Looking for lease commercial and retail space?

A great Business Idea and effort in a poor location will  make an ambitious  business man poorer and poor. All depend on which side of the coin you're following; here are some site selection tips while looking for leasing commercial and retail space.

Give  enough time on you're  decision making:

Typically, new Business  should start the site selection process
at least few months in advance of when they wish to open. If you find a great site  right away, usually the landlord will hold it for you for a few months. If the process takes longer, you may need several months to finalize the Offer to Lease, have the formal lease documents reviewed, and start build out your place.

Let Different Commercial Property  Dealer / Agent  show you space:

                  This will effectively create commission splitting
between the property's listing agent and the outside agent. It will also undermine your negotiating power, as the agent will know how you feel about every location. Realtors may be helpful in pointing out a good location--but will they negotiate aggressively on your behalf if it means jeopardizing their landlord-paid commission?,  The higher the rent, the higher the agent's rewards.  Even the most altruistic agent will struggle trying to serve two masters.


Make your leasing inquiry by calling the "For Lease" number on the property or 

                                                   through  listing agents. 

Do this after you have finished moving  around doing few site selection. This way, you will meet and negotiate with or through the listing agent directly. Begin by viewing prospective sites, from worst to best. You will become better at handling yourself, and when you find the property you like most you will ask better questions and remain more in control of the leasing process.

Your  intentions park with you: 

 Have the leasing agent  send you some preliminary information before you agree to view any space. During the viewing, stifle the urge to think out loud. Subtle comments overheard by the leasing agent or property manager can work against you. If asked how much you have budgeted for rent, be vague on amount. Not every question deserves an answer--not just yet anyway.

Making  Quick Offer  not the right way :

 The landlord's leasing agent, upon your request, will prepare a lease proposal or an Offer to Lease containing suggested Terms and Conditions for your tenancy period. While this is not a site selection tip, it is an integral part of the site selection process.

Tenants who receive an Offer to Lease first will be nicely positioned to counter-offer or negotiate. To get the best lease deal possible, you want the landlord to pursue your tenancy--not vice versa.

Negotiate on different  location at a time:

 As a  tenant, you can--and should--create competition for your tenancy by getting lease proposals on several  different properties simultaneously. Negotiating on numerous locations may be the single most effective tool you have for creating the best deal. If one landlord is offering you three months of free rent, perhaps the next one will increase that to four, and the next may top this to five. Open out  one landlord's lease proposal against another's and you will negotiate from a position of strength.

Do your homework before you start:

 Pull out a map and mark the boundaries of where you are willing to site your business. Use the Internet to pinpoint locations of competitors and complementary  businesses that might help your Office/Store become more successful.
Also, talk with existing tenants at prospective sites. Good preparation is an excellent substitute for novice negotiating skills.

When doing site selection, remember that landlords prefer to lease their worst space first, saving the best for last. Usually, the Office Space,  individual unit or location within a shopping centre or Show room is more important than the mall itself or at least equally important. Lease rates can vary two to three times within the same building, depending on desirability and demand for a particular premise, time of year, visibility, walk-by or drive-by traffic, Parking locations, accessibility, the shape of the space, the quality of the nearby  tenants, anchor tenants, and the strength of your Products Brand name.

Don't rule out great properties just because they seems full, there may be vacancies in the coming days. By contacting the property Dealers or leasing agents, you may discover that any tenant's lease is about to expire. Perhaps a tenant is leasing on a month-to-month basis and the landlord hopes to find a more permanent and longer period, secure tenant like you.

Every building has tenant turnover at some time or another. Considering that you will be leasing commercial and retail space for a very long time, I always recommend that it is best to wait.

Finally, if you already have a franchise business and are considering relocating when your lease expires, start your site selection process 9 to 12 months or more in advance. The theory here is that if you cannot get a decent lease renewal, you need ample time to select alternative sites and negotiate a new lease elsewhere.

Good luck with your Lease site selection! “ Forget Not" - Negotiate on your  Lease or Renewal. 

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