If you are close to beginning your search for retail lease space, this quick “primer” on finding retail lease space should be of assistance. We are RDS Real Estate, serving the Greater Fort Worth Metro area with affordable retail space for lease. Call us at 817-439-3224 for more information.
What is retail lease space?
We always begin with a definition, just to make sure we are all on the same page, so to speak.
Retail space for lease refers to commercial property available for rent, typically used by businesses for selling goods or services to customers. The actual use of a property will be determined by the zoning regulations governing that retail space for rent, and those regulations are easily attainable from your local governing board.
Seven steps when looking for retail property.
Before you begin your Google search for commercial property for rent, or before you begin contacting real estate brokers, or even before you take leisurely drives around the city in search of the perfect property, consider these seven steps.
What is your target audience for the retail lease space and your business and the demographics you seek? You sell a specific product or service to a specific type of person. Does that person live near the retail establishment? If not, are the access roads conducive for the buying public to drive to your retail business? Or, put another way, is your product or service of such importance that the buying public will be willing to drive a distance to your store/business?
What are your space requirements?
Size is money in retail real estate. You need to figure out how much space you need for today, but also for the immediate future. If, as we assume, your purpose is to grow and make a profit, what will that future growth mean in terms of needed space? We can tell you unequivocally, that moving a retail business can be very damaging to sales; it is almost always better to stay in place and become imprinted on the memories of your customers rather than move every few years. Plan on growth.
What is your budget?
When faced with a lease figure, it is not enough to say “yes, if we are careful, we can make that figure work.” Rather, you want to be able to say “yes, we can comfortably make that work.” Cash-strapped businesses rarely succeed.
How is foot traffic and visibility for the retail lease space?
How easy is it to see the storefront from the road? Does that area thrive on foot traffic? Both are important for the health of a business.
What is the competitive environment?
Where is your nearest competitor? And, a related question, are there businesses nearby which are related to yours and could possibly draw customers to you because of that symbiotic relationship? For example, if you operate an art supplies store, are there any art galleries nearby?
How is the parking for any commercial property for lease? You can sell the greatest product known to man, but if customers cannot find a parking space, they could easily become disenchanted with your business.
And, finally, what are the lease terms?
A good lease is your friend. A bad lease is your enemy. And, finally, all leases are3 negotiable until they are not.
When in doubt . . .
Brand this on your forehead: when in doubt, consult a real estate lawyer and/or a real estate accountant. Yes, it will cost you in upfront money, but the savings down the road will far exceed the initial costs.
A final word about RDS Real Estate.
RDS Real Estate is locally owned and operated. When it comes to Fort Worth retail space for lease, nobody does it better. Call us today, tell us what you need, and then turn us loose to do our thing.