Tips on Choosing a Retail or Commercial Space for Rent
Choosing a new area for your business or chain is always difficult, especially if you’re looking for a large retail space for rent. If you’re looking at a crowded, suburban or metropolitan area, finding a large retail space for rent tends to be much pricier and more elusive. When looking at a commercial space for rent, there are a few key things you’ll want to consider. The good news however, is that there seems to be plenty of space out there-real estate agents say in the third quarter of 2014, they saw an increase in market gains, which means more variety for you.
Key Aspects to Keep in Mind
Lease Agreements and Hidden Fees
Be sure to read your lease agreement carefully before signing for your retail space. Some commercial leases may include hidden costs or extra duties that you didn’t anticipate. For example, some require the tenant to handle property upkeep and/or repair, or make the tenant responsible for any systems, like air conditioning, electric, plumbing, etc. Additionally, if the tenant is not responsible for property upkeep, the lease agreement may ask the tenant to pay maintenance fees instead. These unexpected costs can really add up. One word of caution about renovations though: some leases will restrict the renovations you can make to the space. Check the lease carefully to avoid getting into trouble or being fined.
Thinking About Location
Location is one of the most important aspects of choosing a business space for rent. Does it hold with the business image you want? Will it be large enough to accommodate your needs? If you’re a retailer, a central location is probably best, with high-traffic areas. Additionally, if you’re considering a large retail space for rent, you’ll probably want to space it next to other retailers to attract business from the customers that already frequent that area. However, if you’re looking at a more corporate or business oriented space, you may want to consider the business district of your area or a quieter place that’s better for working conditions.
Place your business near public transit stops as well to make it easier for both your employees and the public to access. If possible, choose an aesthetically pleasing space. Green grass, flowers, and trees can do wonders.
One other thing to keep in mind is the Americans with Disabilities Act (ADA). This act stipulates that any businesses that the public have access to or that employ over 15 people have to have accessible premises for disabled people. Both retail and commercial spaces are included in this act.
How Safe is My Location?
Safety is a huge factor in deciding on our location. One question to ask yourself is whether or not employees and customers would feel safe in your location in the dark, walking to their vehicles? Employees will be harder to find if they feel like they’re working in a dangerous area after hours. If customers hear it’s an unsafe area, they’ll be more likely to stay away and your brand or business may be considered cheap or not as high quality, if you place it in a seedy area. Talk to people and businesses in the area to see what sections of town are undesirable or not as popular.