5 Things to Consider when Choosing Retail Space
When looking for retail space, there are a few key things to remember before making a decision. Here are the top five considerations to ensure you find the best space for your business.
#1 Location: Consider foot traffic, public transportation, and parking
Finding an ideal location is a key priority when renting retail space. There are many factors to consider, such as foot traffic, public transportation, and parking. With higher foot traffic, you’ll have more potential customers passing by. On the flip side, some locations that have ample parking may not get as much passing foot traffic. It’s crucial to weigh all these components and even lean on locals to determine what’s best for you. Don’t forget to factor in public transportation access for both customers and employees.
#2 Size: Is the space large enough to accommodate your needs
Size is also an essential consideration when renting retail space. Limiting the search to nearby locations might be convenient, but if you can’t fit your needs into a small space, that will not help your bottom line. Ask yourself what equipment you need and the number of staff required – will the space support that? Make sure the area you’re looking at has enough room for expansion should your business increase in the future.
#3 Rent: Negotiate the best possible price for the space
Finding an affordable retail space to rent can be a daunting task. Researching local options and bargaining for the best price is necessary. The key to successful renting is organization, planning, and knowing what you can and cannot afford. Comparing rental prices between different places in the area can offer insight into market value. In addition, making sure to ask questions about other fees related to renting, such as maintenance costs or insurance, before signing contracts help keep hidden fees from sneaking up unexpectedly.
#4 Utilities: Factor in the cost of water, electricity, and trash removal
It’s also important to factor in utilities such as water, electricity, and garbage removal costs. As these are recurring costs, it’s wise to have an estimate before signing a lease. In addition to understanding utility fees, estimate the usage based on the square footage of the space — that way, you won’t end up with any unexpected expenses at the end of the month. Some landlords may offer incentives or discounts in their rental terms, so don’t forget to ask about these possibilities.
#5 Lease terms: Understand the lease agreement before signing it
Signing a lease for renting retail space can be an exciting experience as it usually means you are taking the first steps towards having your own business. However, as thrilling as that may be, it’s critical to take the time to read and understand the details of the lease agreement before signing it.
The document should include renting terms, payment frequency, deposits, length of the contract, and restrictions. Go through every point thoroughly and leave no doubt about what you agree to. And don’t hesitate to ask questions! After all, the right lease agreement should help protect both parties in the renting process.
If you’re looking for retail space in the Tampa Bay area, contact the experts at HSW Associates today. We have more than 40 years of experience in property investment and management and a portfolio of over 160 properties. We would be happy to help you find the perfect space for your business. Call today!< Back to Blog