What To Look For In A Commercial Property
Looking to lease a commercial property for the first time, or relocating your office are huge steps for your business. It can be an exciting time scaling your business. However, the success of your business is heavily connected to the office space you choose.
It’s not easy to find the best commercial property for your business. There are several factors to consider when you’re searching for the right commercial property to let. However, with a little research and asking the right questions, you’ll find the right property provides upward mobility for your company. The goal is to find a commercial property that provides the right location and lease that helps your business succeed.
Questions to Ask Before Starting the Search
Here are some questions to ask before you begin the search. The answers will help narrow down the type of property and other requirements to consider.
- What type of property do you need? Here, consider the type of property your business requires. For instance, do you need industrial, retail or office space?
- How much space is required? This will tie in with the previous question and answer. Here, you’ll want to consider the types of tasks that are required for your business, how many employees and desks/workstations are needed, and what types of equipment will be needed, and more. These answers will determine the size of the space you’ll need.
- What type of facilities will you need? Will you need Internet, telephony services, meeting rooms, audio-visual equipment, and more? What about a breakout room or canteen? The answers to this question will also determine the size of space you’ll need to lease.
- What is your budget for rent? You’ll want to have a good idea of the amount the business can afford. This is one of the largest expenses when leasing a commercial property. The goal is to keep your company profitable, not drive it down by paying too much for rent.
With the answers to these questions, you’ll have a better idea of the type of commercial property you’ll need to lease, as well as how much space is needed, and what facilities will be required.
Tips to Finding the Right Commercial Property to Lease
In your search for the right commercial property to lease, location is arguably one of the most important factors to consider. The wrong location can kill your business, while the right location will help it scale up to the next level. So, consider these location factors:
- Convenience: is the office space located in an area that’s easy to reach? A location that’s easy for employees to reach, as well as guests, is best. This means you’ll want to find a commercial property near public transportation links (train, bus, taxi, and more), as well as near major streets and motorways. If you fly frequently, then a closer proximity to the airport may also be needed.
- Amenities: next, look to see what amenities are in the area near the property. Areas that include shops, restaurants, and more are best. This makes it easier for employees and guests to grab a bite to eat, have a lunch meeting, or run errands on breaks.
- Safety and security: consider if the area around the office is safe. It’s a good idea to check the local crime rate, and even talk with other businesses in the area about the level of crime. The goal is to choose an area where employees and guests will feel safe. Look for commercial properties that offer security, have well-lit parking lots and entries, and managed reception areas, along with other security measure.
- Company image: look for a commercial property that conveys the right impression to clients, potential employees, and even competitors.
When you’ve found a commercial property that may be a good fit for your company, it will be time to review the lease before signing it. There’s a strong temptation to grab up what seems like a perfect location, only to find out later the lease has some details that are not beneficial for the company.
So, be sure to request a copy of the lease, and then read it all the way through. Take the time to thoroughly review the entire document, no matter how mundane it may appear. The key is to understand the terms and limitations of the document.
Look for what the lease covers (or not), if you’re responsible for maintenance and repairs, and more. Also be sure to find information on what happens if the company needs to break the lease early. There are usually fees involved that can be quite expensive.
If you’re not comfortable reviewing the lease on your own, it may be helpful to ask your attorney or a real estate broker for assistance. That way you’ll know whether or not the best interests of the company are covered or not by the lease agreement.
Next, you’ll want to look for a commercial property that allows you to scale as the business grows. The issue is that you may make huge investments in furnishing and equipping the space, only to not have enough space in a few years. For this reason, it’s essential to ensure the commercial property has plenty of room for future expansion.
So, make sure to plan head for future growth, which includes additional employees, desks, and more. Avoid places that your company will outgrow in a few years, as they are not a good investment in the long-term.
Searching for a commercial property that’s ready to move into can save a lot of money. Or there are places that are partially fitted out, which let you finish customising the space.
Here, the goal is to determine which method is better for your budget. You want to keep the company financially strong, rather than draining it through unnecessary expenditures.
5). On-site Facilities
Next, consider what type of facilities the company will require at the site. Some commercial properties include facilities in the rent. You may find some properties include facilities such as an on-site restaurant, canteen, communal areas, on-site gym/showers, and more. However, this is not the case with every property.
So, determine which facilities are available on-site. It may be that an all-inclusive rent, with a wide variety of facilities, saves you more money in the long run.
If you’d like more information on the commercial properties we have for let, please reach out. We’re looking forward to talking with you!
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