It can be a challenge to find the perfect retail space in Corona, to lease or buy. This is especially true if you’re a first-time lessee or buyer. There are many options and price points to consider when deciding which space is right for you. This blog post will serve as a guide, so you know what to look for before starting your search.
What to Look for in a Retail Space
When looking at different retail spaces, you must think about your wants and needs. Depending on your business, you will need something completely different than the next person. It’s important to look at what you will do in your retail space before you start your search.
Size
For most people, the size of the space is very important because they need a location to fit their staff, products, and customers. If you’re buying the retail space as an investment, to rent out, you should look for properties that can suit a variety of business types. You don’t want to have people turn away because your space is too small for their business. Very rarely will people say, “This space is too big for me,” if it’s in their price range.
If you’re a tenant and your clients frequently come into your office, it’s a good idea to lease a larger retail space. If you wish to open a clothing store and you’re going to be the only employee, you probably won’t require an extra large space. Evaluate your needs and think about how many people will be in your space, both customers and staff, before starting your search.
Location
Another very important quality people look at is the location of the retail space in Corona. It can sometimes be difficult to find a seemingly hidden restaurant or store. That challenge is something you will want to avoid. The perfect spot will be easy for your customers to access, and it should probably be near a major intersection or highway. Be sure to consider location requirements to ensure you find the best possible spot for your retail space.
Appearance
The appearance of your retail space may not seem like a big deal, but it certainly can be. You want to attract clients or customers based on the style and condition of your space. While some landlords allow tenants to make minor changes to retail space, often times they can only change the inside of the space. Very rarely do tenants have control over the exterior of the retail space they are leasing. This is why you must make sure you are happy with the exterior of the building you decide to buy or lease.
When you’re looking at the appearance of retail space in Corona, you should ask yourself, Would this fit the needs of my business? If you hesitate, the answer is probably no. If there are characteristics about the space that are a little off putting, it could turn people away. If you know you can change the conditions you don’t like about the space, then don’t worry, the property you’re looking at should fit your needs. Also, keep in mind that you can use any uncertainties about a property as points to bring up when negotiating price or benefits, with the landlord or seller.
Costs Associated with Leasing Retail Space in Corona
When looking to lease a property, you should be aware that your monthly rent will not be your only expense. There are other costs that could send you over budget. Always make sure to ask about these costs. The following are just a few of the costs that can accumulate each month.
Utilities
Utilities may be the least forgetful expense each month, but they can be very expensive. If you run a business that requires the use of a lot of water or electricity, be sure to leave room in the budget for monthly costs. You should also make sure the utilities in the space work properly so you don’t need to bother with repairs when you move in.
Common Area Maintenance Charges
If your retail space has a common area that is shared with other businesses, chances are there is a CAM fee each month. The cost of this fee will vary from space to space, but you always want to ask how much it will be. These fees tend to increase each year, so be aware of that as well.
Property Taxes
Just like with common area maintenance charges, property taxes are a variable expense. This means they can change every year, and usually that means they go up. When looking at a retail space in Corona to rent, look at the property taxes for the area and add that to your monthly expenses.
As a tenant, ask your commercial broker about NNN leasing and how this works. Your broker will be able to explain this to you, and it will be very helpful to you as you consider which space to lease.
Costs Associated with Buying Retail Spaces
Just like with leasing, your monthly payment to the bank will not be your only charge. Let’s look at some of the costs you may see as a retail space owner.
Renovations and Improvements
Unless you design the space yourself, there will probably be some renovations and improvements that need to be done to the space. Throughout the years of owning the property, you will need to continue making improvements so your property is attractive to tenants.
Repairs
Just like with owning a home, air conditioning units go out, roofs need replacing, and plumbing issues arise. As the owner of the property, you will be expected to pay for these expenses. The good thing is, these expenses only come up every once in a while.
Next Steps
After reading this page, you likely have a better idea of how to search for retail space in Corona. But, what are your next steps now that you are ready to start your search? You should contact a local commercial real estate broker to help you find retail spaces. They will be able to put you in touch with some great properties that meet your needs.
Are you looking for retail space in Corona? We help lessees and buyers get in touch with their dream properties. Please contact us today for more information.
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