8 Helpful Tips When Looking for a New Commercial Property
You must be excited at the thought of a new commercial property. If it’s the first one you’ll move into after running a business from home, it’s a milestone for your company. And if you need bigger premises for your established brand, isn’t it inspiring to see you’ve grown?
Don’t let the excitement dull your senses when comparing different sites though. There are many factors to consider, from the always-important location to something as simple as a roof ladder on a multi-story structure. Use our list to help you identify the best corporate premises for your business.
Location is #1 Priority
Your building can help you improve your bottom-line, but only if it’s located in the right area. The relevant factors depend on which industry you’re in. A retail outlet should be close to your potential customers, while you’ll need to be close to suppliers if you’re in manufacturing. Being close to other well-known brands’ offices can reflect well on your company.
Also, don’t forget your team. They shouldn’t travel too far to get to work. Can you find a spot that benefits all these considerations?
Should You Buy or Rent?
It’s a good feeling to buy your own commercial space, but if you don’t have the cashflow, it may not be wise to take the risk. Especially startups should stick to rental agreements until you have the capital to purchase. You can also move into an area and confirm that it’s beneficial to your business before you buy a permanent venue in that location.
Find Out Why It’s Available
Don’t trust the sales agents telling you how amazing the property is. There’s a reason why it’s empty. If it’s new, make sure you check the quality of the building materials and workmanship. If others have used it before, find out from previous owners or tenants whether it’s a good option. They may provide valuable information about the landlord, your neighbours, security in the area or other challenges that you’ll need to consider before you know whether you’re getting value for money.
Does it Adhere to Regulations?
Before you sign any contracts, double check that there aren’t any problems in terms of regulations. Will your type of business be allowed to operate in that area? For example, this is important if you know your manufacturing company makes a lot of noise.
Also, does the structure adhere to building regulations and health & safety guidelines? If not, it may be up to you to pay for improvements if you don’t discuss it before it becomes your space.
Do the Facilities Suit You?
The property you pick must help you operate more efficiently, or it won’t help your productivity, growth or bottom line. So, don’t simply pick the first place you see simply because you need more space.
Make a list of all the facilities you’ll need, for both operations and your team:
- Parking for customers
- Comfortable office space and bathroom facilities for workers
- Security features, from gates to alarms or CCTV cameras; if it’s already installed, it’s one less expense for you later on
- Tech benefits such as broadband if you’re renting space in a large business park that should cater for tenants
It’s about more than comfort—without proper infrastructure it’s difficult to impress customers, potential business partners and the industry.
You may also benefit from off-site facilities. Are there shops around where employees can purchase lunch, or restaurants to meet clients?
Will You Spend Much on Maintenance or Upgrades?
Ideally, you want a space you can simply move in and start using. Is everything there to have optimal use of the facilities? Of course, there’s maintenance to be done on any structure. But will it be fairly easy to manage it?
A very old roof may need replacement soon, so you’ll need to add that to your future budget. And if it’s a high building with a flat roof you need a quality roof ladder to get up there without compromising anyone’s safety. Perhaps you’re passionate about eco-friendly living and would like an energy efficient business property? That could require solar panels and other installations.
You can see the multiple details that determine a property’s value. It’s wise to take an expert with you to view it before you make your final decision.
Can You Expand On Site?
Don’t forget to take your company’s growth into consideration. If you expand and need more space for manufacturing or additional office workers, will that be possible, or will you have to relocate?
Consider Resale Value
In many cases, you won’t operate out of that facility for the rest of your company’s existence. If you do purchase the premises will it increase in value, so you don’t make a loss when selling it?
If you’re buying property in an area that’s becoming more popular for commercial enterprises, you’re safe. But if it’s in a part of town no one wants to go to anymore, you’ll one day struggle to find a buyer willing to pay your price.
Feel more confident about your decision now? Use these tips about current and future business needs to make the best investment possible. And if you have any other tips on the subject, please share.