Looking into your options for retail space for lease? Predictions for the first quarter of 2015 are that availability of space will decline. This is a good sign, overall, since it’s indicative of an improving economy. But for those that are still considering their options, it may mean more of an owner’s market and a slimmer range of choices. That said, weighing everything out ahead of time and knowing what you need as you step into your search will help you stay on point. Here are 10 considerations to make when investigating the possibilities of retail space for lease:
It may seem like a no-brainer, as many of these do, but you’d be surprised how quickly distractions can take you away from your focus. If making calculations about space isn’t your strong suit, sit down with someone you trust and go over your needs for the foreseeable future. Knowing the size you need also helps you characterize what you’re looking for to the broker you’ll end up dealing with, i.e., “We’re looking for a small retail space for rent,” etc.
If you’re going to need more space in the near future, you ought to be looking at places that open up somehow. Perhaps down the road a bit you’ll have money to knock down walls of utilize additional rooms that will remain storage for the time being. But as you calculate what you need for space right now, also keep in mind what you’ll need in six months or a year, unless you’re content to move again in the not too distant future.
As soon as you know how much space you need, you should determine whether it’s affordable at this time. If you’re uncertain how to best make that determination, hire an accountant to assist. You want to be sure that your financial forecast is something you can sustain not just in the moment, but for the next year or more. Naturally, things may get tight right after an expansion, but be honest with yourself if this is anything you can afford right now.
It may help to separate your vision for the space into columns of needs and wants. There may be things you daydream about having in your space, but that aren’t necessary, nor affordable. So, take a realistic moment to set aside what you must have and what are secondary considerations.
Especially if you run a retail outlet, location is a big deal. You’ll want to be aware of who your neighbors are and what sort of traffic they’ll be bringing around, but you also want to concern yourself with logistics: are you near a highway exit? Is it easy for suppliers to get in and out? Are your customers going to be able to park easily?
Whether you’re looking at a small or large retail space for rent, you’ll also want to consider the lease term, making sure it’s the right amount of time for your plans. Keeping these points in mind will definitely help you to find the right retail space for lease with less distractions.
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