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What You Need to Consider Before Renting Commercial Space

commercial space for lease

Starting a business is an exciting journey that most business people find unforgettable. If you’re a beginner, a lot of things will overwhelm you. But that should not worry you at all. Business is a risk, and countless possibilities might happen in the future.    However, it’s essential to be innovative in creating your business plan. Apart from preparing your marketing strategies, you also need to find commercial space. Your business location will play an essential role in attaining your business goals. So if you’re not quite sure how to find commercial space for your business, you’ve come to the right place.

Research

You can find almost anything you need to know on the internet. Don’t settle for one or two options. Broaden your search and compare the commercial properties you find. Collect as much information as you can. Take note of the floor area, average cost, and type of commercial space to rent. There are three types of commercial space: retail, industrial, and office. Check which among these types suits your business before deciding. It would be best if you dedicated enough time researching a commercial area to get the perfect space.

Check your Business Needs

Businesses have different needs, and these needs require different types of commercial space. Always think of the actual space that your business needs. We’re not only talking about the interior space of the commercial area. You must also check the outdoor areas like the parking space and road access. Before signing a contract, make sure that the facility meets all necessities.

Zoning Regulations

If you find the commercial space that you’d like to rent, expand your research a little more. Ask the lessor about zoning permits and regulations. Doing so will save you from legal issues in the future. Check if other projects near the commercial space don’t have any legal problems.

Building Regulations

At first glance, some commercial properties look attractive, but don’t decide right away. Make sure that the building is following safety standards. Ask if it underwent the testing, adjusting, and balancing (TAB) process. The TAB process is vital to ensure that the HVAC systems of the building will work perfectly fine.

realtor shaking hands with a client

Hire Professional Help

If you are having a hard time negotiating with the lessor, hiring a professional will help you. They can give you other options to choose from. All you’ll need to do is to pick the commercial space of your liking. However, you’ll have to pay them for their service, which might hurt your pocket if you’re working on a budget.

Put Everything in Writing

One of the common mistakes of business owners is being too trusting. Whether you’re renting commercial space from a friend or not, always have a contract. The contract should include all the conditions and essential details. Both parties should sign the agreement and must have their respective copies. If possible, invite two witnesses and a lawyer as well.

Examine the Timing

The thing about business is that it’s like a journey. It will take you to different adventures every single day. Your business will sometimes flop, but it will overflow with customers other times. So before signing your leasing contract, examine how fast your company might expand. The truth is, most lessors offer discounted prices for long-term rentals. Quite frankly, a discount is a good thing if you’re trying to save money. But the question is, what if your business grows too fast, forcing you to move to a much bigger location? If this is the case, renting for a short period might be the best option.

Consider Space Remodeling

There will come a time when you’ll need to make minor and major renovations in the commercial space, but that is something you can’t do without the lessor’s approval. So while you are still trying to negotiate and finalize everything, make sure to include commercial space remodeling in terms of the agreement.

Budget your Expenses

Before leasing commercial space, make sure to know the limits of your budget. Remember that you’re not only going to pay for monthly advances but for other expenses as well. The tenants commonly pay these “expenses” while they are renting the property.  Some expenses that you need to consider are property taxes, building insurance, common area maintenance, utilities, and small renovations.

Searching for commercial space may seem like an easy job, but it’s not. You’ll need patience and dedication before you find the perfect commercial space for your business. You must take this task seriously, as the location of your business can either help you grow bigger or lead you to bankruptcy.

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