business, so be sure to spend ample time assessing your specific wants and needs. Be sure to consider your needs from a customer-facing perspective, as well as the needs of your internal operations. Try to choose a retail location that creates a natural flow in which customers can easily move about the space. Be sure to also consider your company’s future needs as much as your current needs. Considering your company’s rate of growth will ensure that the space can continue to suit your needs even as you bring on new employees or expand your operations.
Consider your options
Finding a retail space that suits your exact needs will likely require some trial and error. This is very normal, and it’s actually in your best interest to shop around a bit before settling into a lease. Considering multiple options and properties will give you a better idea of what you want out of your retail space. Depending on how big your radius is and how open you are to different types of spaces, you may need to sort through many different options at once. This process can be quite overwhelming, especially if this is your first time searching for a rental property. In this instance, it’s often much easier to work with a professional real estate service. They will be able to guide you through the leasing process and can provide you more in-depth information regarding specific retail spaces.
The internet is also a valuable resource when browsing various retail spaces. Browsing through available spaces online will help you create a more curated list of potential properties. It also helps ensure that all options on your list are within your budget and adhere to the specific needs of your company. This preliminary step can save significant time in the long run, as you won’t need to schedule in-person walkthroughs of spaces that won’t work for your purposes. To browse commercial retail spaces for lease in central Florida, contact our team at Demetree Real Estate Services.
View spaces in person
After you’ve compiled a shortlist of potential properties, be sure to schedule in-person walkthroughs as well. Walking through each property will allow you to better visualize how the space will work for you. You will be able to ask more in-depth questions regarding the space and see things that were not easily visible in the online listing. A walk-through will help you form more concrete opinions about each property, allowing you to make a more informed decision when the time comes.
Assess lease terms
Not all leases will be the same. As such, it’s of the utmost importance that you analyze the details and terms of a potential lease before officially signing on. Evaluate any specific terms or clauses, and don’t be afraid to negotiate with your landlord if necessary. Be sure to discuss the terms of signage, renovations, subleases, or co-tenancy with your landlord, if it pertains to your specific business. It may also be beneficial to discuss the addition of an exclusive use clause in your lease. This will prevent your landlord from renting any adjacent storefronts to your competitors, which could be quite detrimental to the success of your company.
