4 Things to Consider When Looking for Commercial Property for Rent

Commercial property new lenox

Everyone knows that location is key for the success of a business. There’s a lot that goes into deciding on a location, though, that not many people know about. When choosing commercial property for rent — whether it’s for retail or another business — there are a lot of factors to consider.

  1. Location. Location involves a large number of factors. Is there any strong competition nearby? Competition is always good for business, but if you’re a small mom-and-pop clothing store, you probably don’t want to open up next to a J.C. Penney or a Macy’s. Or is it in a shady neighborhood? Can an employee safely walk to their vehicle, or would they be comfortable working alone in the building? Keep image in mind when looking at location as well. You don’t want to open an upscale tuxedo and dress store in an alley in the city. History is also important. If you’re opening a restaurant, for example, you don’t want to invest in the same commercial property for rent where five other restaurants have failed.
  2. Demographics. It also includes the local demographics — if your primary target audience “teen to young adult,” you probably won’t want to open in a town with 70% elderly folks. Not only is your primary clientele absent, but the majority of your staff would be older.
  3. Cost. Are you looking for a small retail space for rent, or a large retail space for rent? You don’t want to invest in a gigantic building that won’t have the foot traffic to support it. There are other expenses you may not have considered as well when looking at business space for rent. You’ll probably need to decorate it somehow, but does it need to be renovated? Will you need to add in any IT systems?
  4. State and local laws. This may not apply to many stores, is still worth a mention. For example, while medical cannabis has been gaining popularity and acceptance over the last several years, you shouldn’t go looking for commercial space for lease in one of the states where it’s still illegal.

There are many other factors to consider when looking for commercial property for rent, but this provides a brief overview of the more important aspects to consider. Be sure to conduct enough research on the area and how much your budget is before committing.

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