As an expert in the real estate industry, I understand the importance of finding the perfect location for a business. The right commercial space can greatly impact a company's success and profitability. If you are considering setting up shop in Hattiesburg, MS, there are a few key things you need to know about the average rent for commercial space in the area. Hattiesburg, located in the southern part of Mississippi, is a vibrant and growing city. It is home to several major universities, making it a hub for young professionals and students.
This creates a diverse and dynamic community that is attractive to businesses. In addition to its strong community, Hattiesburg also has a favorable business climate. With a low cost of living and a business-friendly tax structure, many companies have been drawn to the area, from small startups to large corporations.
The Average Rent for Commercial Space in Hattiesburg
According to data from LoopNet, the average rent for commercial space in Hattiesburg is around $12 per square foot per year. This includes all types of commercial properties, such as office spaces, retail spaces, and industrial spaces. However, it is important to note that this average can vary greatly depending on the location and type of property. For example, prime retail spaces in downtown Hattiesburg can have rents as high as $20 per square foot per year.On the other hand, industrial spaces on the outskirts of the city can have rents as low as $5 per square foot per year. It is also worth mentioning that these prices are for leasing commercial space. If you are looking to purchase a property, the average price per square foot is around $100. While this may require a larger upfront investment, it can be a more cost-effective option in the long run.
Factors Affecting Commercial Rent in Hattiesburg
There are several factors that can influence the average rent for commercial space in Hattiesburg. These include:- Location: The location of a property is a major factor in determining its rent.
Prime locations, such as downtown or near major highways, tend to have higher rents.
- Type of property: The type of commercial property also plays a role in its rent. Retail spaces, for example, typically have higher rents compared to office spaces.
- Size of the property: The size of a property is another important factor. Larger spaces will naturally have higher rents compared to smaller ones.
- Condition of the property: The condition of a property can also affect its rent. Newly renovated or well-maintained properties may have higher rents compared to older or run-down ones.
- Demand and competition: The demand for commercial space in a particular area can also drive up its rent.
If there is high demand and limited availability, landlords can charge higher rents. On the other hand, if there is low demand and plenty of available spaces, rents may be lower.
Tips for Finding Affordable Commercial Space in Hattiesburg
If you are a business owner on a budget, there are ways to find affordable commercial space in Hattiesburg. Here are some tips:- Consider the outskirts: As mentioned earlier, properties on the outskirts of the city tend to have lower rents compared to those in prime locations. If your business does not require a prime location, consider looking for spaces in these areas.
- Look for shared spaces: Another option is to share a commercial space with another business.
This can help reduce your rent and other expenses, such as utilities and maintenance costs.
- Negotiate: Don't be afraid to negotiate with landlords. If you have a good credit score and a solid business plan, you may be able to negotiate a lower rent or other favorable terms.
- Consider subleasing: If you only need a space for a short period of time, consider subleasing from another business. This can be a more cost-effective option compared to signing a long-term lease.
The Bottom Line
The average rent for commercial space in Hattiesburg, MS is around $12 per square foot per year. However, this can vary greatly depending on several factors, such as location, type of property, and demand.As a business owner, it is important to carefully consider these factors when looking for the right commercial space for your company. By understanding the average rent and knowing how to find affordable options, you can make an informed decision that will benefit your business in the long run. With its growing economy and business-friendly environment, Hattiesburg is definitely worth considering for any business looking to establish itself in the southern United States.
