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How to find the perfect retail space

Finding the right space for your business is a daunting task because you have to consider many things: size, location, as well as amenities. Here are the steps that will help you to acquire the perfect space for your business...
How to find the perfect retail space

Determine the space you need

Before you get in touch with a commercial real estate agent, you should come up with an idea of the type of space you want. Aside from the specific needs of your business, here are other things that you need to consider:

Traffic – aside from the normal car traffic, you need to consider the foot traffic as well as the ease of access to a location.

Budget – you need to know how much you can afford to pay for a space. If a property does not fit your budget, you should reconsider.

Location – the type of neighborhood that you choose will determine the success of your business.

Size – you need to know how much space you need to find the right place. You should consider present and future needs if you want to grow within your space.

Amenities – you should review the type of amenities that you want, including security, parking, and fire prevention.

Utilities – depending on the business you have, a lease that will include your electricity and water bill might be enough to tip the balance.

Find a broker

How to find the perfect retail space

According to Ryan Rodenbeck, a real estate agent, you need to hire a broker to find the best commercial space because realtors have access to listings that you do not. Moreover, a broker is more qualified at negotiating rental agreements and lease terms that will be beneficial to you. To find a commercial real estate agent, you should ask other business owners for recommendations.

Search on your own

If you do not have the funds to pay for a realtor, you can conduct your search online on sites like LoopNet that are free to the public. You can also canvass your local area and look for spaces that are available for renting. When you find posters and signs, you should call the landlord directly for additional information.

However, you should consider working with a lawyer when negotiating a lease because you do not have stellar negotiating skills like realtors do.

Scout the space

Once your realtor has given you a list of possibilities, you need to visit each of the places to see if they meet your needs. Make sure that you keep an eye out for the amenities that you need but you should be willing to compromise on them if you find an affordable space in a good neighborhood. In reality, searching for business space is not that different from looking for residential property.

Make sure that you choose an area with great curb appeal, traffic patterns, and easy access. You also have to ensure that the space is big enough to fit your business. More importantly, you should check the surrounding businesses – if businesses like yours are scattered all over the place, you should reconsider the location.

Negotiate lease terms

When the time for signing the lease comes, you should ensure that you negotiate the best deal possible. Working with a lawyer who specialises in commercial real estate is the best way to get a good deal. The expert will help you to avoid pitfalls and ensure that you are protected when your lease ends.

Your retail space is a visual representation of your business and contributes to your success majorly. When you work closely with a broker, you will find a space that works for you and your business for years to come.

20 Feb 2018 12:00