Retail Space Rents in Newport News, VA
Rent costs for this type of commercial space depend on a variety of factors. The foremost of these is location, which will dictate how accessible a business is and how much foot traffic it gets. Other factors, such as space type and lease structure, also come into play. On average, retail space for lease in Newport News asks $22.51 per square foot.
Retail Space Lease Types in Newport News, VA
The most common type of lease agreement you’ll find here is NNN, with 9 space(s) available under this type of arrangement.
The local market is also home to 2 retail space(s) offered under a Modified Gross lease agreement type.
Most Common Type of Lease for Retail Buildings in Newport News, VA
Average Size of Retail Space for Lease in Newport News, VA
The average size for this type of rental opportunity in Newport News is 1,000 sqft to 2,500 sqft. Currently, the local market offers 18 listing(s) within that size range.
You can also search 18 listing(s) in the more than 5,000 sqft range.
It should be noted that spaces in this real estate category are generally specialized to cater to the needs of a particular business, so the average sizes of different retail space types can vary greatly.
Retail Space Types You Can Lease in Newport News, VA
Retail space in Newport News comes in all types, shapes, and sizes, so you have a good chance to find the right space for your business. The most common type here is listed as Power Center and you can find 6 such space(s) available.
Power Center spaces listed for rent here have an average size of 1,709 square feet. Power centers bring together large anchor tenants as well as smaller retail spaces for other businesses that want a piece of the great foot traffic that this type of shopping center can generate.
The local market is also home to 3 space(s) listed as Restaurant. The average size you can expect to find for this category is 11,496 square feet. Retail space specialized for restaurants usually includes ample seating areas and enough room for the safe preparation of food. Restaurant spaces may be embedded in a larger mall or can be freestanding buildings.
What’s more, you can find 1 listing(s) in the Freestanding category, currently available in the average size of 11,309 square feet. Freestanding retail spaces or buildings are a great choice for businesses that need more room to carry out their day-to-day operations and want to stand out. Being located on their own lot and generally featuring more generous showroom and storage space than other such space types, freestanding retail offers tenants the leeway to build the experience they want.
However, besides these popular subtypes, the market has a lot to offer for entrepreneurs looking for the right space to promote their business and get their goods to customers.
Top Locations to Lease Retail Space in Newport News, VA
In general, the most successful retail businesses are located within relatively close proximity of each other, which leads to some neighborhoods becoming famous shopping destinations. Even in the case of suburban strip malls, the simple fact that so many different products can be purchased under the same roof can encourage customers to spend more.
Courthouse Green is your top choice for lease opportunities, as it is currently home to the highest number of listings — 8 retail space(s).
Newport News’s second most popular area is Turnberry, where you can find 7 retail listing(s).
Wendwood is also among the best areas to search for your next commercial space. Here you can find 6 retail space(s) available for consideration by prospective tenants, of which 5 are Power Center.
Key Factors to Consider When Choosing a Retail Space for Lease
When you’re looking to give your business a storefront, there are a lot of decisions to be made. The first choice is, of course, location. You’ll have to decide whether your business would operate better in the heart of the city or if it is more likely to thrive in a suburban setting.
Data based on retail spaces listed for rent on CommercialSearch.com
12551 Jefferson Avenue, Turnberry, Newport News, VAProperty