If you are considering leasing retail space in Massachusetts, there are a lot of things to look for. From knowing how much space you need, to finding a space that is within your budget, the retail space market is hot right now and finding the right space for your needs can be challenging.
To find the right retail space for your business in Massachusetts, you must stay focused and create a game plan. It can be very easy to become attracted by a particular piece of real estate when it has many of the features that you would like, but that aren’t in your budget. Sovereign Realty Advisors understands the Massachusetts retail space market and can help you find the retail space that suits your budget today. Let’s take a look at some things you should look for when shopping for retail space for lease in Massachusetts:
5 Things to Look for in Retail Space for Lease in Massachusetts
1. Condition- prime retail spaces that are move-in ready will always cost more than a space that needs some improvements. If you are able to do the improvements yourself, you might be able to negotiate a lower lease rate.
2.Location- you want to choose a high traffic location that offers high visibility and enough parking for employees and customers. Foot traffic is important as well and should be a consideration when choosing a retail space for lease.
3.Length of Lease- the longer the lease, the better chance you have of getting a good deal. Short term leases often cost more because the property owner will have more of a challenge re-leasing the space when your lease is done. You should take this opportunity to negotiate a better deal.
4.Demand- many retail spaces that you find might be in high demand because of location, visibility or price. This can make finding the right retail space for your business even more of a challenge.
5.Create A Budget- determine just how much you want to spend and stick within your budget. Your building lease will be the most expensive monthly business expense you have, and you don’t want it to be unmanageable. You shouldn’t spend more than 10% of your monthly gross sales on your lease payment.
If you are considering leasing retail space in Massachusetts, contact Sovereign Realty Advisors and let one of our professionals provide a no-obligation consultation and help you find a retail space that is right for you today!
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