Waad Nadhir - Three Essential Factors in Retail Property Development

Waad Nadhir is an expert in property development, as the President of BOSC Realty Advisors, he has helped develop several retail and office space properties throughout Michigan and beyond. Nadhir is also a consultant for other companies. Here are his three essential factors in retail property development:

• Foot traffic. For any brick and mortar store to survive, it must be set up to sustain and attract as much foot traffic as possible. Waad Nadhir tries to set up new developments in high-traffic areas of a city or community. Rents are higher her for store owners, but it is well-worth it for sustained business success.
• Size of the new development. The size of the incoming store must match the needs of the community. A store too big will draw community resentment, and retail properties that are too small won’t have a chance. Waad Nadhir helps developers find this tricky balance by working closely with the community and understanding its needs before he begins work on a new retail space. Having a small retail space next to a large one can be profitable, but more than one in the same area as a large retail space is usually too risky.
• The right tenant mix. The stores around the retail space should complement the new business’s products or services. The new retails space should cater to relatively the same demographic as all the others.

Waad Nadhir has helped developers negotiate and find the best balance for their new properties.

Waad Nadhir - Renting a Retail Space

Waad Nadhir has worked for many years in the property development industry in his community of Bloomfield Hills, Michigan. As the President of BOSC Realty Advisors, he has managed, financed, and acquired many properties in the area, including retail spaces and office parks. Nadhir has helped create opportunities for new businesses to come into his community and set up shop. Here are three important first steps to selecting a retail space for a new business owner:

• Strategic location. A business owner himself, Waad Nadhir knows how important it is to know your customers. When picking a retail place to set up shop, you have to ask yourself what about a place will be appealing to them when they choose to come to your store. Know the demographics of the neighborhood, study the other businesses: what do they sell, how are they set up? Find out if your new business will be a good fit in a given area.

• Consider a broker. Brokers charge hefty fees sometimes, but they can also be worth it in the long run. Waad Nadhir works closely with many property brokers as a part of his job. Brokers can act as “buffers” between you and the sellers of the property. They can negotiate on your behalf, find you better possible locations, and much more. 

• Make sure to inspect the property. This may be a no-brainer to some, but when you’re inspecting a property, make sure to take note of specific repairs you’ll have to do and possible maintenance issues that may arise.