Moving News and Relocation Advice

Business moves are often put off when real estate is at a premium, however the current market has developed into one with surplus retail space, making it a business tenant’s perfect time to move.

As leasing options for retail and office space become more attractive, small business moves are becoming big business. In a time of economic boom, leasing costs for retail and office space are astronomical, mostly because so many businesses are vying for the same space that the demand far outstrips the supply. In the current economic environment, however, many small businesses and offices have closed, leaving empty real estate that landlords are scrambling to fill. The increasing supply of space and the comparatively low demand of businesses to move in have resulted in a dramatic decrease in real estate leasing costs.

Retail space has, in the past, been in high demand with little supply of storefronts in high-traffic areas, especially the small under-5,000 square feet type of spaces. Right now, though, landlords and real estate companies are offering these prime spaces at minimum prices. A great option is to also haggle out a multi-year lease at the same low price.

Perfect Time for Business Moves

The Hartford Courant carried a story about the surplus of retail space and the opportunities for businesses moving into the area.

“But with rentals dropping because of vacancies, we’re going to attract a lot of California and Midwest chains that have never been here before,” he said. “It will mean a lot more choice for shoppers.”

That possibility isn’t lost on other developers.

“I’ll be spending the first week of March in California, just meeting with prospective new tenant after prospective new tenant,” said WS Development’s Sierra. “A lot of these shopping centers could look different a year from now. Outside of the Northeast, there’s a lot of awareness that the recession spells opportunity for expanding retailers.”

It’s a tenants’ market right now, and when you are dealing with big, national name-brand tenants, they are not at all bashful about asking for expensive changes before they lease space

Now is a great time to consider the business move that will put your business on the next level.

This entry was posted on Thursday, February 25th, 2010 at 2:54 am and is filed under Office Moves. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.