If you are in the market to rent out prime retail space you are going to have to be prepared to shell out top dollar especially if you are looking in prime markets across the United States such as New York, Miami, Chicago, Dallas, or Los Angeles.
As they say in real estate it’s all about location and having prime retail space is no different.
Here are three things that you should consider before signing on the dotted line.
What Are Your Leasing Need & Ideal Location?
You will want to go into your search prepared with what your ideal retail space will look like. Are you looking for a specific management company? Are you looking for a storefront? A temporary location? Perhaps a kiosk?
Westfield Specialty Retail can give you leasing options that will work for the type of lease and the location you are looking for.
If you are interested in signing a lease for a kiosk in mall common areas or corridors that have the most food traffic, you may have to pay a premium price tag. You will also want to be sure that you are aware of the rules and regulations of the lease agreement.
You will want to read the fine print and ensure that you are fully knowledgeable about your responsibilities as a leasee in addition to what the responsibilities of Westfield Specialty Retail will be if you move forward.
What are You Willing to Pay?
Budget will play a very important role in your leasing decision and you should go into your search with a realistic idea of what you are willing to pay for a kiosk that will hopefully be lucrative and can get your brand and your designs out in front of a high volume of traffic.
Price for retail selling space is sold and leased by the square foot just as any other real estate transaction so you may want to research the going rate for commercial rental space in your desired shopping center.
Again, if you choose a kiosk that is located right ousdie one of the shopping center’s anchor stores which are usually the national department stores, you will be subjected to higher leasing prices for your kiosk.
How Long of a Lease Do You Need?
Finally, you will want to think about the length of time you would like to have your lease for. You may not be able to dictate the lease terms to the mall property management group but you can always try to negotiate.
Some shopping centers offer short term leases, seasonal leases, and long term leases.
You will want to have a rough idea of how long you are willing to run the kiosk, what your business plan looks like and if you would like the option to renew embedded in your lease contractor.
Ensure you talk to an expert before making your final decision.