You are that much closer to your own slice of the American Dream: Business Ownership. While there are many types of commercial retail space that you can rent, keep in mind that there many things to consider before signing a rental agreement. The type of space you want to rent can dictate the nature of the lease as well as price per square foot. Choosing the wrong location can hobble your business, while a great location with a bad lease can be just as hard on your margins. Here are a few of the more important things to consider when choosing retail space, especially in a successful neighborhood such as Baldwin Park.
Traffic: this is a good indication of how the shopping center is managed. If the facility is well kept and features attractive landscaping with updated facades and signage; your chances are good that this is a thriving business community. Traffic is also usually high when strong brand name anchor tenants are leasing space.
Occupancy Rates: centers with a very high occupancy rate and low churn are another indication of a well-managed site. If most of the retail space is occupied, it means that businesses draw a good customer base and that the landlord cares about his customers: the tenants.
Anchors: a shopping center that features recognizable brand name anchor tenants usually draw in a solid amount of business. Most neighborhood shopping establishments draw customers from the immediate vicinity. Large businesses such as Starbuck’s, Dollar Tree, and Subway franchises leave little to chance. Take advantage of their research and acumen by considering a lease in the same center. If recognizable brands move in, the area must have the demographic support for continued business.
While this certainly is not an exhaustive list on how to choose a prime location, a little research can go a long way toward helping you achieve the dream of owning a profitable business.