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How to Select Retail Space with the Highest Long-Term Value

Learn 3 factors to consider when choosing a retail space for your business

For business owners, the real estate landscape can offer a number of opportunities for brick-and-mortar businesses. When rent is low, inventory is inexpensive, and people are willing to spend money, it’s a great recipe for success.

But if you’re looking to start a new retail establishment, don’t simply be lured by low prices or rent to tempt you into signing a long-term deal. Choosing the wrong location can kill your business before you even get it off the ground.

On the flip side, don’t let a high payment scare you away from a great opportunity. If a location offers high-end foot-traffic, easy access for your existing customers, and a constant stream of walk-ins, it could be well worth the investment. In this sense, you can think of your lease or purchase as simply a part of your overall marketing strategy to get people into the doors of your establishment.

Rather than focusing only on price, here are three factors to consider when choosing a retail location:

1. Freedom to set your own rules

It’s important to become intimately knowledgeable about any zoning ordinances, local laws, or potential construction that could affect your business. You also want to know any rules related to signage, as well as your ability to host special events during certain hours.

The best way to get answers to these questions is to work with an experienced commercial real estate broker who is familiar with local laws as well as the area where you’re looking to locate your business. Never be afraid to ask your broker lots of questions related to the location to be certain it is right for you.

2. Ensure that your space meets the needs of your customers

Do you have any idea of your target buyer? What do they do for a living? Where do they work, live, and play? You need to find a retail space that’s easy to see and access, especially if you’re catering to either an especially older or younger clientele. For example, young parents may like a location with ample parking close to your store so that they’re not forced to walk long distances.

3. Great location will save you on advertising.

One of the best reasons to open a retail space in a great location is for the exposure. Advertising is likely one of the most expensive aspects of any businesses marketing budget and if you can get loads of free exposure from your business location, you’ll be ahead of the game. Each person who enters your store as a walk or drive-by can turn into a long-term customer that you never required any advertising dollars to acquire.

Conversely, if you can’t afford a prime location, you’ll likely need to dedicate more resources to advertising to help educate your target audience about where you are located.

Partner with Morris Southeast Group to find the perfect retail location

Finding the perfect retail location in South Florida can be difficult without someone who is well-versed in the area. At Morris Southeast Group, we’ve been helping business owners secure high-profile retail locations for years. To learn more about our experience and get recommendations for your business, feel free to reach out to our team today by phone at 954-474-1776, reach Ken Morris on his cell at 954.240.4400, or email kenmorris@morrissegroup.com.

Morris Southeast Group Completes Lease with Solomon and Associates and Two Other South Florida Transactions

Morris Southeast Group

Contact: Gary Marsh at 415.453.7045 or gary@marshmarketing.com

Morris Southeast Group Completes Lease with Solomon and Associates and Two Other South Florida Transactions

Broward County, FL; June 6, 2016 – President Ken Morris, SIOR, of Morris Southeast Group announced three recently completed lease transactions that he managed in South Florida.

  • Morris represented building owner MMB Commercial Property Co., Inc. in its lease for 11,728 rentable square feet (RSF) at 350 Jim Moran Blvd. in Deerfield Beach, FL to Solomon and Associates, LLC. The deal is for five years.
  • Morris represented Sawgrass Business Plaza, LLC, the landlord, for a 3,822 rentable square feet space (RSF), five-year lease extension for Insurance Office of America located at 13790 NW 4th Street in Sunrise, FL.
  • Morris represented Pinnacle Family Service-Miami Dade for a 36 month lease. The 1,415 rentable square feet of space (RSF) is located at 10631 N Kendall Drive, Miami, FL. The landlord, The Green Companies, Inc., was also represented by Morris Southeast Group.

About Morris Southeast Group

For more than 35 years, Morris Southeast Group has been recognized as one of South Florida’s leading providers of commercial real estate services. Located in Weston FL, Morris Southeast Group is a full-service firm specializing in owner and tenant representation, corporate services and investment sales in the office, industrial and retail sectors throughout Miami-Dade, Broward and Palm Beach Counties.

For more information contact President Ken Morris at (954) 474-1776 or visit www.morrissegroup.com.

Revolution or Refinement? The Impact of Technology on the Modern Workplace

How are advances in automation and mobile access reshaping today’s workforce?

A recent article in The Economist speculated on the future of jobs in the context of increasing automation, spelling out certain professions, including professional jobs in legal services and even accounting, that may totally be replaced by technology.

Technology has categorically changed the workplace in a variety of incredible ways. It has allowed a whole host of jobs that were previously office-bound to go mobile, enabling many workers to do their jobs from almost anywhere. And as technology continues to evolve, it will not only change the nature of the work that is being completed, but it will also impact the skills necessary to survive in this “new” economy.

What is changing?

  • Shift in focus – In the past, businesses looked primarily at previous performance and aimed to correct mistakes based on historical data. Today, organizations must make decisions by analyzing data in real time, helping quickly predict future trends and profitability.
  • Opportunities abound – With real time access to “big data,” organizations can make split-second decisions to take advantage of opportunities that would have been unheard of in years past. This allows companies to be more agile in the face of market shifts.
  • Power of mobile – Today, most workers are equipped with a mobile phone that is more powerful than a full-sized computer from a decade ago. This allows workers to perform many of their job duties right from their smartphone or tablet, as opposed to being chained to an office. This not only increases productivity, but it gives workers a bit of freedom in performing their core functions.

Introduction of robotics in the workforce

In addition to technology that simply makes it easier for human workers to perform their duties, robotics are another area that has witnessed remarkable advancements over the past several years. Robotics allow many repeatable activities to be learned and performed by machines. There are countless examples of how this automation, coupled with the Internet of Things, are allowing individuals, companies, and even cities and municipalities to leverage the power of technology.

Take smart cities, for example. Communities are showing how highly technical, connected environments are able to learn and predict life patterns to help to turn lights on or off at certain times and adjust water flow by usage. All this helps to make our cities cleaner and it benefits our overall economies.

What does this mean for office space?

While more people are offered freedom in today’s remote workforce, few companies are completely doing away with their office space. An office still serves a vital function for many companies and it will likely do so well into the future. It’s not that workplaces are going away – rather, organizations are looking at ways to make their space more efficient and integrated with new technology.

Interested in learning more about the latest in office trends?

If you’re interested in learning more about some of the top office trends that are being driven by technology, or you are looking to find the right commercial space, feel free to reach out to Morris Southeast Group, one of Ft. Lauderdale’s top commercial real estate firms. Give our team a call today at 954-474-1776, reach Ken Morris on his cell at 954.240.4400, or email kenmorris@morrissegroup.com.

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