How To Find Small Retail Space For Lease Near Me
With the worst of the pandemic behind use, many small retailers are again opening new locations and entrepreneurs that have been waiting in the sidelines are now ready to make the move to a commercial real estate space that will take their business to the next level. Whether you’re a “mom & pop’ operation or a hair salon owner with 3 locations, finding that small retail space that is perfect for your needs is critical.
It can be challenging to find a small retail space for lease in West Chester, Pennsylvania, as a wrong move could negatively impact your business. In addition, there is stiff competition for the best locations for retail space; and you may even have to concede on some key of things you’re looking for.
The best way to find a retail space to lease is to have a solid plan that includes a list of your must-haves and your objectives. Renting a retail space will likely be one of the highest operational costs for your business. It would be wise to take enough time to plan well to ensure that you get the most suitable retail space.
1. Determine Your Budget
The best place to start is to know how much you can afford. Once you know your budget, it will be easier for you to narrow down your choices while at the same time restraining you from making impulse decisions. Usually, the rent for your targeted retail space should be 3%- 10% of your monthly gross sales.
Key elements that influence the cost of retail spaces in West Chester, PA include:
● Location – High visibility and high traffic increase the cost of retail space.
● Demand – a spot with ample parking space, surrounding shops, and other amenities will generally cost higher than space without these amenities.
● Condition of the space – You will pay more for a retail space ready to occupy than for retail space that needs some remodeling or improvements.
● Appliances – if the retail space comes with appliances for gas, climate control, plumbing, and more, the rental cost will be higher.
● Length of the term – If you intend to take out a long-term lease, you will have more room to bargain than if you were to take out a short-term lease
● Competition for the retail space – The more businesses desiring to rent the same retail space you are considering, the higher it will cost for you to win it.
2. Decide on What You Need from a Space
When shopping around for retail space to lease, you will need to balance between having enough retail space for your business while allowing enough retail space to accommodate potential growth. Retail space that is larger than your business needs is a waste of your resources.
3. Identify Serveral Retail Space Options
After successfully figuring out your budget and space requirements, the next step is to find five or six choices of retail space that could work for your business before narrowing it down to the best fit. The more options you consider, the better placed you will be in finding the best possible fit for your business, and the more leverage you will have when it comes to negotiating on the costs.
4. Hire A Tenant Representative
Working with a tenant broker will make your search for retail space easier. A tenant broker will negotiate the best prices for renting the identified retail space.
We at Pillar Real Estate Advisors represent retail tenants on a regular basis. As YOUR advocate we can negotiate such things as free ret periods, Landlord performed work to the space, controlling the extra expenses that often are above your base rent, and the best part….. the Landlord most often pays our fee, so the service is free to you.