Many people in Florida believe that “retail space” and “commercial space” are one in the same. While there are some similarities, it’s critical to understand the primary differences between commercial real estate before you enter a lease.
Retail space is among the most coveted thanks in large part to the amount of foot traffic. In some cases, the best retail space is located in close proximity to anchor stores, as these help attract consumers to the area.
Here are some of the many things to think about when comparing retail space:
- Visibility: How close is the space to the street? Is there a sign out front that can display your business name and where it’s located? Without a high level of visibility, you may struggle to get people through your door – and that can spell trouble for your business.
- Parking: Make sure there is enough parking for both your customers and employees. A lack of parking has the potential to scare away interested buyers.
- Accessibility: Is the space located on a busy street with easy access to the parking lot? Does traffic in the area make it difficult to maneuver in close proximity to the space? If the retail space isn’t easily accessible, you may want to think twice about signing on the dotted line.
Commercial space is perfect for companies that require a reception area, conference rooms, and a place for employees to work.
While these spaces don’t see a lot of foot traffic, they’re usually centrally located so employees can efficiently commute to and from the office.
If you’re interested in leasing commercial space, here are two points of consideration:
- Clients: Do your clients visit you often? Is there enough space for them to park? Is the building easy for them to find and access? If you don’t get many visitors, you shouldn’t have nearly as many concerns about the location.
- Your business: Your employee count and industry should impact your decision. For example, if you only have a handful of employees but are expanding rapidly, choose a space with room to grow. Just the same, if you require additional space for stocking inventory, you have something additional to consider.
If you have any questions about retail or commercial space, don’t hesitate to contact us. We can point you in the right direction, while helping you find the perfect space for your business.
About TCG Florida
At Trinity Commercial Group, Inc., our multi-disciplined team of professionals is widely respected for providing excellent leadership in a variety of commercial real estate services for landlords and tenants in Southwest Florida and Fort Lauderdale, Florida.