Thinking about renting some retail lease space? Are you a little nervous about it? The first time can be challenging to your nerves, for sure. It is for all of us as we initially dip our toe into the commercial market. This article, then, is designed as a primer of sorts, and initial reading which will, hopefully, answer some of the basic questions about retail space for lease.
We are RDS Real Estate, serving the Greater Fort Worth Metro area with affordable industrial space and commercial property for rent. Call us at 817-439-3224 for more information.
What is retail lease space?
Retail lease space, otherwise known as retail space, is property where goods and services are sold to the public i.e.. Grocery storage, jewelry storage, box goods, gas station, etc.
What are some typical features of retail space? Retail space is for businesses who rely on a lot of foot traffic. They are typically near another, perhaps larger business that is referred to as an “anchor business,” like a grocery store or department store. They’re placed this way in order to draw customers from the “anchor business” over to the smaller business. Businesses such as grocery stores draw lots of foot traffic. Once someone is done with their grocery shopping, the smaller store may catch their eye, leading them to explore it. Retail spaces are often in groups, like strip malls or retail parks. They also may have marquees to add another eye-catching detail. Retail spaces will typically have large glass windows, perhaps with products and/or mannequins in them to draw people into the store.
The basics.
The type of building makes no difference. We have seen retail space in recycled shipping containers. We all see retail space in food trucks during our days. We have even seen retail space in private homes, which brings up the matter of zoning.
The building itself is not part of this discussion. What is a matter of discussion is the zoning of a particular building. What it is zoned as determines what kind of economic activity can be legally performed in that building. It is easy to find out the zoning of a specific property; simply contact the Planning Commission in your city.
What else do we need to know. How about cost? The cost will usually be advertised in terms of square feet i.e. $1.50 per square foot. In that example, a retail lease space of 500 square feet would then cost $750 per month to lease.
The price of a specific property is determined by several factors. These include the location of the property, the age of the property, the many features of the property, and the condition of the building.
Is property right for your business? This is another question worth asking. Is there good foot traffic at the retail space for rent? How about drive-by traffic and good access roads? Anchor stores nearby.
Is the listed price a fair price? Turn to the professionals for that answer.
When in doubt, ask the pros to help you.
Real estate lawyers will help you to understand and navigate a lease contract. Tax accountants can lead you through the maze of tax laws. And a local real estate broker can find you the exact property which matches your needs and your budget.
A final word about RDS Real Estate.
RDS Real Estate is locally owned and operated, with over three million square feet of flexible and affordable industrial space and commercial property for lease. Call us today. We have our fingers on the pulse of the Fort Worth Metro area.