A few things in every business are as monumental and stressful as setting up a new office or shop. Apart from the challenges of relocating your equipment and workers, there are looming threats of choosing a location that doesn’t work, forcing you to move to another place.
Choosing a suitable commercial or office space needs planning and extensive forethoughts before your sign any sales contract. To help you choose the right space for your business, here are factors to guide you through:
1. Lease Terms
Commercial leases are normally more involved than residential contracts. Plus, they are far from standard, and commercial property owners have more room to be restrictive and specific.
However, one benefit of leeway is that property owners can tailor contracts to meet the specific requirements of their tenants. The agreement might include:
- Specific clauses regarding clients
- Equipment on-site
- Operating hours
Before you move into a new location, ensure you research. A perfect way to know the neighborhood is to walk around or drive to make some observations.
You may also dig more to determine the demographics of your customer base, including the incomes of your neighbors. From the observations, you will determine if there would be a demand for the services or products you sell.
Many buyers are lazy. They would rather run many errands in one area. With this in mind, be sure to search for centers with other types of businesses, which can support yours. This way, people going to a nearby dry cleaner or supermarket can stop at your store for products or services.
You should also find out if there are anchor tenants in the building. According to real estate professionals at Sands Investment Group, renting out a space to anchor tenants will attract more than 35% of the total footfall. These brand anchors can be big stores strategically situated so that small retail stores may benefit from this footfall.
Most workers prefer working in an office that gives them access to different services within their buildings or somewhere nearby. These amenities may also work for you or your visitors, especially when conducting a meeting beyond the office.
Renting a commercial space, which provides easy access to a place of importance, is an attractive option as clients and workers may find these helpful.
It’s vital to think of what you may afford long before you even begin searching for a new location. Be sure to have a red line, which will cross at the top end and have a mid-range and lowest price.
Other than rent, there will be many other charges, which are not advertised. To avoid a nasty shock when finding a commercial space to rent, check if there are any hidden costs, including:
- Energy bills
- Repair costs
- Business rates
The Bottom Line!
Finding a commercial space to rent can be confusing and complex, even when you have it before. Choosing the wrong commercial space can be a costly mistake that will cost you a lot for years. This is why you need to put together a perfect renting game plan and know what your business requires.