Location. Location. Location. The three words that often determine the value of a home are the same three words that often determine the success of a business. High traffic retail space for lease attracts many first-rate national clients as well as local businesses. Your new or old business needs to be located among these successful businesses so that they can share their traffic and success with you. A stand alone building on the edge of town may have the least expensive lease or rent, but the location may limit you to the least amount of traffic as well.
When selecting a leasing company, business owners need to find a company whose major focus is on providing tenants with office space and retail space that provides a competitive advantage. By placing available properties in locations that are near shopping and other popular destinations, the most successful development companies offer their clients the best locations. Established businesses and new businesses indicate that location have been essential to their success.
A small gift boutique, for example, can benefit if it leases space next to a large major retailer. The fact that the gift boutique customers can quickly get in and out of the smaller location will often play to its benefit. As another example, a bowling pro shop might find that lease space near a high traffic grocery store or workout facility can provide walk by traffic that they may not see in a lower traffic area.
Keeping with recent economic growth, commercial real estate agents reported market gains in the third quarter 2014. Commercial space for lease and other retail space for lease numbers helped propel this growth. As a sign of continued growth, office and retail vacancy rates are expected to decline by the end of 2015. As more and more businesses show success, they encourage other new businesses to quickly occupy prime locations.
Whether you are looking for large retail space for rent to open a new yoga studio, or you are looking for small retail space for rent to offer voice and piano lessons, it is always important to consider location and traffic patterns. Choosing a business location also involves looking at demographics, assessing your supply chain, investigating the competition, staying on a budget, and understanding state laws and taxes. It’s a complex process, but through research and a focused business plan you can find success.
Location is essential to the success of your business, so look for a development company that offers commercial property for lease and retail space for lease near high traffic areas.