Finding retail space for rent in most cities is not a problem, especially post-lockdown for COVID. Many retail businesses, sadly, went out of business, so there is an ample number of storefronts empty, and quite a few retail space for lease opportunities.
Finding the right retail space for rent for your situation, however, requires a bit of work on your part, and this article should help you in making the right choice.
We are the Fort Worth Design District, one of the leading business communities in the Fort Worth area, offering a plethora of commercial and industrial space for lease. Call us at 817-439-3224 and talk to our leasing agent about your needs.
But, before you do that, read about the six things to look for in retail space for rent.
Be familiar with different types of leases for retail space for rent
There is no such thing as a standard lease for commercial property for rent. There are single net leases, double net leases, triple net leases, and modified net leases, and you need to be aware of which one you are agreeing to and signing. Not knowing could cost you much more than you bargained for. The old adage “read the fine print” definitely holds true with regards to retail space for rent leases.
Location and convenience of retail space for rent is crucial
Yes, you want to be near your customers. Yes, you want good drive-by traffic as well as good walk-in traffic. But in the post-COVID world, there is a new consideration: do you have good curb pick-up space for customers to simply drive up, pay, and pick-up their product without going into your place of business? This is something most business owners gave no thought to prior to 2020. Most give serious thought to it today, because practically no one is betting that another new virus cannot infect society next year. Successful business owners adjust to the times. Those who do not adjust have “for sale” signs in their windows.
Figure out what size shop for rent you need
Knowing your current retail space needs, and potentially the needs factoring in potential growth, are crucial for any retail business, and it is a tough calculation/prediction. You want to be able to plan for future growth, or you will be moving again in a couple years, and that could potentially be damaging to your business. But how much room do you need to cover growth?
One formula which is helpful is the “sales per square foot” formula, and it is calculated this way:
Sales per square foot = sales/square feet of sales space. It is not an infallible formula, but it is most definitely a helpful guide.
Find a professional to help you
We strongly emphasize this step. Find a trusted commercial real estate broker, or a real estate lawyer, to help you through the process. The reasons why should be obvious. Most business owners are not equipped with the knowledge necessary to make a good legal decision in this matter.
Narrow down your search
It is now time to narrow down your search for a retail shop for rent. We suggest picking the Top Three to choose from. Weigh all of your needs and all of the factors for each of your Top Three Choices, and pick the best.
Negotiate the lease
Leases are not like the Ten Commandments, etched in stone. They are flexible in nature and they can be negotiated. Try for the most favorable lease, for you, that you can negotiate. Don’t be shy or hesitant to at least try. The worst thing that can happen is you will be told no.
And there you are, six steps to take when looking for retail space for rent. Happy hunting!