By: Wendy Mitchell
Whether you are negotiating a deal to launch a 50,000-square-foot "big box" outlet or opening a corner deli, there are several items to consider when selecting your retail space.
That's the advice from Rick Davidson, president and COO of one of the largest commercial real estate companies in the world and a leading specialist in commercial retail leasing. Davidson says factors including lease rates, value and location affect all retail businesses, regardless of size.
Davidson's company, Coldwell Banker Commercial, offers the following tips on selecting the right space:
Consider Amenities
Look for key amenities inside the facility and in surrounding areas that offer convenience and enticement to shoppers. Things to consider include plazas, seating areas and rest rooms.
Physical Location
Things to look for-and that affect rental charges-include:
• Bay Depth: the distance from the front of the store to the rear wall.
• Floor Area: total square footage.
• Signage: generally, the more prominent the signage, the more landlords will ask for in rent.
• "Shell" and "Skin": The shell refers to the foundation, structural support and the roof. The skin is the outer surfacing of the shell. Skin options include brick, glass or synthetic stucco.
Other factors include windows, parking, security/safety features and HVAC.
Leases
Consider which lease type is best for you. In a gross lease, the landlord provides all services and the tenant is responsible for rent only. In a net lease, the tenant pays most of the expenses. In a percentage lease, lease costs are based on a percentage of the sales/success of the site. Finally, in a ground lease, the tenant pays for "bare ground" location and is responsible for its own improvements.
Know Your Market
Learn about an area's current market conditions for retail, population levels, income and employment levels, anticipated local growth and traffic patterns, among other things. Also, make sure your business is compatible with the needs and desires of the local area-and that there are not too many other stores offering the same goods and services that you do.
Small and large businesses need to consider many of the same factors when selecting retail space.
Article Directory: http://www.articledashboard.com
Whether you are negotiating a deal to launch a 50,000-square-foot "big box" outlet or opening a corner deli, there are several items to consider when selecting your retail space.
That's the advice from Rick Davidson, president and COO of one of the largest commercial real estate companies in the world and a leading specialist in commercial retail leasing. Davidson says factors including lease rates, value and location affect all retail businesses, regardless of size.
Davidson's company, Coldwell Banker Commercial, offers the following tips on selecting the right space:
Consider Amenities
Look for key amenities inside the facility and in surrounding areas that offer convenience and enticement to shoppers. Things to consider include plazas, seating areas and rest rooms.
Physical Location
Things to look for-and that affect rental charges-include:
• Bay Depth: the distance from the front of the store to the rear wall.
• Floor Area: total square footage.
• Signage: generally, the more prominent the signage, the more landlords will ask for in rent.
• "Shell" and "Skin": The shell refers to the foundation, structural support and the roof. The skin is the outer surfacing of the shell. Skin options include brick, glass or synthetic stucco.
Other factors include windows, parking, security/safety features and HVAC.
Leases
Consider which lease type is best for you. In a gross lease, the landlord provides all services and the tenant is responsible for rent only. In a net lease, the tenant pays most of the expenses. In a percentage lease, lease costs are based on a percentage of the sales/success of the site. Finally, in a ground lease, the tenant pays for "bare ground" location and is responsible for its own improvements.
Know Your Market
Learn about an area's current market conditions for retail, population levels, income and employment levels, anticipated local growth and traffic patterns, among other things. Also, make sure your business is compatible with the needs and desires of the local area-and that there are not too many other stores offering the same goods and services that you do.
Small and large businesses need to consider many of the same factors when selecting retail space.
Article Directory: http://www.articledashboard.com
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