Things to Keep in Mind When Looking for Retail Space for Rent in NJ
Are you looking for retail space for rent in NJ? Does the task seem exciting yet also daunting? After this article, hopefully the task will seem a lot less challenging. With the right action plan, finding the perfect retail space for rent in NJ will be like a fun scavenger hunt. Going down the list, checking off all of your requirements, and finally making it to the grand prize – your dream retail space for rent!
NJ has so many diverse options and once you do the right amount of leg work, teaming up with a trustworthy real estate company will make the rest of the process smooth and manageable.
The very first step along your scavenger hunt of finding the ideal retail space is perhaps the most fun and creative part of the whole process. VISUALIZE! This step is critical in tackling the huge decision of nailing down the right space. How can you look for what you want and need when you don’t know your requirements in the first place?
So, sit down, get comfortable, close your eyes, and begin to visualize what your dream space would look like. What does it feel like? Does it have a sunny window? Is it a kiosk in a fun and bustling mall? BE SPECIFIC! Who is walking by? What does your layout look like? Who are your neighbors? What nearby amenities are there?
Take the time to visualize your dream retail space for rent. In NJ, you will likely be able to find a commercial space that you can adapt to the image in your mind. Take out a pen and paper and either sketch out what you imagined, and/or make a bullet point list of the top considerations that crossed your mind. With your dream set-up in mind, you also need to be flexible and adaptable. Having this base, however, will help you with the decision making process that lies ahead.
Now, to balance out the creative process, you must also take a very logical and linear approach. Combining the logical approach and the visualization method are where your dreams turn into an achievable reality! In order to tackle the many aspects of logistics, hopefully you can turn to your laid out business plan. Think in terms of your 1 year, 5 year and 10 year plan.
Your business plan will ideal help you determine what your budget is for retail space. Once you know your budget, it is very important to stick to it! The last thing that you want is for your retail space to work against you and drain your bank account with a steep, unaffordable monthly rent.
How much square footage will your retail space need? Remember to consider room to grow within your space. It is likely your lease may be tied to a 5 year contract, and you want to predict realistic growth within the same space. Factor in the square footage you will need for storage of backstock, inventory, cleaning supplies, equipment, manufacturing needs, office space like desks and filing cabinets, shipping station, and any other specific needs for your type of retail business.
Location is HUGELY important! Choosing the appropriate location can make or break the success of your business. Location dictates the type of foot traffic you get, the mood and contentment of your staff (and yourself!), who your neighbors are, and what nearby amenities exist.
Foot traffic is so important for a retail space. The clientele that walks by your window, kiosk, store, etc. will likely make up the majority of your shoppers. The surrounding shops, restaurants, and establishments should ideally draw in a similar type of clientele. Being in a neighborhood with conducive surroundings will add a lot to the overall feel of your retail space.
Collaborations with neighbors can make for fun events and shared marketing strategies to draw in more customers. First Friday Art Walks, block parties, and other collaborative efforts could be productive options if you choose the right location for your retail space for rent in NJ.
Location also impacts the convenience of hiring the right employees. Are there nearby neighborhoods with potential staff? Will there be an easy commute option like public transportation? Are there nearby lunch options, grocery stores, gyms, parks and other beneficial amenities to provide happiness to your staff and yourself?
Parking may be an important aspect of location. Ample and easy parking will make it easy for drivers to pull over last minute to check out your retail space.
Safety is important for you, your employees, and your customers. Are there video cameras set up by the landlord? Is there a sense of camaraderie in the neighborhood? Safety is something that cannot be compromised. Break-ins, theft, harassment and other safety hazards are no joke and should be discussed with the landlord.
Having a professional, trustworthy landlord will greatly affect the success of your retail space. Open communication, experience, and attentiveness are important attributes for a good landlord. Since the retail space is for rent in NJ, you want a landlord that will happily take care of the upkeep and maintenance that comes along with property management.
Your landlord by no means needs to be your best friend, but you do want someone who you feel comfortable talking to not only about minor complaints, but also about promising ideas.
Navigating the lease is perhaps the most daunting part of the process for many people. It is not a bad idea to hire a real estate company that can ensure both parties know exactly what type of agreement they are getting into.
Some important factors on a lease agreement include the length of the rental terms, what condition the space will be in upon onset of agreement, what hidden costs may apply like utilities, pest control, etc., and so much more. Your ability to remodel a space (as a renter), known as Tenant Improvement or TI, is another important topic to lay out in the lease. According the CCIM (Certified Commercial Investment Member) Institute:
“The real estate definition of Leasehold improvements, also known as tenant improvements (TI), are the customized alterations a building owner makes to rental space as part of a lease agreement, in order to configure the space for the needs of that particular tenant. These include changes to walls, floors, ceilings, and lighting, among others. In actual practice, these customized tenant improvements usually have a useful economic life of 5 to 10 years, which spans the average commercial lease term.”
As a renter, the agreed upon TI regulations will potentially be a huge benefit that can truly take your retail space to the next level. Customized alterations to your retail space will give your space personality. A company’s personality is what connects to consumers on a deeper level, thus drawing in sales and loyalty.
Lastly, it is important to know the exit strategy that your lease would allow for. You never know when emergencies come up!
The manifestation of your dream retail space for rent in NJ is when your visualization and your logistics are aligned. Using a real estate company, like Blau & Berg based in Short Hills, New Jersey, would greatly boost your chances at finding your dream retail space.
BLAU & BERG
So, who is Blau & Berg? They are a leading commercial real estate brokerage firm established since 1932.
The company’s mission is to be recognized as a trusted real estate company that provides exceptional and uncompromising value to our clients, employees and salespeople. Dedicated to the development of long-term relationships, we place our clients’ interests ahead of our own. Our team approach philosophy ensures the needs of each and every member of our organization and business partners’ (including Independent Contractors) sustained support.
Using a real estate brokerage firm like Blau & Berg will help you with so many aspects of the scavenger hunt to find your perfect retail space for rent in NJ. Not only will they help you scout out the best match for your needs, they will have expert advice on navigating the logistics of a lease.
Their company prides itself on their commitment to integrity and trust. In most industries, but especially in the real estate industry, there is no replacement for experience. With decades of dedicated service, they are truly experts: “Our commercial real estate brokers know their markets and successfully guide our clients through the process of purchasing, selling, leasing, customizing and expanding their assets.”
To learn more about the company, visit https://blauberg.com/ where you can explore their services, their featured properties, a commercial real-estate blog, the latest company news, market reports, and ways to contact them.
Remember to have fun with the scavenger hunt of finding your dream space. Be patient, and use available helpful resources. Stick to your business’ top needs and restrictions, but know where to be flexible and open-minded. One day, you will be conducting business in your dream retail space for rent in NJ, looking back on the days of this scavenger hunt!