Atlantic City is located in New Jersey. It is a resort town with the main industry being tourism. Casinos, entertainment venues and an active nightlife keep tourists coming back to the coastal city. The city is in competition with Las Vegas as it has legalized gambling. The famous boardwalk along the shore is 5.75 miles long and is the world's longest boardwalk. Renting space on the boardwalk follows a similar approach to renting commercial and retail space elsewhere.
Contact an Atlantic City commercial real estate agent. The agent knows the area intimately and can recommend the best places to rent and also provide useful information on rates. In addition, the agent may know where particular businesses will have a better chance at being successful. Different areas of the boardwalk cater to different types of businesses and budgets. Most of the businesses along the boardwalk cater to tourists and those looking for entertainment. Bars, restaurants, cafes, nightclubs and casinos are some of the most popular businesses.
Walk the boardwalk and take a look at the properties. Vacant ones will have signs up saying "For Lease." Take note of these vacant properties and contact the listing agent. By actually walking the boardwalk, the renter can see for themselves what areas are best for their business and really get a feel for the area. 11 casinos are situated on the Atlantic city boardwalk; including three Trump brand casinos.
Check commercial real estate sites online. A simple search for "Atlantic City commercial rental property" will yield a number of sites that display information about boardwalk rentals. Some of the most popular sites are located in the resources section of this article. New Jersey Governor Chris Christie, decreed in July 2010 that the state was taking over control of Atlantic City. This was due to declining tourism numbers.
Shortlist the properties the real estate agent finds and also the ones found by the renter's own research. Contact the listing agent of the property and negotiate rental terms. Determine which property is the best for the business that will open there. Due to the declining nature of the Atlantic City economy, owners may be willing to lease their properties for below market rates or offer incentives for renters. Such incentives could included free renovations or flexible terms on rental agreements.
Contact a commercial real estate lawyer to draw up the rental agreement. A real estate lawyer has insight into the market and issues there and can draw up a very strong rental agreement for the renter. Ensure that the chosen lawyer has an intimate knowledge of Atlantic city and has worked with tenants and renters on the boardwalk before.
Submit the rental agreement to the owner of the property. Sign the agreement and open the business.
