Between closures of various retail chains — and others shifting focus to online sales — there has been a recent increase in the amount of available retail space for lease and sale. At the same time, doors are opening for businesses able to consider what such vacant spaces could become. Let’s review the perks and opportunities such commercial real estate buildings have to offer.
Vacant Retail Spaces Can Serve as Blank Canvases
There is a lot of potential contained in the walls of any commercial space out there. The challenge for many businesses is to look past what it once was and think through the possibilities. A building that once sold clothing might transform into a perfect office space, for instance, or set the stage for other opportunities. Belvoir currently boasts a former commercial building in Houston’s Montrose district that could serve any number of purposes. Once playing home to an international language school, the building’s roomy interior and unique outdoor areas leave potential for anything from a bed and breakfast to restaurant space. All it would take would be a bit of ingenuity — and some elbow grease, too — to tailor the structure to suit one’s vision.
Large spaces also offer unique options. Many businesses, especially those specializing in handmade art, furniture and the like, find success in teaming with similar vendors to create open market concepts with booths or stalls. Oftentimes, larger spaces in prime retail locations will divide into multiple smaller units. Not only does this approach make rental options more affordable for businesses which require less square footage, but it can also attract other small businesses that are just starting out. At the same time, should business truly take off, that additional available space makes for easy expansion.
Of course, when it comes to projects aimed at transforming a repurposed space, you need everyone on the same page. From construction crews getting your buildout off the ground, to teams focused on utilities and other concerns, a successful project takes everyone working together toward a common goal. Companies like Belvoir provide project management assistance that takes worries off your shoulders and helps ensure a quality finished product.
Outside-the-Box Lease Agreements Offer Additional Opportunity
Whether you’re rolling up your sleeves on an endeavor inside a repurposed structure or renting a more traditional space, there are a variety of lease terms available. At Belvoir, we recommend having an honest conversation with your potential landlord about what exactly you’re looking for. If they have a better understanding of your budget, business model and business as a whole, chances are they can work with you to determine an agreement that meets your needs well. (After all, a healthy landlord/tenant relationship is always a good thing.)
Overall, the future is bright for companies looking for interesting commercial real estate properties — especially if they’re ready to get creative. New opportunities are always becoming available to those in search of a unique retail space for lease or sale. If you have questions about how to reimagine a space to suit your business, or if you have other commercial real estate and brokerage questions, please feel free to contact us! We look forward to speaking with you.