Ask the Expert: How long are the retail leases in your market on average?
Aug 15, 2019
Ask the Expert: How long are the retail leases in your market on average? “The typical length for retail leases is five years. Now, this is not a hard and fast timeline and the duration of retail leases depends heavily on the size/location of the space and the type of tenant looking to lease it.
Smaller local groups usually have less capital and are not as financially strong, so we may see leases signed for only three years in this case. These spaces are also usually smaller and less than 3,000 square feet. However, larger big box space at a strong retail center will attract bigger regional or national tenants who have stronger credit and will sign 10-year leases with several renewal options.
So, the length of retail leases is not set in stone. It is really dependent on several factors from what the tenant needs, their strength of credit, and as per usual with real estate, the location of the space.” Kyle Coughlin
Senior Associate, Retail Landlord Services
813.839.7300 x 0296