The weak economy has forced some small business owners to close their doors. Shopping centers are experiencing higher vacancy rates, creating money-saving opportunities for entrepreneurs thinking about opening a store, says Ed Kearney, managing director of Kearney Commercial Realty/Sperry Van Ness in West Palm Beach, Fla.
Strengths, Weaknesses, Opportunities, Threats (SWOT)
The time-tested SWOT analysis helps small businesses and retail entrepreneurs assess how setbacks in the commercial real estate market can create stepping stones to success. One lesson: In every weakness there lies a strength, and with every threat there lies an opportunity.
This logic can be applied to the current commercial real estate market in South Florida. Vacant storefronts have left many shopping centers struggling to cover operating costs and make mortgage payments; for those seeking to lease retail space, there are more opportunities to find quality locations at more affordable rates.
“Some property managers and owners will cut a deal so that their shopping center stays busy,” said Ed Kearney. “However, a business owner won’t find that willing landlord on his own.”
A commercial real estate broker is in the best position to negotiate reduced rent, says Kearney of Kearney Commercial Realty. A broker can also secure tenant improvements, better signage and other benefits.
“The best time to get in is when the market is at its worst,” said Ed Kearney of Sperry Van Ness. “No one knows when the Palm Beach County economy will get better. Retailers that act now face little competition for space. If business owners jump on the bandwagon after conditions improve, they will find that retail landlords will have more offers and be less willing to offer inducements.”
About Ed Kearney
Edward Kearney is the managing director of Kearney Commercial Realty Inc./ Sperry Van Ness. SVN is a leading brokerage firm that markets commercial real estate properties to an investment and brokerage community of more than 100,000.
Kearney welcomes investors, brokers, and others with an interest in the Florida commercial real estate market to contact him today by calling 561-616-6262, or visiting http://www.svnpalmbeach.com for more information about the services he provides.
For more information about buying, selling, or leasing commercial real estate in West Palm Beach, please visit http://www.svnpalmbeach.com or call (561) 616-6262.
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