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SEARCHLooking into leasing a new space for your salon, spa or barbershop business? Summit Salon Business Center's Lynn Chisholm offers tips for researching local rates so you are armed with information.
Summit Salon Business Center's Lynn Chisholm walks you through some tip for researching commercial rent rates in your area.
Negotiating a favorable commercial lease for your salon, spa or barbershop involves a multi-step process with the goal of securing favorable terms for your business—and that process starts with understanding market rate in your area. In this blog, I’ll walk you through multiple tips for researching rental rates in your targeted area. This research process works for both new leases and at renewal time.
Check "For Lease" Signs – Look for signs with phone numbers or websites. Call and inquire about spaces with the same square footage as yours. Ask about:
Base Rent
Common Area Maintenance (CAM) and Taxes
Any Free Rent Offers
Leasehold Allowance Provided
Browse Websites of Major Landlords & Commercial Real Estate Brokers – Many larger landlords and brokerage firms provide rental listings and market insights online.
Consult Commercial Real Estate Brokers – Brokers such as Colliers, CBRE, and others can provide a Summary of Market Rates. Be aware that this service may come with a fee, and brokers may seek to represent you in your upcoming renewal or new lease. Request only the summary if that’s all you need.
Utilize LoopNet.com – This platform is a great resource for researching market rental rates in your area.
Network with Current Tenants – If you have relationships with other tenants in your building, ask them about their rental rates for comparison.
Stay Informed on Market Changes – Rental rates fluctuate due to new developments, emerging neighborhoods, and unique property offerings. Keep yourself updated and engaged, as you know your area better than anyone.
Need Expert Guidance? Leasing a commercial space is a significant investment, and the terms of your lease can impact your business for years. If you’d like professional assistance in reviewing your lease and ensuring you make the best decision, I offer a free consultation to discuss the leasing process and answer any questions you may have. Contact me at Leasing@SummitSalon.com for more details.
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