6 Steps To Choosing The Perfect Commercial Space to Lease
Whether you are looking for an office that will promote happiness and productivity for your employees or are seeking a chic retail spot that will give off all the right vibes to your customers, choosing a commercial space to lease is a big decision and one that you should consider carefully.
Moving is time-consuming and can be expensive, especially if you do renovations or make any custom modifications. You don’t want to move in, only to realize
Here are 6 simple steps to help you find the best space that will help your business flourish:
- Hire a commercial real estate agent. You are looking for a gem, and you may need some help. A local commercial real estate agent will be in tune with available spaces and can help educate you on the pros and cons of different areas if you aren’t quite sure where you want to set up shop.
- Make a list. Much like searching for a new home, it can be easy to be distracted by small details, causing you to lose sight of the bigger picture. Have a clear list of your ‘must haves’ so you don’t end up talking yourself into something that doesn’t fit your needs just because you’ve fallen in love with the exposed brick or big bright windows.
- Narrow down your area. You likely an idea of the part of town you want to relocate to but take a closer look before you completely make up your mind. You’ll want to research the rental rates compared to other similar areas and take a look at how much leases have increased in recent years and what types of business and customers are in the area. Recent and planned developments can give you an idea of the area’s growth. If leases are on the rise, you may consider trying to negotiate a set rate for the next few years.
- Get all the info. you need. Since you don’t want to be faced with this task again any time soon, take the time up front to get all the information you need to make the best decision. Here are some important things to ask yourself along the way:
- Is this a space we can grow into?
- Is this
a spaceclients and customers will enjoy visiting and feel comfortable at ? Is this space in the right location? (For example, is it convenient for your business needs or does it attract the right type of foot traffic?)
- Do more research. After looking at everything from a practical perspective and the space you’ve got your eye on checks all the boxes, take the human approach. Visit the property at different points during the day and week to get a feel for it. If possible, you should talk with the property manager and/or other tenants to see how things run and if there may be any potential conflicts for you and your business.
- Review the lease. Once you’ve found the perfect spot, it’s time to finalize things and get ready to move in. Before signing, carefully review the terms of the lease to ensure you understand what is covered and what you will be responsible for – your agent can help you understand all the legal jargon. You’ll also want to take into consideration any maintenance that will fall on your shoulders, so you understand your true cost. Next, take a look at any limitations that would prohibit you from outfitting the space in the way you see fit. Finally, should something unforeseen happen, you’ll want to know whether or not you can sublease to another tenant if you aren’t able to fulfill the lease
Before you make the leap to relocate, be sure to analyze your business and growth strategy, survey your needs no, and anticipate for the future. When you’re ready to hunt for the perfect space to grow your business, get in touch with us.
Please contact us if you have any questions or comments.