To get a retail space on rent is a major expense for a small-scale business. To select the right space requires a lot of careful planning. You need to consider several things including budget to find the best place that fulfills your needs. It does not have to be too expensive to make a large hole in your pocket. We are going to tell you a few steps to locate and lease a retail space for your business store.
Determine Your Budget
Before visiting potential locations on rent for your business, it is important to first find out whether you can afford it or not. This will assist in narrowing down your choices and save your time too.
Factors that influence monthly lease payment
Although this list will differ from one city to another, here are a few of the primary factors that impact your cost of retail space for lease.
- Rental space condition
- Length of Term
- Incentives with the space that is getting leased
- Competition for Space
Things that you need to consider when choosing a commercial lease space
- Property Taxes
- Insurance Covering Natural Calamities and Theft
- Common Area Maintenance
- Costs incurred on utilities such as electricity, water, heat, internet, sewer etc.
- Broker’s Fee
Understand the Different Types of Leases
Different landlords offer varying types of leases. Below are some of the kinds of leases that would influence your monthly lease budget.
- Triple Net Lease
- Single Net Lease
- Double Net Lease
- Modified Net Lease
Decide on the amount of space that you need
Space requirement will depend on the type of business. There are a few areas for which you may require space:
- Sales Floor
- Dressing Rooms
Identify the right sources for getting space for rent
Sources that proves beneficial to locate the best property space for rent are:
- Local Broker
- Online Brokerage Sites
- Subscription Services
Which would be the perfect space for your business?
- Choose the place where your business is in a safe area
- Locate the space where your customers are located
- Search a place that is near your competitors and other compatible businesses
- Go for areas that are near to public transport and major highways
While you are searching for ideal location, ensure that you select appropriate POS that suits your business style. All these tips will definitely help you find the best retail space within your budget.