With two lakes from which it draws its name, Lake Forest provides the best of residential life in Orange County, with the highlights of nature. This is a city built for people to live in and experience the best conveniences that modern construction has to offer. Both lakes within the city are man-made, and fit nicely into the city scheme, which was designed for suburban living.
Condominiums, apartment buildings, and houses coincide across an expansive population of more than 79,000 residents. Part of the reason that Lake Forest does so well in terms of economic growth and increased tourism presence is the business sector, particularly in retail.
Clothing shops, furniture stores, car dealerships, and restaurants make some of the more lucrative establishments around town, although there are several businesses varying in size and market niche. If you are planning to buy or lease retail property in Lake Forest, it’s a good idea to scout the area you are considering first, to determine if it has already been saturated by that type of business.
Lake Forest Retail Building for Sale & Lease
Buying and leasing in this part of Orange County, like most regions of Southern California, are gauged by square footage. When leasing, you will see that most offers are priced per square footage per year. An average cost here could be anywhere from $20 to $40 per square foot. This will not only depend on the overall size of the building, but on its age, structural quality and any special features it possesses.
Retail buildings range in size within Lake Forest, allowing for small and large buildings to find a home amongst the sprawl of houses and condos. Whether you buy or lease will come down to your own intentions for the space. Most buyers don’t end up utilizing the property for their own retail businesses. In fact, most retail spaces within Lake Forest are owned as investments by outside companies, and leased by those setting up shop. This is beneficial for both parties.
Lake Forest Retail Property for Sale
Buying Lake Forest retail property is a big commitment, and there are several factors to consider before committing to the buy. For example, are you planning to lease the property to other businesses, or use it yourself? If it’s for you, does the site include all the features necessary to set you up for success? If it’s a simple business transaction to stock up your investment portfolio, and you’re hoping for a lucrative income property, is the building big enough and new enough to attract potential lessees within the most popular areas of retail across town?
Buying gives you the freedom to make changes to the building, so long as permits allow. It also puts you in charge of things like maintenance and upkeep, as well as security, and some forms of insurance. If you plan to buy the property and lease it to others, you might be able to strike a deal with the renter in your agreement, through which he or she is responsible for some of the upkeep.
Lake Forest Retail Property for Lease
Leasing a commercial space can put your retail operation in a site for anywhere from 1 to 10 years. The term of the lease will be determined when you meet with the owner, so it’s a good idea to know what you want before walking into that meeting. Are you planning on staying in the area long term, or are you simply testing the waters before checking out a different part of town? Depending on your business type, moving will be costly and time consuming, so having a long-term lease can save you from trouble later on.
Several commercial realtors around town specialize in retail leases, and can help walk you through the process. Many companies who are planning to rent, don’t think of using the expertise of a realtor, because he or she is a professional who is often consulted when buying, not leasing. This is a common misconception, and one which could result in you paying more for the lease of a retail space than necessary.
Ask about parking lots, customer washrooms, staff break-rooms, storage space, pest control, maintenance fees, on-site security, and other available features which may be beneficial to your business. Haggling on price during a lease agreement negotiation isn’t as common as haggling during a sale, but it can be done, especially if there are specific areas of interest which could be an advantage during a long lease. Remember to also discuss options for contract renewal, the possibility of rent increases following the end of the agreement, and fixed term pricing over the life of the contract.
Whether you choose to buy or lease your retail space in Lake Forest, there are several options to choose from. Some owners who are looking to sell, will rent to the right individual, so don’t be afraid to approach all possible retail spaces.