Finding the perfect commercial space is crucial to the success of any business, small medium or large. Taking your time to find the best location for your business can make all the difference, so it’s one of the most important steps that has to be done carefully.
The first part of the process will depend on the type of business you are establishing so you need to consider what is relevant to your business such as location, foot and vehicle traffic, available parking, availability of services and access and many other relevant factors.
Some businesses might be suitable in commercial centers such as office complexes, retail or strip malls, a business or an industrial park for example.
It’s important to consider the type of space you need and the location because this can affect the cost per square foot and the type of lease that is available.
Commercial industrial space tends to be cheaper than the more traditional form of commercial office space.
The first thing that a prospective business owner should do is complete a thorough check list which ranks your priorities and needs beforehand so you can eliminate a lot of wasted time viewing properties which don’t meet your needs.
You should also do a checklist of questions that will want to use to ask the landlord so you can consider the terms that the landlord will be asking for in respect to the lease. It will also better understand what needs to be negotiated so you can get the most favourable terms.
You may also have to consider a technical feasibility study to ensure that the space which you are looking for meets all your requirements.
You should also have a detailed budget drawn up so you fully understand what you will be able to afford.
It’s also advisable that you familiarize with a glossary of leasing terms so you understand what is being discussed.
Although there are variety of ways that you can research finding the space you need, you can perform a lot of work online.
Some of the things you can do beforehand is to research the demographics of the city in more detail so you have a better perspective of how to attract the clientele you wish to focus on.
Then, you are probably best advised to use the services of an experience commercial realtor who will perform much of the search for you which can be a big time saver. Take the time to research any commercial realtor you use to ensure they have proper experience and access to an abundance of properties so you have an assortment of choices.
Be carful about the leases being offered as even though you might want to be there for the long term, as a long term lease which is being offered might not be the best choice when you are just starting out.
If you are savvy about business leases and know how to negotiate for them, you can save a lot of money by doing so on your own because there is no commission to pay. This process should be done by a first time novice as an experienced commercial realtor can provide a lot of helpful advice especially when it comes to finding the best commercial space for your business.
The most important thing is to prepare yourself beforehand and apply patience to the looking process because as they say, “Haste makes waste.”
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