Buying commercial real estate in Chicago can be overwhelming, especially when you’re looking for a new retail space. When searching for a brick-and-mortar space for your company and brand, you need to make sure it has all the necessities to help you succeed. Think about your business and budget and make sure you follow these tips when it comes to looking for your first retail location.
Make sure you have a budget and stick to it before you start looking for a space. Know the type of space you are looking for in terms of size—you should know how big the storefront needs to be to encompass your company and current needs, especially if your brand is going to grow.
Once you figure out the type of space you think will work best for you, you need to find the right location for it. Make sure you are thinking about the well-being of your employees, if you plan on having amenities, and if you will have room eventually grow in the space.
Think About Yourself, Too
If you are planning on working in your own store, think about your work-life balance, such as the distance from your storefront to your residence, and the traffic you may experience on your commute. Also, be sure to consider if you like the space enough to spend multiple hours a day there or if you are going to have a landlord that enforces many restrictions.
Be Familiar With Your Lease Or Contract
If you have found the place where you want to set up shop, make sure you first carefully review your lease or contract before you make any agreements or sign the sheet. It’s common for commercial spaces to ask for a five-year lease, which is quite a commitment for many people. If you need to, hire an attorney who specializes in retail leases to represent you during the documentation process—this will help you stay clear of hidden fees that are not clearly stated upfront. Protect yourself before you jump into a contract and retail space.
At Frontline Real Estate Partners, our brokerage team is ready to help you find the right retail space for you. We have decades of experience successfully representing clients in the sale, leasing, and acquisition of commercial real estate properties. If you are leasing or buying commercial real estate in Chicago, contact us today and we will be happy to walk you through the process.