Retail Space for Rent Basics
Learn about retail space for rent basicsSeeking out the best retail space for lease is an important undertaking. While the perfect business location may not guarantee a business will make it, choosing retail rental space poorly will most certainly doom a business to failure.
The best local retail space will fit within budget, provide easy access for potential customers in the target market, and have the right look. The location of your business will dictate who walks through the door, what type of marketing tactics are used, and the mode of operation of the business. Start with the following retail space for rent basics when beginning the search amongst retail lease listings.
1. Carefully select the right size retail space, taking into consideration current and near-future needs.
2. Keep an eye out for close competitors when choosing retail space for rent; while direct competitors need to be at a safe distance, businesses nearby that draw in a similar customer base will bring more traffic into the store.
3. Spaces for rent need to accommodate the nature of your business and fit the style of your product line and target market.
Get business buildings for rent inspected
Understand the lease options on retail for rentThere is a huge range in the different types of commercial leases available. The most common lease types are gross lease, net lease, triple-net lease, and land and grounds lease. Within these lease classifications, there is much room for variation.
Hire a real estate attorney for a retail leaseUse a real estate attorney to ensure that your best interests are represented in the retail lease; at the very least have an attorney review the lease, if not do the lease negotiations. An attorney will look for issues such as limited liability, should the business fail, and subletting options.
- Pay close attention to the permitted use clause in a retail lease.
- When negotiating the retail lease, ask for a rent free period of between 30 and 90 days to allow time for installation of fixtures and interior decoration before opening up shop.
- Don't forget the often-overlooked issue of adequate parking for a local retail space.
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