A Small Business Owner’s Guide to Leasing Retail Space in Lake Havasu
Lake Havasu City is a great place to operate a retail business. Recent retail trends indicate a growth market with promising opportunities. This post will cover the steps to find and lease a suitable retail space in Lake Havasu.
The Basics of Leasing Retail Space in Lake Havasu City
Assess Your Needs
Business owners should assess their needs and space requirements. Then, there is a list of factors they should evaluate.
- Display space
- Storage requirements
- Parking
- Loading docks
- Internet connectivity
- Security
You must also consider your location requirements. For example, being in a tourism area might be beneficial if your target market is primarily tourists. You also have considerations like being in a mall or a standalone shop.
Budgeting and Business Plan
Creating a budget is crucial. Your budget must cover more than the rent. Consider startup expenses like renovations, signage, and moving costs. Factor in operational costs like utilities, maintenance, insurance, and payroll. Many property managers require business plans to vet tenants. A clear budget and sound business plan will help you get approval for your desired spaces.
Learn About Lake Havasu Retail
Take the time to learn about Lake Havasu’s retail landscape. The city has various shopping districts that could appeal to different retail businesses. McCulloch Boulevard offers high foot traffic and a vibrant atmosphere. You also have places like the Shops at Lake Havasu and retail locations near London Bridge. You can also find smaller community shopping centers around the city. Learn about the different areas and assess the pros and cons of opening your business there.
Research Available Retail Space
Once you’ve identified your needs and budget, it’s time to explore available retail spaces in Lake Havasu City. Online listings offer leads on retail available space. Local real estate professionals can also connect you with leasing opportunities. Visit locations in person to evaluate factors like foot traffic, accessibility, and ambiance. Envision your business in the space and consider how it may help you achieve your goals. Evaluate the co-tenants and property conditions as well.
Negotiate the Lease
When you’ve found a space that’s a good fit, it’s time to negotiate a lease. Start by considering the different types of commercial leases. Standard retail lease options include gross, net, and percentage leases. Beyond lease type, there are various terms you might negotiate. Consider terms like base rent, lease term, maintenance obligations, etc. Effective negotiation can ensure a fair lease agreement that will serve your business well.
While it is possible to lease retail space on your own, working with a local professional has advantages. A commercial real estate expert can help you through every step, from assessing your needs to negotiating the lease. Their expertise can streamline the process, help you find the best fit, and ensure good lease terms.
Do you need help finding retail space in Lake Havasu City? Click here to contact the Shuffler Commercial Real Estate team. We can help you find the right location and negotiate the lease agreement.
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