Customized Legal Services For Businesses And Individuals
  1. Home
  2.  » 
  3. Commercial Real Estate
  4.  » Flexibility is key for retail rental space

Flexibility is key for retail rental space

On Behalf of | Jul 3, 2019 | Commercial Real Estate |

Owning commercial real estate in the Orange County area can be profitable, but only if it attracts quality tenants. When it comes to renting retail space, this could present a challenge since it can be difficult to know what future tenants may want. Some want to build out the space to suit their needs while others want a move-in ready space.

Of course, including as much infrastructure as possible is essential. Any tenant would use utilities, including telecommunications. However, it might be a good idea to leave some of the work in case a tenant wants to customize it. This may seem like a gamble, so understanding the type of retail tenant a certain development would attract could help.

Putting up the final walls could possibly wait as well. This allows a property owner to attract tenants who want larger spaces and those who want smaller spaces. If part of the plan is to attract one or more anchor tenants, they will often need larger spaces that can be put on the exterior of the structure. Then smaller tenants could fill on the middle.

Of course, the best course of action for retail spaces is to find tenants before the development is complete. The more a developer knows about what certain tenants want in advance, the easier it will be to give them what they want. Regardless, Orange County property owners could have their work cut out for them when it comes to figuring out what tenants want for their spaces.