When meeting with a new client looking for retail space, it's crucial to gather comprehensive information to understand their needs and preferences. Below are some essential questions I always send to new clients. If you have other commercial real estate questions or are interested in assistance in leasing or purchasing commercial real estate space, feel free to reach out anytime: 919.828.888, [email protected].
- Business Type and Nature: What type of retail business are you planning to establish? Are you looking for a specific type of retail space (e.g., storefront, shopping mall, street retail, restaurant, etc.)? This will help narrow the search based on space and zoning requirements.
- Target Market and Demographics: Who is your target audience? What demographics do you want to cater to (age group, income level, lifestyle preferences)? This will help narrow the search based on typical demographic numbers based on location.
- Location Preferences: Do you have a preferred location or area in mind? What are the reasons behind this choice (foot traffic, visibility, proximity to competitors or complementary businesses)? Location preferences will help narrow down the location even further after the target market and demographic results.
- Space Requirements: What size of retail space do you need? Are there specific layout or design preferences important for your business operations? Each business is different and will need specific space requirements. Finding a space that already fits your needs will help save time and upfit costs.
- Budget Constraints: What is your budget for leasing or purchasing retail space? Are there any specific financial constraints or considerations? Create a budget based on current income and forecasted revenues. Always leave extra padding for those unexpected expenditures (both business and personal).
- Lease Term and Flexibility: What lease term are you comfortable with (short-term, long-term)? Are you open to negotiation and flexibility in lease terms? The lease term can make a difference in monthly costs but try to be aware of any future changes in the immediate and near area of the space you're interested in (road changes, new nearby shopping centers, anchor tenant changes, new zoning laws, etc.).
- Zoning and Legal Requirements: Are there any specific zoning requirements or legal considerations for your business? For example, do you require certain permits or compliance with local regulations? These are important to know upfront when searching for space.
- Infrastructure and Amenities: Do you have specific requirements for utilities, parking space, signage, or other amenities associated with the retail space? Also much-needed information when first starting your search.
- Competition and Market Analysis: Are you aware of competitors in the chosen area? Have you conducted a market analysis for this location? Know the demographics and market for the area in which you plan on leasing.
- Timeline and Moving Plans: What is your timeline for moving into the retail space? Do you have any specific deadlines or time constraints?
- Additional Services and Support: Are there any additional services or support you require in finding the right retail space (e.g., assistance with negotiations, legal support, or connections with contractors for renovations)?
These questions should provide you with a better understanding of the information needed when searching for commercial real estate space for retail.
