Entrepreneurs and investors know the relevance of location for setting up a business. No matter whether you need to open a retail shop, or need rental space for your business, you have to find options that are viable and practical for your company. You can always hire an agent and look for a retail rental space in your city, but what pointers should you consider? In this post, we are discussing a few tips that will help.
Choose the right retail broker
This one aspect can change the way you look for spaces. The role of retail brokers is to find commercial rental properties for their clients. They have access to necessary resources, insider contacts and market information and sort options based on your requirements. The considerations for rental space for a bar would be different than of a coffee ship. With experience and expertise, retail brokers can be of real help.
Check the surroundings
As a retail store owner, you need to find a rental space that’s close to other stores or is at least accessible for your target segment. More stores and a better location just ensure more footfall, which can directly impact your sales. This is the precise reason why mall rental shops are always high on demand. You may also want to check if you have enough parking space among other things.
Work required for the space
Some rental spaces just need more work. You may need to do considerable interior work and construction changes to start shop, and that adds to the cost. The condition of a rental shop is something you need to check, regardless of how cheap the deal may seem. It is also wise to consider the costs involved in the renovation, because that’s an extra over the rental price.
Check the terms of Lease
Lease terms & conditions do matter. For example, if you go for a net lease, you only pay the rent and some part of the taxes, maintenance and insurance, while double net lease means paying taxes and insurance with the rent in full. If the maintenance is also to be paid by you, it means you have a triple net lease. Gross lease, on the other hand, means paying the rent only, but expect a higher price because the owner or landlord will pay for everything else.
Do your home and talk to the retail broker to know what may work best for you!
