While the quality of the cuisine might be No. 1, the location is still high on the list of factors that can make or break restaurants. As Harold Samuel famously stated in 1944 when founding the property company Land Securities, “Location, location, location.”
Whether your focus is fast food or fine dining, identifying the ideal spot for your establishment is vital to ensure lasting success. If you’re wondering how to find restaurant space in Florida, here are some recommendations from commercial real estate and culinary industry experts to help you find a site that makes sense for your burgeoning business.
1. Calculate your budget.
Before you start your search, it’s essential to understand your expected expenditures. Restaurant Real Estate Advisors state that your total occupancy spending (including rent, insurance, property taxes and other fees) shouldn’t exceed 6 to 10 percent of your projected gross sales.
2. Consider traffic (both vehicular and pedestrian).
When evaluating potential spots for your dining establishment, it’s vital to assess traffic levels before committing to a lease. You’ll have a much easier time bringing in business if a substantial number of people drive or walk past the location every day, according to the Lightspeed article “10 Best Practices for Picking the Perfect Restaurant Location for your QSR.”
3. Confirm that the area is zoned for restaurants.
Prior to renting or leasing space for an eatery, you must verify the proper zoning, according to the Chron article “How to Find a Building to Open Up a Restaurant.” If the site isn’t zoned for restaurants, you might be able to obtain a variance; however, there’s no guarantee.
4. Research the competition.
Before committing to a commercial property, you must also consider the competition, according to the Chron. For example, you don’t want to open a falafel shop in a shopping center that already has a Mediterranean restaurant.
5. Avoid areas with high turnover rates.
There are some locations where restaurants tend to fail at high rates. Ask residents and business owners about the property to find out if it has a high turnover rate, as Lightspeed recommends. If the neighbors confirm many have struggled to succeed in that spot, it’s best to look elsewhere.
6. Conduct demographic research.
To determine your odds of success in the area, you’ll want to dig into demographics such as age, income level and family structure, according to the Chron. For example, if you dream of opening a family-friendly restaurant, you don’t want to set up shop in a region inhabited mainly by childless individuals.
If you want to find restaurant space in Florida, the Avalon Suncoast team would be happy to help with our commercial real estate services. Our real estate brokers can handle everything from needs assessments to closing.
Start today by calling 941-235-7474 or emailing sales@avalonsuncoast.com to chat with our team of real estate experts.