When choosing a retail space, location is the key. The first step in locating a retail location is knowing your customer base. Would your store benefit from being next to certain tenants? The right retail location is almost as important as the products and services of the business. Bishop Clancy Commercial can help you find the location you are looking for and give you the demographics of each location.
Some terms you should be familiar with before you begin your retail search are:
Triple Net Lease:A type of lease where the tenant pays rent as well as certain landlord expenses such as utilities and property taxes. Do not sign a lease until you know what the triple net expenses are. Some net expenses can be as high as $.80 cents per square foot or more.
Parking Ratio:The number of parking spaces you are allowed based on how much square footage your store is. In retail space, a common rule of thumb is 5 parking spaces for every thousand square feet leased.
Open Parking:The most common type of parking in a shopping center where every parking spot the center has to offer can be used for any store in the shopping center. This works on a first come first serve basis.
Reserved Parking:Reserved Spaces are designated in the parking areas usually on a 24 hour per day basis and are to be used only by individuals doing business in that store.