How to Find the Right Commercial Property for Your Business
Whether you’re a new business looking to establish yourself or an established business looking to expand, finding a good commercial property can be easier said than done. The choice can come with a great many factors to consider, which means that you may need to take every aspect of the choice into account. This is especially important if you want to do so without spending more money than you have on the project.
So, with that in mind, here are some of the best ways that you can work to find the best commercial property for your business.
When it comes to a new commercial property, you will find that it is important to have a budget in mind before you even start to consider a new location. The fact is that your budget shouldn’t just take into account your potential rent or the price of the property, you also need to factor in other things like business rates, employee wages, taxes, furniture, technology costs, and much more. It’s not a simple, steady, payment to be made. It can quickly escalate.
If you become overwhelmed by unexpected costs then you could quickly lose control, which may put your business at risk. So make sure this is very carefully considered prior to the move.
Research the City
When it comes to finding the right commercial property, the actual choice will fall greatly on the pros and cons of the specific city. So you need to make sure you are conducting the appropriate area research in the city in order to get the best results. The fact is that some quarters will be better for different types of business, which a local will almost certainly understand. If you’re not local, then it can prove difficult to make the right choice.
At this point, you may need a commercial property management team to help advise on the choice of your new city.
Location, Location, Location
When it comes to property, whether buying or renting, commercial or residential, one of the most important things you need to consider is the location of the property. The fact is that some areas will be more suitable for your business over others. For example, if you want to open a shop then you will need to ensure you are located somewhere with good foot traffic. Whereas, you may want to locate a factory somewhere more out of the way (to avoid noise complaints, etc.).
Location is also important when it comes to thinking about what your employees will need. The fact is that good transport links, local amenities (for lunch and the like), and even just the distance from regular residential areas may be a swaying point. So consider the location and what is on offer nearby carefully prior to settling on a location. As, otherwise, you may find yourself moving sooner rather than later.
Buy vs. Rent
The most important consideration you may want to make is whether or not you will buy or rent the property. Each have their own benefits, though both can be very different choices given the current state or position of your business. For example, if you’re looking for an office in the city centre, then buying may not be a financially viable choice. The fact is that renting is the simplest option in the city.
Although, eventually, you may face unfavourable commercial rent review terms. Many cities have issues such as office buildings offering cheap rent for a set term, only to increase it beyond reason once that period is over. This can quickly lead to trouble for your business if it hits you unexpectedly.
Buying, of course, isn’t a fix-all option for your business if you aren’t looking to rent in the city centre. Often, however, owning your own larger space for storage or even as a factory can help to keep your costs down in that sense. As rent costs can outstrip mortgage payments by quite a deal. Also, it’s important to note that the money put into a mortgage can eventually be reinvested back into the business. Whereas, rent money is lost forever to the landlord or company that you rent from.
Buying a property versus renting one can be very different choices and entirely depend on the current state of your business.
Finding the right commercial property for your business can be quite difficult. But, if you consider the different factors carefully and get the right advice, you should be able to find a commercial property that suits your purpose. And, importantly, doesn’t break the bank.