As a business owner, you’ll encounter two different commercial property types when looking for a place to rent. You can choose between a stand-alone property or a unit within a shopping mall. Both options have their pros and cons.
Maintenance Requirements
If you own a stand-alone property, you are responsible for maintaining the parking lot, lawn, and building you rent. However, if you rent a unit within a shopping mall, you share a parking lot, parts of the building, and other areas, which is the landlord’s responsibility. This can ease the burden of your maintenance needs and be an excellent option for a new business.
Reputation Concerns
When you rent a unit in a shopping mall, you may have reputation concerns if a business in the mall has poor clientele or questionable business practices. Your reputation as a location and mall can either deter clients or attract them if a popular business is located in the same area. It’s a risk you take with units within a shopping mall, but it can sometimes be beneficial.
With a stand-alone business, you can create your own reputation and manage your space so that you don’t have unwanted guests lingering in the area and bringing in unwanted attention.
Rent/Leasing
The cost of a stand-alone commercial property is usually much more than a unit within a shopping mall. If you have an established business and can afford this type of rent, it’s the ideal way to go. For small and new businesses, cheaper rent with units within a shopping mall is probably the best place to start until you can build up your clientele.
If you need more information on commercial insurance in the surrounding areas of West Bloomfield, MI, contact our agents at Phil Klein Insurance Group. We can get a quote for your business on the policy you need today.
