This is Part 1 of a series of articles about leasing commercial space for your business. Stay tuned for the next installment . . .
Thinking about leasing new space for your business but not sure how to pick the right place? You’ve no doubt heard the old adage about real estate – “location, location, location . . .” True, location is key – but a good location does not mean the same thing for all businesses. In addition, there are many other factors to consider in selecting your business’ new home, as well.
Visability and traffic – some businesses, such as fast food restaurants and convenience stores, rely heavily on drawing business from passers-by. For those businesses, there is no substitute for visibility from highly travelled main roads. However, visibility and traffic come at a price. Tenants typically pay a premium for those high visibility/high traffic sites.
Let’s say you get your customers mainly from referrals. You may not need the most visible space on the most highly travelled road in your area. Instead, consider a less visible site that has adequate parking and easy accessibility for your clientele.
Another important aspect of your space is the square footage. While it may be obvious that you need enough square footage to operate your business today, you also want to consider future operations. Look to your neighbors. Is there any possibility you might be able to expand into an adjacent space if you have significant growth? Maybe there is potential to lease a larger space than you need at the moment and sublease a portion of it to another business (with the landlord’s permission, of course). In any event, balance planning for future expansion with the cost of additional space you might not currently need.
In the next installment of this article, I will address some other factors critical to making your leasing decisions. In the meantime, feel free to email me at firstname.lastname@example.org or call me at 410-544-2931 for assistance with your leasing needs.