If you are looking for retail space for lease, you really owe it to yourself to read this article before you proceed further. We are RDS Real Estate, Fort Worth, and we’ve been in the commercial real estate business for a long, long time. Today we want to discuss with you the factors surrounding retail space for lease pricing. Call us at 817-439-3224 for more information or to talk to a leasing agent about specific retail space for rent in the Greater Fort Worth Metro area.
What is retail space for lease?
Retail space is basically anywhere customers come to purchase goods or services. This can be a retail clothing store, or it can be a food truck. Both fit the definition for retail lease space.
Retail space comes in all sizes and shapes, from large retail stores over 20,000 square feet in size, to small hobby shop stores less than 1,000 square feet. In fact, we know of retail space for lease, in the Alliance Area of North Fort Worth, which is 320 square feet in size and perfectly suitable for a small, one-person enterprise.
Just as size is all over the board, so too is retail leasing pricing. Again, using Fort Worth as an example, we know of retail property for rent at the Fort Worth Design District which rents for $995 per month; we also know of retail space in downtown Fort Worth which goes for $15,000 per month.
What, then, affects the pricing of retail space? How is it determined?
The factors which affect retail lease pricing.
We are going to paint with very broad strokes in this discussion about pricing and value. To dive into this topic in-depth would require a book rather than an article.
The price of commercial property for rent is determined by the following factors:
- Economic conditions
- Location
- Supply and demand
- Physical condition
- Zoning and land use regulations
- Energy efficiency
- Lease terms
To say this is a complicated matter would be an understatement. That is why the advice given in the next section is so important.
What can you do to find the best deal?
Here is the most important piece of advice we can give you in this article: enlist the help of a qualified, respected commercial real estate broker.
What to look for? The three most important qualities you want a commercial real estate broker to have are:
- Outstanding customer service
- An intimate knowledge of the local real estate market
- An understanding of local laws, zoning, and regulations, as well as a knowledge of the local economic outlook.
Customer service has nothing to do with smiling and promising the moon, and everything to do with understanding the individual customer/client and zeroing in on their specific needs. Quite frankly, we don’t think this can be taught. We believe outstanding brokers have an innate ability to read the client and internalize what the specific needs are.
As for understanding the local market, the kind of knowledge necessary to be of use to a client can only come from a local broker, one who lives in the area, has lived in the area, and has an intimate knowledge and relationship of the area. You cannot feel the pulse of an area by reading a book; you need to live it to fully understand it.
Find that kind of broker and you will have taken the first step towards finding retail space you can afford which will give you the best chance at success.
A final word about RDS Real Estate.
RDS Real Estate is locally owned and operated, with over three million square feet of industrial space and commercial property for rent. Call us today and tell us what you need i.e. retail space for rent, a shop for rent, an office space for rent, and we will find what you need at a price you can afford.