Leasing commercial property can be daunting, especially if this is a first time venture. Many businesses usually lease commercial property to run their ventures successfully. Each business has its own unique needs so you must plan carefully before you find the best commercial space for your business. Here are a few tips to help you get off on the right foot and make your mark.
The Big 3 – ‘Location! Location! Location!’
It depends on the type business you have and whether you are a retail business, manufacturing, or offering a service. You want to find the best locale where you can maximize the service you provide to your clients. Your decision will also be dependent not only on the size of space you need, but what you need it for. Primary considerations include traffic (vehicular, walk-in or both), type of clientele, parking, ease of access such as parking, availability of suppliers, market access, and future growth.
Will you simply need a small retail outlet space, or do you need office space? What kind and size of storage or warehouse space will you need? Will you require specialized industrial facilities?
Then, there’s your budget. Basically, when you lease commercial space, you do so by the square foot. Different locations in Calgary are going to cost more than other locations. All these factors, plus what you can afford, influence where you are going to locate beforehand.
When you know what you need and what you can afford, then you can meet with a commercial realtor who tell you what they have available and the best locations that suit your individual business circumstances.
The Area Itself
Now that you’ve narrowed your options to one or more locales, you want to eyeball the area carefully. What are the city’s future plans for the area you’ve chosen? Is there going to be major innovations such as major road work that can affect traffic? Is it a high crime area? You need to learn about the demographics of the area and how they might influence your business now and down the road.
Next, you want to carefully examine the space itself that you plan to lease. How old is the building and what kind of shape is it in? Does it look well maintained and looked after? How will its appearance affect the customer niche you want to sell your product or service? How long will the space suit you over a period of time as your business grows? Are all the services you need available?
If you want to find out more, and get the ‘nitty gritty’, then talk to other business owners who share your facility or are established nearby because they know the landlord and they know the area.
Use Experts
Don’t just sign on the dotted line. Commercial leases can be complicated. You may want to have the lease reviewed by a lawyer. If you setting up a large enterprise, you might to have the lawyer do a Request for Proposal (RFP) to ensure you get the best deal possible. An RFP sets out what you want and can be sent around to other commercial brokers so you can get them to bid for your business.
Leases also contain a bunch of legal terminology so if you aren’t that legally savvy, a lawyer can better explain what you’re getting into. There can be unexpected surprises if you aren’t careful that can hurt your business plans before you even open the door.
Photo by Laura.Cattano
