7 Tips to Getting the Right Retail Space for Your Business

Retail space in westland mi

If you are looking for retail space, there are a lot of things you have to consider. You are looking for any kind of business space for rent, you know going in that the process that this is a lot different than looking at leasing residential space. Whether you are looking at small retail space for rent or a larger space, these tips can help you get what you need at a price your business can afford:

  1. Give yourself enough time. When you know you are looking to lease new retail space, start looking. Even if your move is not coming up right away, you want to take your time looking at spaces and negotiating your deal for the commercial property for rent. If you do not give yourself enough time, you may wind up feeling pressured into getting a space at a price that is not good for you or you may pick a small retail space for rent that is not large enough or in the right location. Do yourself a favor and plan early for the move.
  2. Do not forget to check on the zoning. There have been times when a retail store tries to rent out a space that has been zoned only for use as a warehouse facility. If you end up signing paperwork and then opening your shop in a spade that is not zoned for retail space, you can find yourself in a heap of trouble and have to pay a lot in the way of fines and other costs. If you are not sure how the space you are looking at is zoned, do yourself a big favor and just check on it. It is worth your time to do this.
  3. Take some time to look at retail sale for lease on your own. When you go with a real estate agent, you have to understand that it is really not in their best interest to get you a better deal on the rent for any small retail space for rent. At the end of the day, realtors want to increase their commission. When it comes to these kinds of real estate deals, realtors are very much on the side of the landlords because that is where their bread is buttered. They can help point you in the right direction of good properties so this is not to say you should not consult with them, just do some work on your own.
  4. Talk to the listing agents. After you have consulted with realtors to find various large retail space for rent and small retail space for rent, take some time to call the leasing agents of the properties that interest you. Your step one is always to go around town and see what the properties look like. The importance of this cannot be overstated. When it comes to retail space, nothing can be a substitute for viewing a space.
  5. Play your cards close to the vest. You do not need to give the leasing agents or landlords too much information about what you are thinking. For instance, you should not give them specifics of your budget. You do not have to give them all of the information that they think they want.
  6. Do not accept the first offer. When you are looking at small retail space for rent, you may find a great spot and want to jump on it. When you feel that way, you may be very tempted to take the first offer that they give you. This is a temptation that you should not give in to. Take the offer, look it over and then you can make a counter offer.
  7. Work with more than one property at a time. As they say, “do not put all of your eggs in one basket.” The same is true when it comes to finding the right retail space for lease. Get offers from at least a few properties. When you are working on several deals for several different spaces, you can put yourself in a much better position to get the best space for the best price. Experts say this puts you in a more powerful position.
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Sarah Todd

Sarah Todd

Sarah Todd, an investment banker, is a reporter and researcher for one of London’s leading media outlets. Formerly a trader and market maker at FTSE, she turned to media during the global recession. This website features some of her best and favourite articles, from all parts of the business world. Please let her guide you and your enterprise along the path to prosperity.