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Author	Topic: Business Rental Space Cost
Bob Miller Prowler Junkie Posts: 4576 From: Alexandria, Virginian USA Registered: OCT 2003	posted 09-24-2004 08:40 AM know many of you own your own businesses, so I'd like to ask what you pay for retail space per sq ft if it's not confidential. Over the past six months or so I've been working with a couple of Indian (from Jaipur India) friends of mine to open a high quality jewelry store (primarily selling Tibetan & Nepalese-styles) in the Northern Virginia-Washington DC-Potomac, Maryland area. I've had discussions with a commercial real estate broker, and the cost for retail space in a good location is $40 per sq ft per month. That's $20K per month for just 500 sq ft. Also, there are adds-ons for electric, common use areas, etc.... What do you folks have to pay for retail rent? Thanks.
Tytanium-K Prowler Junkie Posts: 3017 From: Sweet Home Northern Bama, USA Registered: JUL 2004	posted 09-24-2004 08:57 AM kiosks at local malls SEEM to be the way this kinda business fluorishes, Bob! Just a thought, eh! ------------------ Tytanium-K, Man of Metal -- '99 RED, Mostly Stock!
YellowFever unregistered Posts: 3017 From: Sweet Home Northern Bama, USA Registered: JUL 2004	posted 09-24-2004 09:18 AM Rates are going to vary across the country so just because someone in Plano Texas only pays $15 sq. ft. I don't think you can translate that to a high density area like D.C. The closer you get to high density areas, malls, or high traffic areas, the more you are going to pay. In some very successful malls, you not only pay per sq. ft. you also add to that a small percentage of your sales each month. That is the price you pay for them providing all the traffic.
Bob Miller Prowler Junkie Posts: 4576 From: Alexandria, Virginian USA Registered: OCT 2003	posted 09-24-2004 09:44 AM Thanks Tytanium - What I've found is that Kiosks are primarily for impulse buyers. The items I'm talking about selling are precious and semi-precious stones that would probably not be appropriate for a kiosk.
BuckNekkid Prowler Junkie Posts: 652 From: Ocala, FL Registered: JUN 2003	posted 09-24-2004 10:59 AM quote: Originally posted by Bob Miller: I've had discussions with a commercial real estate broker, and the cost for retail space in a good location is $40 per sq ft per month. That's $20K per month for just 500 sq ft. Also, there are adds-ons for electric, common use areas, etc.... What do you folks have to pay for retail rent? Thanks. Bob - I apologize in advance for even suggesting this, but $40 per sq ft per month sounds insane. Are you sure it's not $40 per sq ft per YEAR? That's normally the way it's quoted on commercial/retail space around here. if you took 500 square feet x $40 divided by 12 months, that would be $1,666 per month, which sounds a bunch more realistic for 500 square feet. Just a thought
Bob Miller Prowler Junkie Posts: 4576 From: Alexandria, Virginian USA Registered: OCT 2003	posted 09-24-2004 11:45 AM Maybe I misunderstood; man I hope so!!! I'll do some more checking and let you know. I though it was outrageous!
ed monahan Prowler Junkie Posts: 33595 From: Cincinnati, OH Registered: JUL 2000	posted 09-24-2004 05:54 PM That is what I was going to say, also. They usually quote it per sq ft. per year.
bbcar Prowler Junkie Posts: 328 From: St. Louis, Mo. U.S.A. Registered: JUL 2004	posted 09-24-2004 06:47 PM The square footage is figured per year, My gift shop at Westport Plaza was 3000 per month and elec,gas,ins, are extra. This was for a 2500 square foot store. My last year I did $350,000.00 and that was not enough to keep the doors open. The rent was 2500 and 500 maintenance per month. Barry
Dave Mills Prowler Junkie Posts: 5419 From: Johnstown, PA, USA Registered: JUL 2000	posted 09-25-2004 07:09 AM Around here we pay around $12.00 per square foot per year for office space, but retail space is higher, usually in the $20's. The smaller the space, the higher the rate. Everything is quoted in dollars per square foot per year. This message has been edited by Dave Mills on 09-25-2004 at 07:10 AM
Bob Miller Prowler Junkie Posts: 4576 From: Alexandria, Virginian USA Registered: OCT 2003	posted 09-25-2004 11:25 PM Thanks everyone. I have a call into the retail broker I was cahtting with several weeks ago. This certainly improves the outlook!

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