Are you in the market to rent commercial space for your business? If so, you aren't alone! Although remote work has become more popular during the COVID pandemic, there's no way around the need for commercial space for many businesses worldwide.
You can't afford to overlook certain things as you find the perfect rental space for your business. Check out our list of five important factors you must consider before you begin renting commercial space!
1. The True Cost of Renting Property
Before you agree to rent a commercial space, you need to have a clear understanding of the true cost to occupy the property.
While some landlords only collect flat-fee rent from tenants, many also require payment of property taxes, maintenance, and other charges. Comparing property fees for two competing commercial spaces will help you make the best choice about which one is the better property for your company.
Speak to your real estate agent about the kinds of regular space maintenance required to upkeep the premises.
2. Location Relative to Customer Base
Your commercial space should be in a convenient location relative to your customer base and your employees. Whether you are a retailer or a wholesaler, you need to be in a space and location that make it easy to visit your property.
When you are choosing a commercial property for rent, think about where the bulk of your customers are now. Also, consider where they will be traveling from in the future. You don't want to pick a place that's too far out of their way!
3. Growth Potential At Lease Premises
When you are evaluating options for space to use for your business, it's worthwhile to consider the growth potential at that property. How will the property serve your employees and customers today and into the future?
You don't want to get into a long-term lease on a property that doesn't serve your needs and prevents your company from natural growth!
4. Start-up Expenses
One of the most important factors to consider before signing a commercial lease is the cost of the start-up expenses to bring the property up to your needs. How much will you need to spend to get your company up and running in the space?
For example, if you operate a restaurant and are leasing a building where another restaurant previously occupied the property, your start-up expenses at the building may be low. If you are opening your restaurant in a former store, you may need to spend far more money!
When you need to perform extensive groundwork to get started on your property, visit vistaequipment.com to find the heavy machinery you need!
5. Important Lease Terms
You can find the best space for your company but you need to ensure you've got a fair lease. Speak to your broker or real estate attorney about important terms and conditions in your lease.
Discuss the lease term, total costs, and if there are any renewal options at the end of your lease. You should try to avoid sinking a lot of costs into a commercial property that you won't stay in for long.
The Key to Renting Commercial Space That's Right for You
Renting commercial space is an important part of running a business in almost any industry. By taking time to consider what's important for your business and the available space, you can find the one that's best for you.
Are you interested in learning more about other important aspects of commercial property? Check out our blog post on four of the most common commercial real state terms you may not know!