If you are planning to grab the right commercial property for your business, it’s always essential to make correct and well-informed decisions. First, you need to figure out your requirements so that your commercial real estate property search can be more focused and fruitful.
The features one should look for in a commercial space heavily depend on the type of business he operates. Every business has its own set of required property must-haves, but there are some characteristics that you might consider for every business type. Consider these points to determine your property needs and to narrow your search for commercial spaces.
Property Size/Space
Knowing how much space you need for your business or investment is the first step while listing your commercial real estate property requirements. Understand your business needs; calculate the space required for different aspects, such as employee workstations, pantry, storeroom, future expansion, etc. Based on that, you can finalize the size of property you need for your business.
You might encounter multiple properties when doing your commercial real estate property search, but you need to remember your actual size requirement. Any property that exceeds your size requirements will be a financial burden on your business. Contrarily, a property with a smaller size aspect will not satisfy your commercial space needs; in fact, it will make your business suffer.
Type of Property
The next step is to consider the type of commercial real estate space you need. The type of business you run directly affects the type of commercial space you might need. For example, you might need a warehouse if your business is about goods storage & delivery, an office if you have a lot of workstations for your staff, an industrial space if you manufacture items, or a retail space if your business is about selling goods to consumers.
Having the right commercial real estate property for your business will save you money, not only at that time but also in the long run. Depending on your business the right commercial property will have relevant maintenance, license, and other expenses. Moreover, it will save you from the trouble and extra effort that you might undergo because of the wrong property selection.
Property Amenities
Facilities or amenities in your commercial real estate space play a huge role in determining your property needs. Amenities like fitness center, canteen, mail room, waiting areas, etc. are an essential requirement for businesses. Depending on your business, you might feel some amenities to be very crucial or must-haves. You can look over some as unnecessary, prioritizing your budget over them.
The right bouquet of amenities in your commercial real estate space might save a handsome amount for your business. Facilities like canteen, Wi-Fi, etc. may help you save costs in the long run that may occur otherwise. Also, some amenities like a canteen, fitness center, recreation area, etc. help attract qualified & talented staff to your business, as they look for quality workspace.
Budget/Cost
Your budget for your business’s commercial real estate space needs is crucial, as owning a property whose rent/lease is not affordable may hurt your business’s survival. Besides that, consider some other associated costs like utilities, insurance, moving expenses, signage, maintenance fees, etc. They also play a huge role, as buying a property & maintaining it to its full efficiency are two different things.
When a property falls within your budget constraints, it’s quite beneficial for your business. On the other hand, if its cost exceeds your budget, it may affect your business profitability adversely. So, always consider your budget in advance, i.e., how much funds you have for your rent/lease of commercial space for your business.
Location Accessibility:
Whether you are a retail business serving consumers directly or a corporation employing a staff, business location is very crucial. Consumers will be able to find you easily if your business location is accessible, visible, and within reach. Office accessibility for staff is also very important, as it is a decisive factor for them to join an organization. As, it will save them from commute expenses, time, and efforts incurred in between.
Having a commercial real estate property with an accessible location can do wonders for your business. It can save you from some extra expenses like staff travel and vigorous brand advertising that you may have to do otherwise. Also, it establishes your business as a more prominent one, if your property location is more accessible & premium.
Proximity to Target Audience:
Whatever the business, proximity to the target audience is a win-win factor. However, this feature is more crucial for businesses that serve the consumer directly, like retail stores, and restaurants. These types of businesses dearly require their setup to be in close reach of their potential consumers. But, we can’t undermine this factor for offices & other businesses too, as they are more susceptible to attracting clients if they are in a particular area.
You can always find some corporate real estate hubs for businesses in every city, which unknowingly attract the clients they can provide service to. Similarly, there are always some industrial areas in every city where potential clients or associates can find them easily.
Commercial Zones:
Government policies & some other factors create or impact some commercial real estate areas in every city. Be it earning some extra leverage or benefits by setting up your business in a particular zone, or, sometimes, it could be the opposite like there are some restrictions on the type of operations or businesses. Not recognizing the importance of commercial zones can harm your business adversely.
Commercial zones that favor a particular type of business are more likely to have a promising set of policies that can boost the growth & revenue of businesses. Moreover, they get recognized as a hub for those businesses, which in other ways helps the businesses by attracting clients & associates, indirectly helping in curbing marketing and other costs.
Bottom Line
Going through above mentioned aspects, while doing a commercial real estate property search might save you from a lot of hassles. Incorporating them in your research will not only make your search more directed but also productive. But always remember, there could be some more aspects to consider while conducting your search, depending on the type of business you operate. After all, the end goal of your search is to capture an apt and feasible location for your business.