In the world of leasing commercial space, it pays to be prepared. Taking the time to conduct research, do your due diligence, and prepare for the unexpected expenses will help you secure the best possible commercial real estate for rent. While every business is different, and that means different needs, it helps to have a simple checklist when looking for a new retail space. Take a look at this simple yet helpful checklist for renting a new retail space.
Budget for the Expected and Unexpected
Nothing is guaranteed, and no matter how much planning you do, something will always go wrong. In addition to budgeting expenses for a new retail space, business owners should also budget for unexpected expenses. Some expected expenses that are associated with renting a retail space include:
- Security deposit
- Common area maintenance
These are just some of the expenses business owners should consider before signing a lease. Some expenses that people don’t consider is the renovation budget and hidden fees associated with renting the retail space.
With business, location is critical. Where your business is located has the power to make or break your business. If you plan on having employees in the office, you want to choose a retail space that is in close proximity to restaurants and other popular attractions. If you don’t plan on having employees in the retail space, you may have the luxury of renting a location that meets your own personal preferences. Regardless, choose a location that best suits your business and its needs.
Decide on a Lease Length
There are various lease lengths available and you’ll want to consider all of them. That’s because the length of your lease will affect which commercial space for rent you choose. Ideally, you’ll want to find a retail space that you can grow into and be there long-term. But, if you’re in a rush and don’t have time to find your ideal retail space, you may want to consider a short-term lease so you can buy yourself time to keep looking.
Determine How Much Space You Need
How much space do you think you’ll need for your retail space? Landlords will measure a square footage of a commercial space for rent in different ways and that means there can be discrepancies between the listed square footage and how much is usable. You could end up paying for square footage that you can’t use. That’s why it’s important to determine how much space you’ll need when renting a retail space. That way, you only pay for what you need and you optimize your bottom line.
Finding You The Best Retail Spaces in Maryland
The experienced commercial brokers at Tomarchio Enterprises are here to help you find your ideal retail space. Choose from our extensive list of commercial properties in Maryland and Delaware, or let us find you another ideal retail space. We have over 60 years of combined experience and take the time to understand the needs of all our clients.
Contact us today to learn more about how Tomarchio Enterprises can help you find the right retail space.