When you are just starting a business, you may have the option of buying, building, or leasing a retail space. For most up-and-coming businesses, leasing a retail commercial real estate property is a financially logical solution. As you examine properties for lease, certain questions will yield answers that should help determine which space you eventually lease. Here is a look at a few of those questions.
1. What kind of business was previously in operation at the property?
Just like location can affect your business, so can the prior uses of the retail commercial restate for lease. In general, it is a good idea to look for a property that was used similarly by the prior business owner. For example, if you have a retail clothing business, it can be helpful if the prior business at the location was also clothing or apparel-oriented. You definitely don't want to go with a real estate property that was used in a way that could affect your future operation. For instance, a former farm equipment store could continue to be associated with that specific industry, so establishing your clothing store could be a little harder.
2. When was the property built?
If you are in the process of establishing your new business, you definitely do not want to run into issues with the place you are leasing because the building is so old. While many property owners will gladly do general maintenance, many will be apprehensive about investing a lot of money in a lease space for the benefit of the leasee. Be sure to find out how old the retail commercial real estate property is, what kind of updates have been performed, and if there are certain downfalls about the property that could pose issues.
3. Will you be allowed to make adjustments to the floorplan?
To create your business, you may need to tweak or adjust the floor plan within the space. For example, if you need a little less storage space and more display space because you tend to keep small amounts of backroom inventory, you may have to open up some of the storage areas and remodel the floorplan to accommodate your operation. The majority of commercial property owners will be fine with you making such adjustments. However, you definitely need to know if these things will be possible once you start setting up the space to support your operation.