The retail real estate market in London is constantly evolving, with new shopping areas sprouting up, old spaces being re-imagined, and property owners continuously adjusting their approach to suit current trends. Yet no matter how much things change, the basic principles behind renting commercial property remain the same. If you’re a small business or thinking of launching one and need affordable retail space rental deals in London to get your operation off the ground; read on for some helpful advice. Keep reading for our guide to the ins and outs of renting commercial property, including all the hidden costs you should know about before signing any lease agreements.
When you’re renting commercial property, you don’t have to worry about the large upfront costs of purchasing real estate. You can also make an easy exit if your business needs to relocate or close down for any reason. You’ll have no legal obligations towards the property and no long-term investment in it. You’ll also have more flexibility to make changes to the space without needing approval from outside stakeholders. Finding commercial rental properties is usually easier than finding a lender for a mortgage, making it a great option for people with less than perfect credit. Commercial real estate is also an excellent source of collateral for securing business or personal loans.
A lease agreement is a legal contract that spells out the conditions of your rental agreement, including the property’s address, terms of the lease, the amount you’ll pay to rent the space, duration of the lease, and who is responsible for making repairs and paying utilities. When shopping for a lease agreement, consider the following:
Where to rent - The first and most important thing to consider when looking for retail space rental deals in London is where you want to rent your property. Will it be in an existing centre, a new development, or in an area that’s more rural? How close is it to public transport links and major roads? How many people are in the area and what is their average income? And what kind of businesses are nearby? Keep these considerations in mind and you’ll have a better chance of finding the right property for your business to thrive and thrive quickly. Timing - You’ll also want to factor in timing when you’re hunting for commercial real estate to rent. For example, if you’re planning to open a bakery and want to rent retail space during the fall and winter, you’ll have a lot more options available to you than if you were trying to rent during the spring and summer. Timing has everything to do with current trends and the behaviour of your target audience. Budget - Finally, you’ll want to maintain a realistic budget when you’re hunting for retail space rental deals in London. You’ll want to account for all the expenses associated with renting a space, such as the monthly rent, utilities, and repairs and maintenance. You’ll also want to account for any additional costs that might arise as your business grows, such as expanding your space or hiring more employees.
The best way to find retail space rental deals in London is to get in touch with commercial real estate agents. You can easily reach out to multiple agents via email or phone and set up a meeting at their office or property showroom that same week. You can then meet face-to-face with agents and walk through all of the available properties, making your decision much more quickly, and with minimal effort on your part. You’ll have the opportunity to look at multiple properties and select the one that best meets your needs. Agents can also walk you through the leasing process with ease and help you secure the best rental deal possible.
Assess your needs - Before you even get in touch with any commercial real estate agents, you’ll want to take the time to assess your needs. How many employees do you plan to hire? Do any members of your team need special accommodations? How much room do you need? Will you be renting office furniture as well? What is your budget? Make a list of all the factors that are important to you and use it to help you find the right space to lease. Assess your options - Once you’ve assessed your needs and have a list of potential properties in mind, it’s time to assess your options. Visit each space you’re considering and take note of the pros and cons of each. Is the space easy to get to? Does it have the right amount of room? Are the utilities easy to pay for? Take your time to look at each space you’re considering and make sure you’re choosing the best option for your business.
Renting commercial property is an excellent way for businesses to get started without having to worry about the high cost of buying real estate. When you’re looking for retail space rental deals in London, you’ll want to make sure you’re choosing a space that meets your needs and is in an area that is easy to get to and has plenty of foot traffic. Finally, you’ll want to ensure that you’ve got your budget and timeline in mind before you even get in touch with agents to help you find the best retail space rental deals in London.
