How To Find The Best Rental Space That Suits Your Small Business?

How To Find The Best Rental Space That Suits Your Small Business?

Internet connectivity makes it possible for millions of businesses to operate online. The online space provides a convenient way to shop for items, but it has its drawbacks where traditional businesses can shine. 

That’s why a significant market exists for businesses with physical locations today. A physical location also offers flexibility to operate an online business and a home base all from one place. However, you must carefully consider certain aspects when selecting a retail space for your business to succeed. 

It is quite challenging to find the right location. Remember that any poor decision you make could negatively impact your company. 

With the current competition in finding suitable retail space for your business, you must comprise certain features that may not affect your business directly. 

You must have a well-thought plan with all your goals and must-haves written down. This is essential as it will help your search for retail space for lease. 

When searching for a retail space for lease, you must look out for dishonest people. These people are taking advantage of unsuspecting clients due to the immense competition in the commercial rental space. They will often present you with misleading promises or submit fake listings. 

That said, it is crucial for business owners to determine the most effective method for finding a retail space for lease. You can’t afford to get it wrong, mainly because the retail space is one of your costly operational costs. 

So ensure you take as much time as you can to plan for finding the best rental space that suits your small business. Here are some of the things you should take into account when searching for a shop to rent: 

Factors to Consider Before Leasing a Rental Space for Your Business

  • Location: You’re looking for small business space for rent to attract substantial foot traffic. So when you lease from a more popular area, like a shopping center, your leasing expenses will skyrocket. Ensure you settle for a location where the foot traffic will benefit your business growth.
  • The condition of the rental space: If the office space you select requires additional improvements like renovation or remodeling, you will pay a relatively affordable price. But you may pay costly rental fees if the space allows you to move in immediately.
  • The convenience of the retail space: If the shop space for rent is in a handy location and has access to parking, banking facilities, and grocery stores, then the price will increase. You must weigh all the other options, and pick the one thatโ€™s the best for your business.
  • The period of the lease: You can always negotiate a favorable price if you lease the property for a longer term. So before settling for a location, you need to examine your business and expansion possibilities so that you can sign one that lasts more than a year.ย 
  • Competition: Sometimes you may want a specific space, but its competition may discourage you. This is because the landlord will always lease the space to the highest bidder. Unless this is the only viable option, it’s advisable to continue the search.

1. Create a Checklist of Must-Haves Office Requirements

You must create a list of must-haves for your small business space for rent. But don’t forget that the list is not static. It will keep changing as the process progresses. 

However, this is critical, especially if you’re short of time. When you quickly come up with a list, it is easy for you to speed up your search. 

Moreover, when you have a list, you can distribute several copies to other stakeholders, like brokers or attorneys, to get their opinion. Besides, it’s very unlikely to miss the most critical things you’re looking for in your retail rental space. 

Therefore, it is easy for you to seize opportunities in an open office space. You must list down all the primary needs for your office space, including:

  • Desired size or square footage of the office.
  • Ideal location.
  • Lease term length, etc.

After creating the list of the primary things, you can now add some of the must-haves on the property.

It could comprise amenities like:

  • High-speed lift.
  • HVAC system
  • Minimum of three bathrooms.
  • A waiting area.
  • Kitchen space, etc. 

Moreover, you can add any nice-to-have amenities, like a nearby ATM, high-end restaurants, gym facilities, etc. 

These are some of the things the list can help you find the best options on the market. So you will focus your search and save time by minimizing the number of potential locations. 

2. Look into the Desired Neighborhood for Your Business

Another significant aspect when looking for an ideal rental space for your business is the neighborhood. Therefore, it’s crucial that you properly investigate the desired neighborhood. This is to ensure that before signing that rental agreement, you’re confident you want to spend more time there. 

For instance, if your ideal location is an area with friendly entertainment joints nearby, then this will make it easy when you want to entertain your clients or staff members after work.

Moreover, you want all your guests, customers, and staff members to feel secure in the community. So the neighborhood must feel friendly and accommodating. You can also avoid areas with no heightened security measures for the safety of your company.

No one wants to wake up one day and walk into an empty office space; this would be detrimental to your business. Also, in the event your employees relocate to this neighborhood, they need not worry about any security issues for their families. 

3. Start the Hunting Process Early

Don’t assume you can start your office space search today and find an ideal retail space for lease within a week. Finding a perfect rental space for your small business may take longer than you anticipate.

For businesses with specialized requirements, this process can be as little as two months and as long as eight months. If you do not have a clear overview of your office space, then now is the time to start thinking about your wishes.

Three questions can help you determine where your search will fit: 

  • What’s the vacancy rate of your desired buildings?
  • What’s the demand for office spaces in the areas you want to set up your business?
  • What are your needs in terms of space?

When you consider these questions, you’ll understand that it’s not easy to find a small commercial space for rent. To cater to all these mishaps that you may encounter, you should start searching as early as 6-12 months before your current lease expires. 

Moreover, this step and period are crucial as it gives you room to design a fit plan. You can work with an architect or software to ensure that this new space will suit your business. 

Also, there are other time commitments to consider besides finding an ideal retail space. For instance, you may need to renovate your new space. This requires heavy labor, and it can prolong the move by days, weeks, or even months, depending on your renovation needs and goals. 

Moreover, sometimes it can take several weeks or months for the two parties to settle on a lease agreement. These are a few reasons why starting the process earlier than later is advisable. Doing this will ensure you’re in a better position to move, and your business won’t face negative consequences. 

4. Consider Future Expansions Possibilities

When the budget is tight, settling for what works now is natural. However, when it comes to retail space for lease, it is significant to think about your business’s future. 

Closely examine your business and determine how much room you need to leave for expansion. If you need to hire more staff, it is essential for everyone to feel comfortable. The only way to avoid relocating from your office is by factoring in all these nuances. 

You must look for an ideal space a little bit larger than what you actually need. This will allow you to embrace growth whenever it knocks on your door. You won’t force extra furniture and congest your office.

5. Consult a Reputable Realtor

Finding an ideal small business space for rent can be tedious when doing it yourself. Therefore, involving a professional realtor is a terrific idea to simplify this process. 

The beauty of working with a professional realtor is their ability to carefully listen to your needs and choose potential sites that might meet them.

Moreover, because of their extensive knowledge, you can be confident with their selected areas and landlords. They will often recommend trustworthy landlords and perfect areas for your business.

The lease agreement may also be complex and confusing. But a professional realtor can help you analyze the lease agreement before signing and avoid any potential detriments in the future.

Wrapping Up

The truth is deciding to have a physical location for your business is a significant decision. Therefore, choosing a location that will meet your business needs is critical for your staff and clients at a reasonable price. 

You can use specific techniques to ensure you discover an ideal location for your business. Create a checklist, work with a reputable realtor, and consider your future expansion. Besides, you need to start early to find the location at a reasonable time. Factoring all these tips will help you find the ideal location for your business.


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