Leasing Retail Space - Evaluating Retail Space - The previous sections of leasing retail space addressed selecting the general location, selecting the type of retail space and the sighting how to find your retail space. The next several parts will address issues to consider when evaluating a specific retail space option. |
|
Business Related Topics...
Computer Related Topics...
Entertainment, Recreation & Sports Related Topics...
Health & Fitness Related Topics...
Home & Family Related Topics...
Shopping Related Topics...
Would you like to submit articles to our site? Have a question or a problem?
You are here: DIME Home > Finance > Leasing Retail Space - Evaluating Retail Space
The previous sections of leasing retail space addressed selecting the general location, selecting the type of retail space and the sighting how to find your retail space. The next several parts will address issues to consider when evaluating a specific retail space option.
Author: Patrick O Connor
Date: Dec 10, 2009 - 7:03:09 AM
The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments,
Dallas apartments, Ft. Worth apartments,
Austin apartments, and San Antonio apartments.Due Diligence
The previous sections of leasing retail space addressed selecting the general location, selecting the type of retail space and the sighting how to find your retail space. The next several parts will address issues to consider when evaluating a specific retail space option.
Access
Issues for each option include traffic counts, traffic patterns, and ingress and egress. As you evaluate location specific issues, contrast the features of the space being evaluated with the most successful competitor or locations. In other words, how does the traffic count for a specific site compare to the traffic count for the successful locations for your competitors?
Traffic Count
Traffic count is simply the amount of traffic on a roadway. In many cases, you can get information on traffic count from the city, county or highway department. The retail space owner will also have traffic counts in some cases. It the traffic count was done by the landlord, ask for details on how and when it was done. For example, if you expect most of your traffic on a weekend, and the traffic count was performed on a weekday, the traffic count may not be meaningful.
Traffic Pattern
Traffic patterns consider when a prospective customer is most likely to stop at your establishment. If you're planning a coffee shop, you would want to be on the "going to work side" of the street. If you're planning a store with fast food or prepared food for dinner time, you would probably want to be on the "going home side" of the street.
Ingress and Egress
Ingress and egress are simply how simple or difficult it is to enter and leave the shopping center. If the shopping center is on a corner, can you leave on either street? Is it possible to access the shopping center from the far side of the road on either or both streets? Are their traffic backups during portions of the day which make ingress and egress difficult?
Visibility
Visibility of the retail center and your space can be critical or secondary factors. IF the business you're planning provides a product or service related to an impulse purchase at a modest price point, visibility of both the shopping center and your retail space are critical. However, visibility is much less important for retail space for a destination retail business. When you become seriously interested a space, drive each street in both directions several times to gain objective insights into the visibility of the center and your space.
Layout and Location
Next consider the layout of the space and its location within the center. If the layout is rectangular, are the width and depth reasonable for your business. If you are considering the L-shaped retail space in the corner of a retail shopping center, is the layout workable? However, even more important, is the L-shaped space consistent with the nature of your business? The L-shaped space in a shopping center is often much less expensive in the balance of the space. In many cases, it also has second-floor space. The space in the elbow of a shopping center can be a good choice for destination retail but is a horrible idea for most retail related to impulse purchases. For retail related to impulse purchases, seek out the most prime locations. These include end-caps and freestanding retail.
Signage
Consider the signage restrictions for the retail space. You may need to consider restrictions imposed by the landlord, local government and subdivision deed restrictions. Obtain a written copy of all signage restrictions soon after becoming seriously interested in a retail space. Obtain candid insights from your tenet rep broker regarding signage for the center. You may also want to visit with other tenants in the center regarding their experience with the signage approval process.
Get Signage Approval Early in Process!
Negotiating a lease can be an expensive process. Legal bills can quickly exceed $10,000 for complex retail leases. Make sure you are comfortable regarding obtaining approval for relevant signage prior to incurring substantial legal fees. For some franchises, signage requirements are inflexible.
College Account or Retirement Account Which Money To Spend?Jun 27, 2011 - 6:08:52 PM It can be very hard at times to figure out which money to use for paying your student's college bills. Some use their retirement balances which get favorable tax treatment, while other people use their special college account funds.... [Read the full story] |
How Do Credit Card Companies Make Their Money?May 26, 2011 - 8:26:22 AM We've all received offers, often quite persistent, to sign up for a new credit card. Credit cards themselves are great, because you can get the things you need even without cash readily available. However, don't you ever wonder how many credit card companies are out there? Because of the growing market for credit card users, it seems that every day, you get a solicitation letter for a new credit card company. The large playing field results in a lot of competition for credit card companies.... [Read the full story] |
3 Quick Ways To Save MoneyMay 23, 2011 - 3:03:57 PM There are hundreds of easy ways to begin cutting your expenses and saving more money each month. Some are as simple as cutting down on impulsive shopping sprees and entertainment, while others involve a little creativity. If clipping coupons is the only thing that comes to mind when you think about ways to save, read on!... [Read the full story] |
Mortgage Assistance In Canada - The Right HelpMay 3, 2011 - 10:01:27 PM Most people take out mortgages to purchase a home. These mortgages are generally paid on a monthly basis. But, for some people getting the right mortgage plan may be difficult due to lack of proper information and for some due to lack for credit history. The government provides mortgage assistance in Canada so that the citizens can overcome the difficulty in taking out a mortgage.... [Read the full story] |
Search for articles: |
Latest Articles in All Categories |
Putting Up a Small Commercial Printing Business |
So You Might Be Unemployed And Desire To Become A San Francisco Real Estate Investor Now |
Meditation and Mindfulness: Dealing With Emotion |
CPA Websites: Five Essential Ideas for Composing Convincing Articles |
Set Goals In Order to Come Up With Your Action Plan |
Is the Air in Your Home Safe to Breathe? |
Coarse Fishing Tackle Review: The JW Young 13ft Trotter Rod |
Section 1031 Exchanges For San Diego Real Estate Investors |
Phoenix Real Estate Investing For Highest Possible Earnings |
Legendary are the Volk Racing TE37 Wheels |
Developing the Next Generation Wall Station (ChaseDesk™) for Healthcare - A Case Study |
What are step down transformers? |
Introducing Sharehype, the Revolutionary Tool for Online Marketers |
Rewards To Shopping For Austin Real Estate On The Web |
Hydroponics for Beginners |
Would you like submit your articles and have them approved on a priority status? Find out more about how you can become a Priority author for pennies a day! Click here.
Dime-co.com Home |
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclaimer: Dime-Co.Com is an online information article and video article network. All articles, video articles, comments, and other features herein are for informational purposes only and are provided "as is" without warranties, representations or guarantees of any kind. The views and opinions expressed in an article, comments, links or blogs are the author's own, and not necessarily those of dime-co.com's owners. For full disclaimer, please read our TOS.