Renting retail space for lease is always a pressure-filled undertaking, but with so many home-business owners flourishing, expanding, and in need of retail space for rent, this is especially true for these first-timers. This article will help those first-timers to avoid some rather common mistakes when renting retail space for lease.
Now, about those mistakes to avoid.
Do not settle for less than you want
Quite possibly, this post-pandemic shutdown time is the most leasing-friendly time we have seen in the United States in a long, long time. It should come as no surprise that many businesses closed in 2020-2021. A quick drive through any downtown corridor will earn you all the proof you need as countless “for rent” signs stare out from storefronts.
To put it simply, this time, late 2021, early 2022, is a renter’s market with regards to commercial and industrial property. The available supply far outnumbers the demand, and that means good things for anyone looking for such property. Our suggestion: make a detailed list of what you want in retail space for lease, and then do not sign any lease until you find exactly what you want. You will be rewarded for your diligence and patience.
Do not pay more than you budgeted for
For the same reason we just mentioned in the last section, this is a renter’s market. Budget for a lease payment and do not fluctuate from that budget. We have properties in the Fort Worth Design District, quality retail space for lease, for only $875 per month. Similar great deals can be found in any major city in the United States.
Pick the location which is perfect for your business
We cannot overemphasize this enough. The perfect location for your business is the perfect location for your business. It may not be the location suggested for other retail businesses, or it may be, but only you can say for sure. What is the nature of your business? What do you need in the way of location for maximum business? Would you benefit by being close to a related business? Would you benefit by being in a shopping mall, or a stand-alone building?
Plan on growing
If at all possible, plan on being successful, plan on your business growing, and plan on that growth by renting slightly larger than you need. It would be detrimental if you outgrew your new location in two years and had to move again.
Negotiate the lease
All leases are negotiable. Repeat that last sentence. All leases are negotiable. Fight for your business and negotiate the best lease possible.
We happen to think that 2022 is a magnificent time for someone to lease a retail space and open a business, for all the reasons listed above plus this reason: the economy is growing and that rebound will mean profits for dedicated, hard-working business owners.
A word about the Fort Worth Design District
The Fort Worth Design District is actually three distinct business parks in the Alliance Area of North Forth Worth: the highly unique Box Office Warehouse Suites, Paddock Place Office Suites, and the Golden Triangle Business Park. Call us today and put us to work finding the right retail space for lease for you.