Looking for a Retail Space for Rent in NJ? Now’s a Great Time!
There’s no doubt that the world is experiencing distressing times and every sector of the economy has been affected. The demand for office spaces across the US has decreased as offices and retailers of non-essentials have shut down. The trend will continue if the economic crunch extends. As Forbes pointed out in a recent article, the turning point will be a revitalization of the economy, an increase in job generation even on the way to containing the pandemic completely[1]. And once social distancing rules are relaxed, leasing activity is expected to pick up.
As business owners try to make sense of the situation and contemplate their next steps, any special measures to put them in a well-considered position in the coming years is desirable. Could this be a possibility for you, if finding and securing retail space for rent in NJ has been on your mind? This guide from NJ real estate company Blau & Berg offers tips and recommendations so you’re better equipped in your search.
Looking for a retail space for rent in NJ? Here are factors to consider
Your motivation for wanting a space to rent can be as varied as the multitude of business domains in New Jersey. You could be approaching the end of your current lease and need a change in location or an improvement in amenities. Or perhaps you have outgrown your current space and need to expand, or downsize because it makes the most sense for your business. Whatever the reason, there are a few factors in play that can complicate the search process. By putting them into consideration, you can simplify yours and eliminate some stress in the process.
Timing is everything
Finding and securing space that is just right for your needs requires not just an investment of finances but also a considerable amount of time. On average, companies can expect to spend between two and eight months from starting their search for a new rental to signing the agreement. In certain industries it can take even longer.
In general, the location (which dictates the market demand), any additional space specifications, the complexity of the lease, whether your timeline coincides with typical vacancies, and final build-out will all contribute to the length of time. Therefore, the best thing owners can do is to start looking for new space as soon as possible. Besides, deals can fall through without warning for any number of reasons, throwing off your best-laid plans. By budgeting more time than you think, you can absorb setbacks much better.
Have the right people on your side
One way to shave off some time searching for retail space is to have the right people in your corner early. At the very least, gather the contact details of the experts before you reach a critical step where their input is needed and you are left scrambling for information.
A commercial tenant broker will help you in your search for the ideal space that meets your price range and other criteria. They coordinate the viewing of potential properties, together with professional inspections, and craft reports, offer documents and purchase agreements. They work to ensure the transaction process is as seamless as possible. If you prefer a more hands-on approach, you would need the services of commercial real estate attorneys to review and negotiate the lease in your best interests, and architects if an initial test fit is important, and much renovation or build-out is needed.
The Blau & Berg Company offers commercial real estate brokerage services and has serviced clients for close to a century. If you are in search of retail space to rent in NJ, we have an extensive understanding of the New Jersey market and bring that knowledge to find you the best deals, while taking our lead from your requirements and preferences.
Determine your needs and priorities
As obvious as this point may appear, it is worth mentioning that you should spend time reckoning with your needs for the space that will serve as home to your organization. A comprehensive list of your needs and priorities will provide you with a solid foundation for the next phases of the search process.
Determining what your needs are can involve strategizing about future business goals and what will fulfill those objectives. Are there any improvements that can be made to existing operations, any specialized equipment that needs installation? Will you need to hire more staff? Will a change of location position you closer to your ideal customers—a critical priority especially in retail?
It may have been overlooked in the past, but is now a priority as we emphasize mental health and well-being, not just for productivity sake, but as part of company culture. We are referring to upgrades that will improve the conditions of your staff. For most companies, reducing time spent commuting is a priority, and yet for others, closeness to restaurants and conveniences are necessities for businesses reliant on social events.
Amenities such as free parking, bike storage, not to mention building security should also feature on the list. Internet access and reliability are now basic requirements. For some organizations, a space that can be utilized after hours can come in handy for networking and business development events.
By setting this foundation, you will have a clearer sense of the space, size, and even the location that will support your company in the coming years.
Involve your staff
We touched upon the well-being of your employees in the previous point. As a vital arm of your organization, a new retail space will have an impact on staff, therefore, involving them as much as it is reasonable, will ensure the impact is positive.
It starts with open communication, although different companies take various approaches. A common practice is to elicit employee priorities using a simple survey or questionnaire to find out what amenities or other attributes they would find useful. Meditation rooms, nurseries, breastfeeding rooms, full bars for happy hour have come to being resulting from such surveys.
Of course, in larger companies, it would be impractical to involve every single employee in every detail. In such organizations, a search committee delegated to the task a year in advance, is a more efficient alternative. The committee could consist of leaders from different departments across the organization, who will bring the needs of their departments to the discussion table. While it is impossible to please everyone to the same degree, when employees have some say, resistance which could hamper the process can be better handled. And afterward, employees are more motivated to use the space they helped create.
Keep your options open during search and selection
With your criteria in place, it is time to communicate them to your broker who will look for properties that match. Time spent on the search and uncovering as many options as possible will pay off, giving you the necessary leverage when it comes time for negotiations.
If the steps laid out above are followed diligently, and with a sprinkling of good fortune, you can expect, a space as close to ideal as a reward. Below are useful themes to keep in mind:
Perfect is subject to interpretation and trade-offs
Ticking every single item in your preference list might not be possible. Your prioritization should come to the rescue if you need to decide between close choices. They should have the greatest bearing on profits, productivity, health, safety, and whatever other elements are important to your business values and industry.
There’s rent, then there’s the bigger picture
If your organization is on a growth path, you might want some flexibility in your lease that allows you to expand. Does the space you are looking into have such options? What about maintenance and repairs? These can be hairy issues that impact the day-to-day running of your business when the costs start eating into your profits.
The Blau & Berg Company is at your service
The Blau & Berg Company offers commercial real estate services to its clients which includes site selection, acquisition, tenant representation, and property management among others. As a prominent real estate brokerage firm in New Jersey, established in 1932, we have brokered the sale of retail spaces to satisfied clients throughout the years.
Our deep understanding of the local supply chain and distribution, together with our emphasis on using comprehensive data resources, makes us well-positioned to service clients looking for retail space for rent in NJ. Our association with a wide range of specialists in critical sectors including space design, construction, civil engineering, and environmental engineering enriches each transaction with a wealth of thorough knowledge for success.
Will the current pandemic affect our service delivery?
We have put measures in place to help our clients through these extraordinary times through timely correspondence, proactive support, and up to date expert advice. Our team members are available anytime online by office or cell phone. We understand that securing retail space for rent in NJ given the circumstances will involve careful consideration, please call our office line anytime at 973-379-6644 and we will answer any questions you might have.
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