A great entrepreneur knows their business and industry inside and out. Because you’re good at what you do, you might outgrow your current space. When you do, it’s important to think about these factors when looking for your next business space.
- Size. Any great entrepreneur knows to plan for the future -- as best you can. Your commercial space should consider your immediate and long-term needs and goals.
An ideal commercial property should support all of your current business operations. For merchandising and retail businesses, think about floor space for stocking products and foot traffic for customers. Multiple studies show that a too-small commercial space makes for an unpleasant customer experience and lower employee productivity.
All this means is that size matters. Take into account the true square footage of a commercial space and how it will affect your business now and in the future.
- Location, location, location. This is the go-to phrase for the entire real estate industry for a good reason. Location can enhance the profitability and value of your business or hasten its failure. For example, when searching for the right space for your small service-based business, consider the distance for your employees.
Is the commute to your new space too long and costly? Is it along a traffic-ridden highway? In this digital age, are face-to-face meetings still manageable in this new location?
If you’re in manufacturing or distribution, consider the transportation network nearby. Is it near a major metro stop or a network of highways? Talk to other manufacturers in the area for pros and cons of this location.
- Building image and maintenance. Like your company, commercial buildings have a brand and reputation. This highly depends on their location and how well they’re maintained.
When searching for the right space for your business, ask how quickly the property management company responds to tenant complaints. Inspect the structural integrity of the commercial building. Inquire about building repairs and security.
This is important for all types of businesses, especially brick-and-mortar shops that leave products in the windows overnight. If you’re going to rely on security measures, first look at the image and maintenance.
- Hidden costs. The total cost of a commercial property usually includes the lump sum amount it took to buy or lease the space and the various costs that come with it. According to Entrepreneur, these “various costs” include rent, utilities, construction and/or renovation, moving, and other not-so-obvious expenses.
Because there can be hidden expenses, New York commercial real estate veteran Peter Riguardi recommends hiring a professional broker to help you understand your total outlay.
He says, “You have to look at the costs associated with the move, even restoration of the space you're moving from.”
- Parking. Parking seems like a minor convenience, but it can make or break a commercial property. The fact that there are more than 1 billion cars on the road means that parking is vital to business growth.
If you’re looking for a new space for your retail or merchandising business, consider where your customers will park. If not on-site, try to find properties with street or garage parking nearby.
If you run a distribution center or wholesale business, you also need to account for space for truck deliveries, too.
For more information on commercial properties and leasing opportunities for your business, contact Seamus Fitzgerald at 301-787-4050. You can also click on the button below: