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Things to Consider When Leasing Retail Space
- Investigate traffic patterns – Find out who the previous tenant was, and why the business left. Does the location do any sort of marketing to support its tenants? Are co-operative marketing funds are available to you?
- Study your customers – Where do they live, work and shop? Demographic information from your local library, chamber of commerce or Census Bureau can help you analyze where your business would best be located.
- Follow the rules – Study all policies and procedures in regard to signage, zoning, planning, hours of operation, and common area usage before signing a lease.
- Know your competition and neighbors – Nearby retail can help or hinder your business. Make sure your neighbors retail or otherwise are compatible with your own business.
- Cheaper isn’t necessarily better – Inexpensive means it may have a track record of business failure or low foot traffic.
- Consider all costs involved – Who pays for maintenance and repairs? How much are the utilities? How much will it cost to build the space out? Also, some landlords require that you pay a percentage of sales in addition to your monthly lease payment.
- Get an ally in your corner – As your Tenant Representative, Austin Tenant Advisors can facilitate your needs, from the initial search process to signing a lease.
Top Questions to Ask Landlords When Comparing Stores for Rent
- Who is the Landlord? – Your negotiation approach will vary depending on who you are dealing with (mom & pop shop, bank, real estate investment trust, etc.)
- How long have they owned the property? – A new owner may have just purchased the property and want higher rents to cover the mortgage. A long-hold landlord will have a lower basis thus more room for rent breaks, and will want to retain the property longer
- Where is the owner located? – If they are local they maybe more accessible making it easier to get things signed and completed. Out of town landlords can be hard to get a hold of and take longer to approve things.
- Is property management local? – Similar to the preceding question. Local property management is easier to get a hold of and take care of all your matters.
- What’s the building history? – Older buildings require more maintenance. High turnover rates are not a good sign that a shopping center is doing well.
- Have similar use tenant’s leased a storefront at this shopping center before? – It would be good to know if one has rented here before and closed business or moved to another location within the last 5-10 years.
- Who are the most recent tenants that signed lease contracts? – Ask them how their negotiations went and how their experience has been so far. If the listing agent is new and does not know find out.
- Have any tenants moved out recently? – Find out who the last tenants were that moved out. Why did they move out? Look them up and ask them about why they left and their opinions of the shopping center, landlord, and property manager.
- Who is the largest tenant? – These anchor tenants will typically drive the most traffic. Find out how long their lease is and if they intend on staying.
- Is the property for sale? – Owners looking to sell and investors looking to buy have different motivations with tenants.
Types of Retail Properties
These are typically large destination-oriented retailers such as grocery stores, home improvement stores (Home Depot, Lowe’s), Wal-Mart, Target, or drugstores (Walgreens, CVS). The don’t depend on traffic from other stores as they are more than likely the anchor (largest) tenant that pulls in most of the traffic.
Neighborhood Shopping Center
Community Shopping Centers
Regional Centers - Open & Closed Malls
Storefronts For Rent
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Ready to Find Retail Space in Austin Tx Now?
- We will research every retail space in your ideal location by calling building owners, retail listing agents, and landlords, searching our online data bases, and driving around ourselves
- We will create a report in pdf format that lists only those spaces that meet your ideal location, size, and budget. Photos, lease rate info, and site plans will be included.
- We will review all the options with you and give guidance to the best ones
- We will call all of the listing agents to schedule times to tour each retail space with you
- After property tours we help you determine your top choices and then draft request for proposals (RFP’s) for each one.
- Afterwards we represent you in lease negotiations, help coordinate contractors, etc.