There is nothing more thrilling then starting your own business. However, it can be extremely stressful, especially if you are first starting out. One of the most difficult things is to find the perfect retail space for your business within your price range. The most premium commercial spaces are usually very expensive and may be too costly for a new business. The type of space that you will need also depends on your business. For example, if you have a business that caters to senior citizens you want to make sure that it will be easy for them to access your location. Let’s take a look at a few of the most important things to consider when leasing retail space.

If you can get a hold of the previous owners it’s a good idea to have a chat with them and ask them if they have any insights or tips to share. Ask them why they left. Price is another factor to consider. The most expensive retail spaces are in big fancy shopping miles. A space in a small strip mall is most likely to be more affordable.

Even though price is a factor, it is still important to make sure that the space is big enough for your business. Close your eyes and visualize everything in the space? Will you need an office in the back? What about a place for employees to rest? What about a restroom? Parking is another important factor to consider. Customers are more likely to visit if parking is abundant. Don’t forget to make sure that will be sufficient utility resources to support your business. Always make sure that you visit many properties before you decide on a final one.

Make sure that the location is close by freeway exits and main roads. Locations in malls and shopping centers tend to receive a lot of foot traffic. Find out if there are a large number of competing businesses in the same area. It may not be a good location if there are too many competitors in the area because the market may be already saturated. You might also want to consider if the neighboring businesses in the area complement yours.

If it is your first time leasing a commercial property it’s probably a great idea to hire an attorney for negotiating and contract review. A lawyer may be expensive but it’s worth it

If you get a great deal; you don’t want to end up stuck in a lease that isn’t in your best interest. If you are leasing a large retail space and spending a lot of money, you will have more bargaining power and will be able to negotiate strongly in your favor.

If you have any questions feel free to ask your attorney and the property management team. Establish who will be responsible for maintenance, insurance and taxes. It’s always exciting and fun to start your own business. Pick the right location and your chances of prospering will increase dramatically.

Written by Jacqueline Isadore – Commercial Real Estate Crystal MN and Buildings For Lease Minneapolis offer great deals on commercial property in Minneapolis. Midwest Management offers Lease Retail Property Eagan and in many other cities throughout MN. We serve Brooklyn Park, Bloomington and Twin Cities.

Written by Jacqueline Isadore –
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Author Bio: Written by Jacqueline Isadore – Commercial Real Estate Crystal MN and Buildings For Lease Minneapolis offer great deals on commercial property in Minneapolis. Midwest Management offers Lease Retail Property Eagan and in many other cities throughout MN. We serve Brooklyn Park, Bloomington and Twin Cities.

Category: Real Estate
Keywords: commercial property, commercial real estate minneapolis, retail space minneapolis