Whether as a tenant who owns a retail business, or an investor looking to build or expand their retail investment portfolio, shopping for retail space starts and ends the same for everyone. The process begins with defining your needs, moves into the search phase and culminates with negotiating a lease or sale.
While there are many tips and advice we could give you from how to calculate square footage to which clauses to include in your lease, we will keep this article high-level and walk you through the steps after you have firmly decided, “I need retail space.”
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Define Your Retail Space Needs
The first step in finding the retail space that is perfect for you is to define whether it is best to lease or buy. There are many factors that influence this decision, including the age of your business, growth projections and market conditions. To help make up your mind we’ve outlined the advantages to both buying and leasing in a recent blog post you can find here.
Now that you have decided the big “buy vs. lease” conundrum, the next big decision comes down to location. Probably the biggest factor that will influence the success of your retail business or investment, deciding where to buy or lease is a big one. When making this decision the biggest components to pay attention to are:
- Proximity to competing businesses, foot traffic drivers such as universities, sporting/event arenas and convention centers,
- Accessibility to major highways and interstates and the actual ingress/egress of the retail space itself
- Parking. Always learn about parking, how many spaces you get, who you share them with, whether it is free and how safe and reliable the structure is.
Search For Retail Space
Searching for commercial real estate can sometimes get frustrating as listings are spread across multiple online platforms, are often times are out of date and you never truly know if you seeing everything that is on market.
When conducting a search for retail space we’ve found three trusted methods to ensuring you find and get your eyes on all of the available options in your market.
- Search Online: There are many high profiles listing sites like LoopNet and CoStar that will give you a pretty good overview of what’s out there but from our personal experience, it’s always best to search for listings on local brokerage sites.
- Drive Around Your Market: This is a great way to not only see what is the exact market area you want to be located, but you can scope out the exterior and surrounding areas at the same time. Talk about killing two birds with one stone.
- Use a Commercial Real Estate Broker: A CRE Broker will hands down have the most access to any and all retail space listings in your market
To help you get started searching for retail space in Charlotte, NC we’ve listed below our most current retail listings for lease and for sale.
Retail Space For Lease
Retail Space For Sale
Negotiate the Best Retail Space Deal
You’ve defined what you wanted, and needed, which led you to the perfect space, now what? Up next is the part that we as commercial real estate brokers love, as we are highly skilled at it – the negotiation. Hopefully you aren’t trying to buy or lease retail space on your own and you’ve hired a professional broker, and in most instances a real estate lawyer, to help facilitate the process.
In a recent blog post we outlined how to negotiate the best terms for retail space and it will provide a great overview.
I’ve Read This and Decided I Need Help
If you don’t want to have to DIY your CRE, go ahead and let the experts do the heavy lifting for you. The team at Percival Partners has been in the Charlotte commercial real estate sector for over 50 years, and you better believe we know how to help you define, find and negotiate the retail space of your dreams. Contact us today to get started.
Percival Partners is one of Charlotte’s most recognized and respected commercial real estate firms with more than 50 years experience in the region. Our professional and experienced real estate Advisors are in the business of listening, understanding, and adding value. No matter the commercial property type you own or seek, you can count on the Percival Partners team to maximize your return and peace of mind. To reach us, you can call us at 704.632.1000 or follow us at @SVNPercival, LinkedIn or Facebook.