The key to any successful retail space is location. While London is full of prime retail space that sees plenty of foot traffic, you need to be able to select one that truly speaks to your business. No one wants to invest in a new retail location only to produce subpar results or feel negatively about it. Working with a property management company can help you easily identify available spaces for rent. Before you make your final decision, consider these key factors.
Retail Space or Office Space?
There are a few major differences between retail and office space. Retail space is designed for businesses who rely on walk-in-traffic. While this implies stores, many offices choose retail space over a traditional office to help increase brand awareness. They might also schedule several appointments per day, so it is important to be an area where people can easily find the business.
Think about Your Lease
Before you start working with a property management company, you will need to clearly define the needs of the business. Think about these factors before contacting a company for the first time:
Location – Choosing a location can be the hardest part of getting a new office. When looking at commercial retail space, business owners need to carefully analyze all of their options. They need to understand the mindset of their buyer and choose a location that is convenient for them. Property management companies in London may only have a few options when it comes to easily-seen retail offices, but a leasing agent will be happy to help you choose between them.
Size – Size is the defining factor of a comfortable office. In order for the retail space to be the best option for your business, you will have to get a good idea of how much space you’ll need and what you are going to do with it. Some property companies may only lease spaces that are greater than 1,000 square feet, so you may need to switch to a private office if you want something smaller.
Restrictions – Every company places some restrictions on their tenants. This is to help make sure that businesses aren’t disturbing one another. In a retail space, this could mean only selecting tenants that work within the same industry or have physical goods to sell. Commercial retail offices may also have set hours, where as a private office tends to be accessible 24-hours a day. If you intend on modifying the interior of the office, you will need to check with the office landlord first.
Before sitting down and talking with a leasing agent, you should consider the needs of your business and how a lease will affect your goals. For many new businesses, signing a multi-year lease is out of the question. Thriving businesses who are confident in their location may want to consider an extended lease option to help lock in a price.
Find a Local Property Management Company
Rather than scour the web for a reliable leasing agent, it is far more practical to contact a larger property management company. http://www.summitproperties.ca is a great example, as they own multiple buildings throughout London. An experienced agent can assess your individual business needs and make suggestions on location, size, or other factors and help you find the best commercial retail space.