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Opening a retail store or restaurant and need to buy or lease retail space? You are in the right place. Retail space is ground level accommodation for businesses that generally deal with the public. This type of property has an open facade with windows that make looking in to see what the business does and has much more easy and casual for passersby.
Retail space may be purchased if you are interested in a full building or it can be leased if you need only a single store or bay. As in the case of office space, if you are purchasing a building it may, if it has additional stories, also have office space or living space that may be rented to increase your cash flow. If you are purchasing and do not have to purchase price in cash, you will need a commercial mortgage. These are more complicated and difficult to get than residential mortgages that we are familiar with.
If you are leasing retail space your rent will comprise an amount equal to the number of square feet multiplied by the agreed upon yearly rate per square foot divided by 12. Additionally a “common areas fee” will be added that is the prorated amount of extra expenses the landlord incurred. This amount can vary. Be sure and understand what items are included when calculating the common areas fee as these can include costs you wouldn’t agree to.