5 Tips for Finding the Ideal Retail Space for Your Business
NAI Global | November 4, 2019
Business owners - is it time to move into the retail space of your dreams? Every business needs a commercial space that can meet all of its needs to elevate it to the next level.
However, the perfect space isn’t always easy to find. It takes a keen eye to navigate the market and land advantageous leasing terms. To help streamline your search for a retail asset, we’ve compiled a list of 5 expert tips to help optimize the process.
Assess Your Current Position
Clarity makes a big difference when entering into a CRE transaction. Look in and assess the business’ current status. Are you move-in ready? What time frame will you be ready to move? What needs to get done before you’re ready to seriously enter a deal?
Timing is key to a successful real estate transaction, so make sure you’re clear about the current position of your business. Only move ahead if you’re ready, and know when to hold off.
Outline Your Specific Needs
When it comes to stating what you want, you can never be too specific. Before beginning the hunt for your business’ new home, examine what you need.
How much space is required? Will the business be expanding? What location will best fit the company, considering both clients and team members? Having these questions answered before asset shopping will help business owners zero in on their ideal asset.
Another thing to consider is budget. To approach the deal with confidence and assurance, consider the financial aspect first. Don’t forget to account for operational costs such as maintenance, amenities, and utilities.
Once you affirm your business’ spending thresholds, moving forward with the deal will be far clearer.
Explore Your Options
With your budget in mind, check out the available retail spaces in your area. Exploring the market will give business owners an idea of realistic price points, commonly featured amenities, and prospective locations. Due diligence is required to establish your position as a tenant.
Work With a Commercial Real Estate Professional
Working with a CRE professional is the best way to find your business’s ideal retail space.
Commercial brokers and agents bring indispensable knowledge and experience to any deal. Hiring an agent also opens the door to their complex networks of exclusive listings, helpful contacts, and professional negotiation skills.
Understand the Terms and Conditions
As with any property transaction, tenants need to be able to read into the contracts before signing.
Even if everything is perfect at a glance, a deeper look is always required. The ability to carefully review the terms and conditions is vital. Always look at prices, responsibilities, and time frames. If something seems incorrect or if further clarification is needed, never hesitate to contact the landlord and talk things over.
Mitigate the risks associated with leasing a retail space by intently reading through the contracts before you sign.
What are you waiting for? It’s time to start looking for a retail space to house your business. Use these 5 key strategies to help find a winning asset in less time.