Low Lease Rates Benefit Small Business
by Paul Bensman
President, Details In Retail and
Broker, Locations Real Estate & Investments
The retail real estate market continues to be weak – but that’s great news for business owners looking for retail space. Leasing rates in many Detroit area markets are up to 40% less than rates quoted just one year ago. Landlords who would only look at national chains before the downturn are increasingly willing to lease space to new start-ups and entrepreneurs. This could be a once in a lifetime opportunity for small business owners.
Some economic indicators are already showing signs of light at the end of the tunnel – national home prices increased 3% last month. This window of opportunity for small retailers to grab prime space at low rates won’t last forever. Leasing rates should stay at these lower rates through the first quarter, or even the first half, of 2010. With lower lease rates and a large pool of qualified employees in the market, now is the time to start that new venture or take your existing business to the next level.
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