We've done numerous postings on the terrible toll the recession has taken on everyone and especially small businesses, now comes an interesting article from the Wall Street Journal that points out one benefit of the awful economy. It describes how for small business owners that have weathered the economic storm there has never been a better time to expand the size of your establishment. The reality is that commercial rents are down 44% from their peak in October 2007. The other great thing about the current commercial real estate market is that better locations are available, still at greatly reduced costs.
if the combination of reduced rents and better location has got you thinking of considering an expansion or move, what is the best way to take action? The article describes how some business owners have used brokers, but a lot of them have just found a new location by exploring areas they are interested in themselves. This has the advantage of watching traffic in the area and also observing the other businesses in the area. There are a lot of food examples in the article that might give you some ideas.
Comments