Retail Space Lease Negotiations?
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I am looking to lease a 1600 square foot retail space in a relatively new shopping center for a cellular phone store.
I am wondering how much of the initial lease offer I can expect to negotiate down - i.e. 10%, etc. Also, any general advice will be appreciated.
I know that there are various factors involved, so here are some specifics.
The monthly cost per square foot is $21. Add $3.07 per SF for “common area” services. The owner is willing to provide $10 per square foot for interior finishings. I will only need carpet, some paint and a single wall (8 x 20) built, so I won’t use the $16,000 offered.
This space is to the left of an Office Max, which is in the middle of the building. The anchor is a Target, which is to the right of Office Max (100 yards). The four spaces to the right of Office Max (and closer to Target) are leased. The four spaces to the left are open for lease. Two of the four open spaces were previously leased, but the stores have vacated.
Thanks.
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1 Comments
March 16th, 2010 at 3:40 am
it’s going to come down to one thing, how much does the owner want you in the complex. plain and simple, in your favor is the four open stores, if they have been vacant for awhile the owner maybe in a more open mined to give you a reduction in the sq foot for the first year
not in your favor that he has anchor stores both target and office max, meaning has nice income coming in, plus another four stores filled,
just ask either they will say no or yes or offer another deal