Finding a commercial space for rent seems like a fairly easy process.
You only need to look through the local property classifieds, visit a couple of possible options and settle on your preferred space. Sounds easy right?
Well, it is quite possible for you to find a commercial space for rent that way, but the real question is whether you will end up choosing a space that is right for your company or business. Putting a little more time and effort into your search ensures that you find a commercial space or location that will serve your enterprise for many years to come. There are several factors you need to consider when choosing the perfect location for your commercial enterprise.
1. Establish What You Need
This may seem like an obvious thing to do but you would be surprised at the number of people who jump straight into a lease or rental contract after being wooed by the different amenities and features that space has to offer. It goes without saying that this is not the smart thing to do. You need to establish exactly what you are looking for in a commercial space. Write down what you need and use this list to guide you in looking for the perfect space. Always remember your specific needs or objectives as you tour different rental locations.
For instance, one of the important needs you may have is accommodating employees. If you have 20 employees, you should not settle on a space that accommodates 100. This is unless you have future plans to expand the operations of your business or company. It is advisable to rent only for current needs. Don’t be lured into renting a commercial space that you don’t really need. When it comes to commercial spaces, nothing good comes from trying to fit a square page into a round hole.
On top of this, you should know that while the inside of a commercial space can be updated or renovated, there are certain aspects of a building that cannot be changed. Things like adequate parking for both clients and employees, the amount of natural light getting into space and many others cannot be changed easily. You should establish what aspects of a space can be formatted to suit your needs and what aspects cannot be changed. Doing this will allow you to make a wise and informed decision.
2. Know About The Prevailing Market Conditions
After establishing exactly what you are looking for, the next thing you should do is make yourself aware of the current trends in the property market and also the various types of commercial spaces for rent available in your desired location. You need to gather a few facts in regards to the available spaces. How new are they? How many past tenants have been there? How much is the rent? How are similar properties in the location charging for rent? These are some of the questions you need to get answers for in order to be fully aware of the prevailing market conditions in a certain city or area.
3. Find A Good Agent
Yes, it is quite possible for you to rent a commercial space all by yourself, but being a very important business decision, it is best to seek help from an experienced professional. Don’t worry about paying commission or service fees as a good real estate agent or broker who specializes in commercial properties can guide you in making the right decision for your company or business. They can also help you in the negotiation process so that you end up with a convenient rental agreement. Also, most agents have access to properties that are yet to be listed in the classifieds.
4. Make A Budget
Don’t burden yourself with huge rental payments when you can easily find a space that is both functional and affordable. A commercial space for rent can greatly determine whether your business or company breaks even at the end of every month or year. Setting a budget for a rental space is very important so that you don’t end up over-spending. It is advisable to find a space that does not exceed your intended budget for rent or lease payments. You don’t have to worry about ticking all boxes in your list of needs so long as space provides a conducive environment to carry out your official operations. Remember, you can always upgrade to another space when the current space is no longer adequate.
5. Terms and Conditions
It is very important to read the fine print of the rental or lease agreement. You must know and understand all the costs involved in renting a particular commercial space. Moreover, you must establish the various utilities that you will need to cover for on your own. Look closely for any hidden fees or charges in the contract and raise the issue with the relevant parties. A good agent can help you go through the contract to ensure that everything is okay and you will not have any regrets in the future.
Some contracts may have certain restrictions imposed on the tenant. Some common restrictions you can may come across in certain commercial buildings include restrictions on posting signage, operating after office hours and many others. It goes without saying that you need to know all restrictions associated with a certain space before moving in. Other factors you may also need to consider include other tenants in the building. Who are your neighboring tenants? Are they a competing business that will cause problems? These are very important things you need to consider before signing a rental agreement.
6. Negotiate Monthly Payments
Once you finally settled on a suitable commercial space for rent, you can move to negotiate for a reasonable rent amount. Most people make the mistake of accepting the first offer given to them. This is not the smart thing to do. You can use the knowledge you acquired on the prevailing market conditions and the experience of your real estate agent to make a counteroffer. The owner of the building may opt to lower the monthly amount because of this. If lowering the monthly rental amount is not an option, you can negotiate to have the building owner cover for certain utilities. Some landlords are also known to reduce payments if you opt into a long-term lease. Your real estate agent can come in really handy in this stage.
7. Plan For The Future
While you don’t want to move into a commercial space based on uncertain future plans, you also don’t want to find yourself unprepared for any changes that may occur in the near future in regards to business growth and revenue. So, with that in mind, it is important to find out whether your rental agreement allows you to expand your current space into an adjacent empty space. You also need to know what happens when you want to terminate your lease agreement and move to a larger space. Is it possible and are there any hefty fees involved? These are all details pertaining to the future of your business or company so you should not take them lightly. Working out these details beforehand can save you from plenty of headaches later on.
You can use the above tips to find the perfect commercial space for rent for your business. You will have some peace of mind knowing that you made a smart business decision that will ensure your business’s survival for many years to come. Looking for a commercial space for rent? You can visit https://www.sinarti.com to find the perfection space and location for your business or company.