subject: Considerations When Looking For Commercial Rental Property [print this page] When looking for commercial property to rent, be it for business expansion or for the launch of a business, there are certain considerations that should be born in mind.
Considerations
All the considerations should be dealt with before any contract is signed. This is done mainly to protect one from making any rush decisions that will be regretted later. The first and the most basic consideration is the cost of the property. Cost should be given ample consideration as you want to avoid the instance where the business is in place but cannot afford the rent. More often, when looking for property, most of us enlist the services of agents. In this case therefore, the agent you choose should provide you with information on the average rental costs in that particular area where you want the business based. Bear in mind that locations that are near business centers or public transport will always cost more. Out of town locations will be friendly to the pocket. However, depending on the business you want to run, gauge the suitability of this location to the prosperity of the business. That is, will the potential customers have easy access? Will the employees have easy access?
Additional costs
All businesses incur additional costs that were not part of the rental cost. Therefore, before you settle on a certain property, ensure that you know all the costs that will be associated with the property. These include costs such as maintenance of courtyards and entry-ways. In most business premises, these costs are shared among the businesses that have rented the premise. Other costs that a business can get itself into are property tax, utility payments, insurance and even trash collection. Ensure that you have a breakdown of all the costs that you are likely to incur before you can append your signature on any contract. Amenities will also determine the area you eventually settle to locate the business. For instance, some businesses thrive in areas that have high foot traffic. If your business falls under this category, research on the kinds of amenities that draw people to these areas. If you are hoping to attract the high end customers, make consideration for parking that is safe and big enough.
Facilities
An ideal property will house all the amenities that are needed for a comfortable working environment. These include facilities like restrooms, security and air conditioning. Before taking up any property, ensure that it has these amenities. No employee will want to work in a building that has no washrooms and to access one you have to go to another neighboring building! Also, find out whether there amenities, especially the washrooms will be shared with other businesses or if they will be yours exclusively. In today"s technologically advanced environment, businesses need to operate with a certain level of tech savvy in order to remain competitive. Therefore, another issue that should not be overlooked in regards to the amenities is telecommunications. Here you should check if the premise has the latest fiber optic cables installed for high speed internet access. Finding the perfect property for your business can be a tedious task. However, with the knowledge of what you are looking for, it becomes much easier!
