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Tips for finding the right commercial property for your business

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Are you looking for the right premises to house your business? Finding the ideal property will go a long way towards determining the success of your business.  Here are some tips that will come in handy when choosing a commercial property for your small business:

Location

Even if you find a large space that is cheap to rent, you should not take it if it is far from your suppliers and customers. Moreover, a remote location could mean that your employees will struggle to get to work, which will affect the productivity of your business. You need to choose an area that suits your budget, clients, and employees if you want the business to take off without a hitch.

Operational costs

Make sure that you consider the security, water, and electricity costs when looking at the rent. A building that uses LED lighting instead of floodlights will end up saving you thousands of dollars. You need to ensure that the operational costs are laid out clearly, before you agree to sign the lease.

Office space

Usually, business premises have a ratio of workshop-to-office space that the previous owners had established. However, if you do not like the current layout, you should ask the property owner to knock down a few walls to enable you to achieve the right one. If the property owner is unwilling to do this, you should consider looking for a different space.

Size

You need to find the right size of space that will accommodate your business’s growth over the years. If the space is too big, you will be wasting part of your rent on vacant space. On the other hand, renting a tiny space might mean that you have to move before your lease is up, which results in unnecessary downtime costs.

To avoid these tricky scenarios, you should look for spaces with additional units that you could rent when the need arises. Doing so will allow you to rent the space that you need right now without worrying about the future.

Affordability

You have to determine whether the rate per square foot is fair and figure out if your business can afford the operational costs, rent, and moving costs. You need to do the right calculations to ensure that you can afford these costs before signing the lease. You should also consider the closing costs.

If you end up renting a space that is too costly, you will eat into your capital and this will affect your business.

Fair rental

Before agreeing to rent any space, you should make sure that its rate is no higher than the current market rate. When you start shopping around for premises, you will find out what the appropriate rate per square foot is. For this reason, it is a good idea to visit several commercial properties before making your choice.

Back-up infrastructure

If a property has back-up systems for electricity and water, you should consider it. A good business premise should have a backup generator that keeps the electronics running even during a power outage. Even if power outages are not common in your region, you never know when you might require backup power.

Closing time

How long does it take to close on a home? You should ask yourself this question to figure out how long it will take to close on your business premises. If you need the property soon, you should speak to your realtor and ask him to speed up the process for you.

The above tips will come in handy when you want to rent out the right space for your startup business.

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