Many small business owners begin with the notion that they can work out of their home. Mail order products, at first, can be processed and shipped from an empty basement. Computer repair services can be completed in a spare room at the front of the house. Auto detailing can be completed in the garage.
Any small business owner with any success, however, often quickly outgrows a home office location. The next step, of course for these businesses is finding commercial property for rent. Property that meets a variety of requirements depending on the nature of the business. Some of the questions that small business owners need to know the answer to when they go looking for commercial property for rent include:
- How much space do you need?
- What is your budget?
- Does the rent include a build out allowance?
- Is there an escalator clause?
- How much parking is included?
- Are there amenities that you have to share with other clients, including reception areas and restrooms?
- Is there room to grow?
- Who is responsible for maintenance?
- Does the leasing agent provide onsite security?
- What measures are in place to provide controlled access to the building?
- What do past tenants have to say about the space? Was the landlord easy to work with?
- What are the available lease lengths?
The Strength of Commercial Property for Rent Can Depend on the Leasing Agent
The best commercial property for rent can be ruined by a bad landlord. One of the things that many small business owners fail to consider is the relationship they will need to have with the landlord who owns the property. Unfortunately, just as there are good and bad rental locations, there can also be good and bad landlords. An amazing space, for instance, can become a problem if the landlord does not respond to the needs of the renter.
In the unfortunate event, for example, that a leak in the roof occurs, the tenant needs to have a landlord who will immediately respond to the situation. In the absence of an immediate response the tenant needs to be confident enough in the landlord that the repairs can be scheduled and that the landlord will cover the expense. Landlords who are difficult to contact can make even the best property a series of problems.
Retail space for lease is especially dependent on the landlord. It is difficult to attract customers to your location and draw them into your store if the landlord does not have parking lots and sidewalks cleared during the winter and air conditioning running in the summer. Both the appearance and climate of the space is important to any small retail business owners. If your shop looks great, but the shops on either side are poorly kept, this can have a negative effect on the foot traffic that comes by your store.
Small Retail Space for Rent Is a Constantly Changing Market
Like many things in the real estate market, the price of small business space for rent can vary greatly from block to block or from owner to owner. Even a major road construction project which temporarily limits access to a main entrance of a strip of retail stores can cause a major disruption for a business. For these varied reasons, many leasing agents offer some very lucrative deals to small businesses that are willing to come into an empty space. This means, of course, that one tenant may have a very different rent agreement from other tenants in an area.
Another way that commercial space for rent can vary is in the length of the rental agreement. Some tenants who agree to come into an empty space for a specific period of time leading up to a holiday, for example, may be offered a lower rent, but that rent is only available for a short window of time.
For instance, a strip mall owner may want to make sure that all of a property’s spaces are full the weeks that a major sporting event is in town. In an effort to fill the empty locations, the leasing agent may offer the space to a temporary tenant. This temporary tenant may get a reduced monthly rent, but they made not be allowed any build out or any option for staying in the space beyond the originally designated weeks.