Is 28 dollars (taxes included) per sq. ft, a good, bad, or average price for retail space?

Question

me and a buddy are trying to open a laser tag facility, and the location we have is charging us that amount you see above. We're clamering to raise capital and wish to attract investors, but that price at least seems pretty steep. is that an average price. It a chicago suburb on a major street, and such. we wanna look around to make sure that price isn't a rip off and such. Thanks

And that is leasing.

Answer 1

Depends on whether you are in downtown Manhattan or Smallville USA. Ask your potential neighbors as to their opinions. Also, determine as to whether you need the exposure that you are paying for. For example, are your customers "drive by" or are you building a customer base. You might be able to rent a less expensive building in a low traffic area if you do not need the "drive by" exposure.

Answer 2

If you are in Chicago, on a major street, take it. I am in Houston, TX and for our office rental we pay $90 a square foot. We lived in Glynn Ellen for some time and prices per square footage is certainly higher there than here. If you are working with a real estate agent have them or the company that you are working with provide you with rental comps or an operating income statement showing what others are paying in that area. You can get an ideal from that as well. Call a real estate appraisal service and they may be able to help you if you are buying the property. I am not sure if they can if it is a lease. Good luck!

Answer 3

i would first ask how big is the building and are you buying or leasing. if that is leasing i would say that is rather bad. i rent out a 745sq store for 1400 a month. if you are buying then it would depend on if the building is going to have to be finished. where in chi is the building. i live in stl and know a little bit about you city