In a thriving and booming city like Calgary, business owners have incredible options when it comes to commercial real estate. However, finding the right one requires time and a few considerations. A good retail space addresses location and cost. The right one strikes a balance between fulfilling your business’ current needs while saving room for growth.
Here are some of our top tips for choosing the right retail space for lease in Calgary.
Put yourself in the position of your customer
Take a drive around your desired area from the point of view of your customer. Is it easy to get to with access to main roads? Is parking a potential issue? Is the building accessible for wheelchairs? You also want to address the needs of your business and make sure that there are nearby amenities available, like banks, public transportation, and a post office, depending on your requirements.
Plan for future growth
Many companies make the mistake of settling for a smaller space to keep expenses lower. However, keep in mind that when you’re growing a business, the cost of having to relocate to a bigger space is much higher than maintaining a larger space from the start.
Assess where you want to be as a business and anticipate your future growth potential. Additionally, having a larger space can be a motivating factor for you and your team.
Decide your ‘non-negotiables
While some properties come with all of the modern amenities and beautiful aesthetics, you’ll want to fight the temptation of trading your non-negotiables for the shiny bells and whistles that may not be necessary for your company. There are some features that your business can’t do without and can make day-to-day operations a challenge.
For example, does your retail business require space to store inventory? Do you need to plan for high foot-traffic in your store? Do you need access to plenty of parking or is street parking sufficient? Make a list of your top priorities for your perfect commercial property and the things that you can manage without.
Determine whether you need a shorter lease or a longer-term commitment
A shorter lease term allows for a quick exit plan, an ideal situation for startups and business owners who are unsure of where their business will be a year or two from now. On the other hand, locking in for a longer-term commitment when your business is thriving can save you money in the long run.
Both of these options require you to be familiar with the landlord’s policies about potentially breaking a lease or renegotiating for a longer-term contract. A commercial real estate agent in Calgary can help you narrow down your options with properties that check off all of your most important boxes.