10 TIPS FOR CHOOSING A COMMERCIAL REAL ESTATE LOCATION
In truth, the commercial building you choose will impact your business, either negatively or positively. Ideally, the location, size and appearance should make your operations seamless and smooth while adhering to environmental regulations. Here are some tips – in no particular order – to consider when choosing a commercial real estate location.
- Budget plays a significant role when it comes to finding your new office space. Choose a location that best fits your business purpose and more importantly your budget. Be flexible when setting a budget. Go for a commercial building you can afford.
- Another key factor to consider is size. Do you need a large or small space? Or do you prefer a commercial building with several floors? When you’re determining the size of your new office space, remember to put into consideration future business growth. A time will come when you’ll need to expansion. Plan wisely
- The type of business you operate will also influence your location. For instance, financial-based business should be located in city centers while creative businesses will work in an area with more of a community feel. Site your business close to your customers.
- Adapt your choice of business space to your business needs. Consider the availability of qualified employees within proximity to your business location.
- Local taxes and infrastructure should be duly considered as well. While some areas give tax holidays to attract new investors, others offer a moderately high tax rate. Know what the taxes will be as well as utilities and infrastructure before securing the location.
- Make room for future business growth. Do not pay for extra space when you know that expansion might come sometime in the future. Such extra space will be a total waste of investment. Prior to choosing a location with extra space, you should be reasonably sure you’ll need it within the shortest time possible.
- After your search, narrow down the list of commercial space according to what your business truly needs. Check to see if the feature you’ll like to have can fit perfectly. Do away with properties that lack all the must-have criteria on your list. More importantly, keep those important features short, otherwise, it will be difficult to find a building that will ever qualify.
- The outward appearance of a commercial building will have an impact on your business. Evaluate the look and feel of the building when inspecting. If you think the building looks outdated and unkept, your clients will also feel the same way.
- And if you’ve finally found a location, check to see if it requires any repair or modification. And if yes, who will foot the bill – you or the owner? Make sure you have a contract specifying any repair works that needs to be done, and when it will be completed. Keep in mind that not all modifications are the sole responsibility of the owner.
- Consult a professional commercial real estate agent when deciding to buy or lease a commercial space. These individuals will help you find the right property that best suits your business needs and requirements and help you set criterial for choosing the right building.