Looking for the perfect space for your restaurant? Keep these 5 tips in mind to jumpstart your search.
It’s common to fall in love with the first place you see. Visit multiple locations and make sure you’re only renting what you need to execute your menu and provide service efficiently and effectively. Plan ahead to avoid paying for unnecessary space and amenities.
SHOW, REVIEW, REPEAT
Once you’ve narrowed down your choices to one or two spaces, visit each location on your final list at least two more times before making a decision. Record your showings, and ask the landlord a set list of questions you’ve prepared ahead of time so you can review and take notes at your leisure. Don’t forget—you’re going to be in the space you choose from anywhere between three and 10 years! Request multiple showings until you feel completely sure that the space will suit your needs.
CONNECT WITH A COMMERCIAL BROKER—OR TWO
Commercial brokers work with you to find places that you’d otherwise go crazy trying to find by yourself. Your broker can also help negotiate the lease so that you get the best rate possible. Because there’s little or no out-of-pocket cost to you, solicit multiple brokers for assistance in finding the perfect space.
The base rent is only a part of most leases for restaurant and kitchen spaces. Review your lease terms carefully to find out if things like core functionality and management fees are included in your net expenses. Also, be sure to confirm signage rules, parking spaces, and any potential tenant improvements with your future landlord.
GET IT IN WRITING.
Any promises a landlord makes while you tour the space must be in writing in your lease agreement. Be firm and confident. Don’t lose sight of what’s important. You’re negotiating on behalf of the future success of your business! Before you sign, ask a real estate attorney to review your lease agreement. There may be fees, concessions, or other conditions hidden in the lease that you weren’t aware of.
Finding a space to establish or grow your food based business is one of our areas of expertise. Discover how we can help. Contact Co Creator Collective at firstname.lastname@example.org for a complimentary consultation.