Looking for a retail space for lease is a huge, nerve-wracking undertaking, especially considering the economic climate of 2021-2022. If the pandemic has taught us nothing else, it has taught us that the old train of thought no longer applies. It has also taught us that caution should not be thrown to the wind but should, in fact, be embraced. During the pandemic recovery, only the strong, and the wise, survive in the retail industry.
If you are a home-based business owner and you are considering transitioning into retail space for rent, it is important that you read this article. Forewarned is fore-armed in the retail trade, and we are going to forewarn you and give you the power of information in this article. We are RDS Real Estate, serving the Greater Fort Worth area with outstanding commercial property for rent. Call us at 817-439-3224 for more information about retail space for rent in the Fort Worth Metro Area.
Now, though, let’s talk about important considerations before you lease that retail lease space.
Rent is not the only expense
Budgeting for a commercial property rental is not just budgeting for the lease price. You must also remember the overhead expenses. What will the utilities cost you monthly? What will WiFi cost you? Will there be surcharges depending up the amount of water and/or electricity you use?
Will you need to make alterations to the retail space? If so, what will that cost? What will insurance on the retail lease space cost? What will be the shipping costs?
Do not go into this starry-eyed. Know everything you need to know about your expenses before you commit.
Zoning is king in retail
You might assume that retail space for lease applies to all business models, but that assumption would not be correct. Different areas of cities are zoned for certain business activities. You need to check with the City Planning Commission to make sure that your business type is allowed in a particular retail location.
Location may or may not be important to your success
We have all been taught, for decades, that location is king in business, but that is not necessarily true. Traditionally, the downtown corridor of most cities is considered prime retail location, but in 2021/2022, that is not true in many cities. In many cities, the hub of retail activity is switching from downtown to strip malls and shopping malls. It is switching with the flow of consumer traffic, and most consumer traffic is flowing away from the downtown corridor. You need to know where consumers are flowing in order to find the optimum location for your retail business. And if, on the off-chance, you offer a product which is unique in your city, or one-of-a-kind, location may not be important at all. To borrow from the movie Field of Dreams, build it and they will come. In other words, no matter where you are located, if the demand is strong enough, consumers will find your retail business.
Have a real estate lawyer read the fine print
Yes, it will cost you money to do so, but we strongly recommend you have a real estate lawyer review the leasing document before you commit to a commercial property lease. To borrow from grandma’s favorite saying, an ounce of prevention is worth a pound of cure.
A word about RDS Real Estate
RDS Real Estate is locally owned and operated, and one of the most highly-trusted commercial and industrial property real estate companies in the Fort Worth area. Call us for all of your commercial and industrial property rental needs.