Are you ready to grow your business and rent a new commercial space? The world of commercial real estate can be complicated and overwhelming, especially if your business is just starting out.
If you're having a hard time choosing a commercial space to rent, we've created a list of five things to consider to help you with your decision.
Your Business Needs
Before you decide on a commercial space to rent, spend some time sitting down and assessing what your business needs. Do you need more storage space for your products? Do you need a commercial space with room for a kitchen?
When looking for a commercial space, take into consideration the size, layout, location, and amenities that are essential for your business. Also, look for features unique to the property that are not mandatory but could benefit your business.
Your Budget
Another important factor to consider before renting a commercial space is your budget. You need to factor in other costs besides the rent, including utilities, maintenance, insurance, taxes, security, and renovations.
In addition, you should also consider the terms of a commercial lease. Typically, these run for a term of five, seven, or 10 years. However, some terms run longer.
Your Neighborhood
Before moving into a neighborhood, make sure you've done your research. The simplest way to get a feel of your neighborhood is to drive around and observe the demographics of your potential customer base, their prospected income levels, and whether they would benefit from the product or service you're selling.
Your Target Property
Once you've narrowed down your options, it's time to inspect each property in person. During the inspection, pay attention to the property's condition, functionality, accessibility, and visibility. You should also pay attention to the surrounding environment to see if there are any issues you need to resolve.
If you're meeting with the landlord, make sure to ask questions and request information about the property's history, occupancy, and regulations.
First Right of Refusal
If you're set on renting a property, make sure you and the landlord agree to give you "first right of refusal." This means they are required to come to you first to offer the chance to purchase the building or unit should they ever decide to put it up for sale.
