You have a full morning planned.
Up early so that you could make sure that you had plenty of time to eat a healthy breakfast and get ready, you are meeting with a realtor to visit several different commercial leases. You have always been interested in leasing a retail space, but now that your in home mail order clothing boutique has been doing so well, you finally have a reason to follow up on that interest. Renting commercial real estate is a new adventure for you, so you have decided to work with a realtor who can guide you through the process. Not surprising, this realtor started with a pretty thorough interview in an effort to find out what your most important needs are.
These are some of the questions that you had to answer:
- How much show room space do you want for your merchandise?
- How much storage space do you want for your inventory?
- Are you looking for a place that has backdoor employee parking, or are you alright with parking up front?
- How many dedicated parking spots do you need for your customers?
- What is your monthly budget for the commercial leases that you will consider?
- Does your commercial space need to have a front sidewalk where you can display sale or new items outside the store?
- Are you willing to pay the price to be near a major retailer that might help you draw more traffic?
- How long of a lease are you willing to sign?
- Do you want your customers to have direct parking lot access to your store, or are you willing to look at second floor spaces that require an elevator?
Finding the Right Space May be the Secret to Your Business Success
Whether you are a business owner or a manager, commercial leases require careful consideration. The fact that many commercial real estate development companies want their clients to sign a multi year lease, in fact, means that both owners and managers need to understand that leasing commercial property is a commitment. And while there are often many locations available, it is important to realize that once you commit to a space you are going to have to make that space work. Leasing retail space can be an affordable way to move a small home business into the next step, but it is important to understand the details, like how to accurately predict how much space you will actually need. Making the decision to work with a realtor is often the best first step, as these agents can act as a guide, especially for new or lesser experienced business owners.
Consider these facts and figures about the significant role that commercial leases, warehouse leases, and office space leases play in today’s national economy:
- 86.2% is the amount that occupied distribution and warehouse space has increased since the year 2000.
- 166,907 men and women in America work in the warehouse and storage leasing industry.
- Over the next five years, there will be tremendous opportunities for owners and developers of warehouse and distribution space as the E-commerce platform is expected to grow at a compounded annual average rate of 10%.
Whether you are looking at leasing your very first commercial retail space or you have decades of experience in finding the best warehouse space, it is often in your best interest if you work with a knowledgeable real estate agent who can help you assess your needs and find the best solution.