Is leasing retail space for rent a good decision in 2022? This is a question many business owners and would-be business owners are asking themselves right now. With the uncertainties surrounding COVID, the on-again, off-again restrictions and mandates, it is very hard to make a business decision which will directly affect the future of your business.
Hopefully, this article will help you to make that decision in the affirmative.
We are RDS Real Estate, leading the way in commercial property for rent, and industrial property for rent, in the Greater Fort Worth area. Give us a call at 817-439-3224 for all of your retail space for lease needs in Tarrant County.
Now, let’s talk about 2022 and beyond.
In the past decade, the national GDP growth hovered around three percent. Economists expect growth to continue into 2022 and beyond, but not at that robust figure. There is still too much uncertainty in the country because of COVID. The business landscape has shifted. There is much-less business travel occurring. Many jobs which once required brick-and-mortar addresses have now become stay-at-home jobs. Huge corporations like Google and Microsoft and not even requiring employees to come to work, and they are encouraging employees to stay at home and do their jobs from home.
From a jobs standpoint, the good news is there are plenty of good-paying jobs available. The bad news is there is, at this time, a shortage of workers and, in some cases, a shortage of trained workers, meaning education will be necessary.
For the individual workers, jobs are available, and unemployment percentages are dropping, but at a much slower pace than anyone could have predicted.
What does it all mean?
For employers/business owners, it means patience. If you are producing a necessity, chances are excellent that your necessity will continue to be purchased. For business owners dealing with non-essentials, it quite possibly means your growth will slow considerably for the next year or so, at least until the country settles into a “new normal.” We simply do not know what that “new normal” will look like at this point.
Should you rent new retail space for rent or not?
Our advice: be patient about retail lease space and proceed with caution. If your business is healthy, and your product in high-demand, we would advise to go ahead and shop around for the best retail space for lease that you can find. There are some excellent values out there right now. Real estate brokers are motivated to find occupancy for many of their retail lease space properties at this point, and that motivation will carry into 2022. In other words, there are good opportunities available.
If you are not dealing in essentials, and your business is showing stagnant growth, be patient. Things should become clearer on the business horizon within a year or so. Unless it is absolutely necessary for you to lease new retail space for rent, don’t do it.
A word about RDS Real Estate
We are locally owned and operated, and we are a respected name in commercial real estate in the Fort Worth area. Call us for all of your real estate questions, and arrange for a tour of some excellent properties in the brand new Fort Worth Design District.