Subleasing Business to Survive in Morristown
For some, it's not just a way to survive high rents, but also to thrive with like-minded companies.
For some moving to Morristown, pairing up is the only way to enjoy all it has to offer while being able to afford this town's somewhat steep rents.
And that doesn't just apply to living here.
For Kim Henry, owner of Wellness on the Green, subleasing her third floor space at 26 W. Park Place to a number of smaller businesses has allowed her fitness studio to survive and thrive over the past three years.
Henry—who recently signed a lease extension on her business—said half of Wellness on the Green's rent is covered by subleasing space to smaller operations. "It definitely helps," she said. "The location is not the cheapest."
Rachel Valeich, owner of Body in Mind on Morris Street, came to Morristown 12 years ago via subleasing with a fitness studio on South Street. Today, she subleases her space above Hennessey's Washington Bar with several crafters including a jewelry maker, an essential oil product supplier, a maker of herbed soaps and herbal remedies. Her most recent tenant in June was a hollistic health and nutrition coach, replacing an acupuncturist who moved to her own space on James Street.
"It's nice for me to help these people have an outlet for their products and also supporting local business," Valeich said. "I just loved working in that environment [when I subleased in another business's space]. We really helped each other grow and having like minded-businesses we used each other's services. It was a nice little nestegg."
Having moved into her own space two years ago, Valeich said it not only made sense financially to offer some of her space to smaller businesses, but it also was something she just wanted to do.
"I have the ability to create that in my own space," she said. "Obviously sub-leasing does take some pressure off the rents. But I find it's a win-win, especially if they are like-minded businesses."
For Denise Dougherty, owner of Sunshine Spirit Photography, the ability to have another satelite location for photo shoots for her Landing-based business has proven invaluable.
"Diversification is always a good idea in business," said Dougherty, also a Wellness on the Green student. "Morristown is so vibrant. I want to be here."
"We're lucky it has worked out," Henry said of her situation.
"I just love Morristown. If we could afford to live there, we would," said Valeich, who recently moved to Sussex County. "I love this town. I've just met so many amazing people here."
Amidst continued uncertainly in the economic landscape, Valeich said it makes sense for a smaller business that wants to do business in Morristown to join forces with other smaller businesses.
"It really does provide a little more support for a business that maybe
wouldn't be able to exist if they didn't do it," she said.