Looking for a shop for rent is, unfortunately, not as easy as just looking for a “for rent” sign in a storefront. If it were that easy, the average time spent looking for retail space for lease would be about ten minutes.
No, there are several important factors to consider when looking for that perfect shop for rent, and in this article, we will discuss those factors. We are RDS Real Estate, serving the Greater Fort Worth area. Call us at 817-439-3224 for information about a Fort Worth shop space for rent.
The nature of your retail business
This is one of those factors many first-time renters fail to think about. The nature of your business will, in part, determine the location of your rental. Not all businesses should be in a shopping mall. Not all businesses should be in the downtown sector of a city. Example: where would a boat supply shop best be located? Near a marina or in a strip mall five miles from the water?
Zoning and location of the shop for rent
Make sure the shop location you are considering is zoned for your type of business. A good commercial real estate agent will make sure you don’t waste your time looking at shops which are not located in a proper retail zone.
Where is your main competition located? There are two schools of thought on this: some businesses like to “stare down” the competition, face them head-on, within sight; others prefer to be further away. Both approaches have their merit.
Terms of the lease for the shop for rent
This is not an accusatory statement; simply a statement of fact. Most business owners, signing their first lease, have very little idea what they are signing. If they read it, they understand very little of it. Many skim over it and barely read it at all. Our recommendation: have a lawyer read your lease, or have an experienced commercial real estate agent do the same. Identify problems in the lease early and solutions/negotiations can be found and undertaken. Identify the problems after the lease is signed and the consequences can be financially painful.
Traffic flow, auto and foot
Very few retail businesses do not need traffic flow. Those are the ones who sell such a unique product that people will travel to their retail site no matter where it is simply because the product is not sold anywhere else. For the other 99% of retail businesses, traffic flow and/or foot traffic are crucial for success.
The flow of retail business
To know this, you must know the trends of retail business in your city. Where is the population heading? Where is the economic center of your city, and where will it be in one year? Two? Five?
In the 1970’s, most cities would say the shopping malls were where it was happening in retail business. In the 1950’s it was the downtown corridor. Where is it today, in your city?
We have given you a lot to think about, but these are important factors which must be considered before you sign a lease which will cost you tens-of-thousands of dollars. Take your time in deciding. Your business deserves that you do.
A word about RDS Real Estate
Commercial property for rent, industrial property for rent, this is the world we thrive in. Call us for all of your commercial and industrial needs in the Fort Worth area. We are locally owned and operated and we will work for you.