There are few places in North America that can compete with downtown Toronto when it comes to a place to set up a business. Canada's largest city has a home grown potential market alone of over five million people. Add to that Toronto's reputation as a tourist magnet, complemented by the internationally renowned festivals and celebrations held in the core of the city each year. It all makes for a place where any business, from cooking classes to hardware stores, can thrive.
Just like any other piece of real estate, of course, the success of a store front business in downtown Toronto will all boil down to location. Certain types of businesses, such as restaurants, will do well at almost any location in the city (in these cases it is the product rather than the location that tends to count). However, for certain other types of business, location will be a prime factor when it comes to drawing in the right type of customer. A store featuring the latest offerings from the website, should not be placed in the middle of the financial district! It would be more appropriate around family stores or children's retailers.
In order to find the right location for a storefront, the services of a realtor specializing in commercial real estate in the downtown core of Toronto is the ticket to success. Realtors focusing on the commercial areas understand the districts that Toronto is divided into and can help a business thrive just by finding the ideal location.
Commercial real estate agents can assist business owners in other ways as well. One of the big concerns for those looking to set up shop is always the price of commercial real estate. In fact, when we are talking downtown Toronto real estate, those budget concerns are more pronounced than ever. Real estate agents who know the ins and outs of commercial properties in Toronto can also help when it comes to the price of leasing or renting those properties. A good agent can find a commercial broker who can work with you to determine your ideal price as far as renting storefront property.
In fact, setting the price will probably be one of the first steps you take with your realtor as you look for commercial properties in downtown Toronto. There is no sense in looking at prime locations to set up a store front selling leather cases and other leather items if it turns out you can't afford the monthly payments! So, make sure to get pre-approved for that loan before you go out looking for retail space.
In the rest of the articles in this series, we will take a closer look at what it means to set up shop in downtown Toronto. Whether you are looking for property to run a craft supply store or a financial consulting business, our advice can help you make the right choices.