Carving Out New CRE Opportunities in Frisco, TX
Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.
Texas has a great reputation of being a true business powerhouse as a state. There are so many local and state incentives for businesses. There’s no state income tax either, and you can open up a business even if you’re coming in from out of state.
Traditionally, Texas welcomes all business activity, as successful businesses all work together for the greater good of improving the community as well as the whole state.
Like any other state, some locations are better than others. Today we’re looking at Frisco, TX, another great city loaded with plenty of amenities. The city has a population of 208,261 people and an annual growth rate of nearly 7%. These numbers are even more impressive when you realize the city had a population of just 33,828 in 2000.
Frisco has a robust economic development program that welcomes small business owners. The city’s Economic Development Center actively invites more businesses to come into the city. This is why retail space for lease in Frisco, TX, is so important.
Investing in New Dreams Requires Unconventional Thinking
If you didn’t have to worry about buying a building, what type of business would you open? Maybe that’s a question that takes a while to answer. But if your New Year’s resolution was to open a store, maybe you can make that happen.
Here’s where many business owners end up not getting the outcome they want: they only look at how difficult something is going to be instead of the outcome they want. Looking into retail space for lease in Frisco, TX, is a brilliant idea if you are going to add something new to your life outside of the traditional commercial real estate.
Manage Risk by Leasing instead of Buying
Do we like to buy properties? Certainly! There is a certain sense of accomplishment that comes with knowing that you have purchased a property that you can use in various ways. Far too often, we believe that buying is the only way to conduct business. It can put us in a rut where we don’t hit our maximum growth because we’re unwilling to look at things differently.
The truth is that leasing instead of buying lowers your risks and gives you a safer ramp to your new business venture.
A Real Retail Example to Highlight the Opportunities Waiting for You
Let’s say that you want to open a store that sells one-of-a-kind figurines from all around the world. Building that store from scratch might let you get the exact dimensions of the shop and some bells and whistles, but you’re basically spending over a hundred thousand dollars before you even know if the idea makes sense.
Now, compare that to getting the right retail space. Does it have to be perfect? Not at all. You can go ahead and lease space, talk with the landlord about the limitations, and either renovate as you go along or use the space in a way that lets you test your idea.
Let the Local Community Embrace Your Vision
We keep highlighting the importance of connecting to the local community because there are so many generous benefits waiting for you. Indeed, you can get in touch with people that have already gone through the process of building a retail shop and get their tips and suggestions.
You may even find someone that’s in an adjacent industry that would love to partner with you.
One of the worst assumptions that we can make about an area is that we aren’t welcome. That is not the case in Frisco, where there are multiple entrepreneurial programs and groups.
Many private citizens also have their own community groups related to entrepreneurship, just as there are real estate clubs in your home area.
Don’t let a case of nerves keep you from allowing the local community to embrace your vision to the fullest. Not only should you share your vision with the business community, but you should also make sure that you are truly listening to feedback. If Frisco isn’t your home market, you have to take time to learn the commercial real estate patterns.
Keep an Eye Out for Adjacent Opportunities
You never know what new commercial real estate opportunities will come up. You may find other properties that you actually want to acquire, new partnerships, or even a syndicate group that would love for you to join them. The power of networking is still important, even as our world becomes more and more tech-driven.
There are just some things that you only learn about while driving around, talking to people, and connecting with them. Sure, you might not want to permanently relocate to Frisco, but visiting for a few weekends to check out the area for yourself is always better than relying on other people to carry out the mission on your behalf.
A Hard Truth, and The Road Ahead
We like to err on the side of positivity as much as possible here. In the world of commercial real estate, there are a thousand different paths to take. Is retail space going to be the right path for everyone? Not at all.
However, think about it from another perspective. Think about retail space as a stepping stone to other pathways. Let’s say that you get the retail location dialed in and sales are coming in. There’s nothing that says that you can’t make an offer on the space that you’re renting from the landlord.
Property owners get tired of holding property all of the time, and it’s much more likely that a landlord will make a CRE deal with an active tenant in order to exit the property than it is that they’ll either let it sit vacantly or be content to stay in the same area for the rest of their lives.
Some landlords don’t want the headache of managing tenants after a certain time. No matter what someone’s exit strategy is, you can turn it into an opportunity for your venture.
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