Commercial property is on the upswing for several reasons. The economy is improving, and businesses are gaining confidence in the market. Young businesses are leasing previously abandoned industrial and retail spaces to attract consumers without paying a premium in monthly rent. The consumers are in love with new microbrewers, exercise studios and retail shops emerging from these rejuvenated industrial and retail spaces. When entrepreneurs and consumers connect during stronger economic times, we experience astonishing new growth.
Businesses should take notice of what I call the “motivated consumer movement.” Consumers are motivated to find these new microbreweries, boutique businesses or restaurants. They are motivated to find quality and excitement over inexpensive. Established businesses and commercial property locations will need to combat this trend by reinventing themselves through exterior facelifts and interior tenant improvements.
Location, location and location will always be important in businesses. However, young exciting businesses are helping drive the commercial property upswing. If you are interested in opening a unique business, do your research as you may lease outside of high rent areas and be just as successful. If you have any questions about commercial leasing, please do not hesitate to contact my company. FBN
