Regardless of whether you need a large space for your franchise, or need to find a small office for your startup, it’s never easy to make a choice. The demand for retail space never really dies down, and as more businesses try to upgrade their work area, costs are bound to increase. If you are looking for retail rental space, keep in mind that this is a choice that’s at least going to matter for the next couple of years or more, and therefore, some initial homework always comes handy. In this post, we are sharing what it takes to rent a retail space.
- You may find a cheap rental shop somewhere away from the town or in the middle of the highway, but that is neither a convenient choice, nor a practical one. The rental space has to be close to other businesses, so that you can enjoy the same benefits, such as parking.
- This one is a no-brainer. Some rental spaces are expensive because of the location alone. Businesses know the value of being accessible and in a prime position for customers and employees alike, and that’s factor to be considered before you select one of the options.
- Let’s get real here – You cannot afford a rental shop or office that doesn’t fit your budget. Budget is one of the first things that you must decide on, so that shortlisting your choices is easier. Later, if you find good reasons, you can choose to pay a tad more for a rental space you like.
- Lease period. For how long do you need the rental space? Most developers & owners will agree to yearly contracts, but if you are sure that your business will be in existence for the next few years, it is best to consider long-term contracts of 2 years or more. You will be in a better position to discuss the prices.
- Condition of the property. You don’t want to move your business into a commercial property that requires extensive work and maintenance. Yes, some of the customization work and interior work must be done to suit your needs and branding requirements, but avoid rental spaces that are not in good condition.
Finally, do consider competition. If you have your immediate competitors in the same region, it could be a boon and bane in disguise. Figure out how you want to use the office/retail space to your advantage, and select accordingly.
