Are you looking for commercial space for lease? You?re not alone in this endeavor. Many businesses are looking for new spaces. In Denver, this is incredibly true. In 2015, investors bought up over $10 billion worth of commercial properties, setting a new record for the local area.
Many market watchers have wondered how the pot industry would affect cities like Denver, and a surprising aspect of legalization (or predictable, depending on who was looking at the data) is the skyrocketing price of commercial spaces. Investors are purchasing huge warehouses in which to store pot and its associated appliances — and it?s easy for these investors to pay top dollar for space considering how booming the marijuana industry is.
The flip side of this, however, is that many investors have gotten priced out of commercial space for rent in Denver and other Colorado cities like it. How this will continue to shape the city?s economy remains to be seen.
What should you keep in mind as you search for retail space for lease? Here are a few things worth keeping in mind.
Is the Local Area Right for Your Business?
You want to look at more than just the price when you?re evaluating whether a space is right for your company. Will employees feel comfortable walking to their cars alone in this area? For that matter — will your customers? Will the area?s demographic support your type of business, or are you trying to open a bar for locals in a hotel-heavy area? Etc.
Understand the Terms of Your Commercial Property for Rent Lease
Did you know that, overall, retail vacancy rates are expected to decline going into 2016? If you?ve got a location on lockdown, you?re going to want to keep it. Understand, then, what the terms of your rental agreement are not only now, but also in the future. Will you have options to extend the current contract or will you get swiftly kicked out once the lease period is over? Make sure your commercial space for rent is also covered by property insurance.
Ultimately, there’s no “right” or “wrong” way to find business space for rent. Just make sure it makes sense for what your company needs, and what it will need in the coming years. References.
