Finding the Perfect Retail Location
As an entrepreneur, finding that perfect retail location is definitely an exciting moment, but that’s just the beginning of the journey. Listen to our retail leasing agent Courtney Janto share a little bit about the retail leasing experience at Buckingham, along with her list of considerations for retailers searching for space. Ready to find your space? Reach out to Courtney to learn more, or search live retail availability.
You’ve heard it before when it comes to real estate: location, location location! As an entrepreneur, finding that perfect retail location is definitely an exciting moment, but that’s just the beginning of your journey. I’m happy to share a little bit about the retail leasing experience at Buckingham Properties, along with my list of considerations for retailers searching for space.
Where Do You Want to Be?
Yes, let’s get this out of the way. Location is certainly one of the most important considerations when choosing the right space for your business. If you’re searching online, take the time to drive by your short list of potential locations in person. You’ll want to check out the vibe of the neighborhood, the condition of adjacent properties, parking availability, and neighboring businesses. Even better if you take a visit during the time of day your customers will be frequenting your business!
Does the Space Need Work?
How much construction work will need to be done to the space to bring your vision to life? Maybe the space just needs a fresh coat of paint and new carpet. Or maybe you’re lucky and found a turnkey space that just needs new signage before you can get up and running. Sometimes unique retail spaces are born from the most unlikely beginnings. Whether the space you find requires just a simple refresh, or a complete overhaul, walk the space with the construction team to communicate your business needs and work through your desired space layout. The construction team will then present you with a drawing, and the leasing team can begin to price it out – which brings us to:
How Much is it Going to Cost?
Once you have a lease proposal in hand, you can begin to analyze what your monthly rent will be. Construction work is often amortized over the course of the lease, so that your build-out costs are spread out over time. Alternatively, you may be able to pay for the construction cost up front. You should also ask the leasing team for your estimated Triple Nets, (taxes, common area maintenance, and insurance). This amount is how you pay your proportionate share of those costs in addition to your base rent.
Who Manages the Property?
When you’re considering a retail location, one of the best things you can do is to make sure you see your future landlord as a true partner. The relationship you have (or don’t have) with your landlord can have a profound effect on the success of your business. When issues arise throughout your lease term, having a landlord you trust is an invaluable asset.
Make sure you see your landlord as a partner.
If you’re currently researching potential retail locations, feel free to reach out to me directly, and take a look at what we currently have available: Find Your Retail Space with Buckingham Properties