There are a number of considerations that every company needs to think about before deciding to rent commercial property, from selecting the correct location to identifying which type of commercial property is the most suitable for their business.
Choosing a commercial property to rent is without doubt one of the most complicated decisions any business owner will have to make.
Below I have listed a few handy tips that will ensure you choose the most suitable commercial property for your business.
Perform a thorough inspection of the property
The first thing you should do is undertake a thorough inspection of the office that is up for lease. Many people will say that a thorough inspection is not necessary as they won’t be living there.
This is far from the truth, because this is an inspection of business premises it is just as prudent to examine as a residential property.
Is there adequate space for your business to grow?
When choosing commercial property you must consider not only your immediate needs and requirements, but also the growth factor and other factors that could change the amount of space required for your business over the course of the lease.
If you don’t have the initial budget to allow extra space for your business to grow, it is recommended that you try and negotiate a shorter lease term that will give you the first right of negotiation on any larger space that becomes available.
The financial commitments
- An initial deposit, this is usually equivalent to between three and six months’ rent.
- Standard rental costs.
- Any service charges
- Utility bills
- Repair and maintenance bills
- Stamp duty, this is payable on all commercial property leases
- a premium required to purchase the lease
Will you need to obtain planning permission?
When the landlord of a commercial property says that you can use his property for a particular type of trade, he does not necessarily mean that you have the planning permission in place to start trading from there.
The planning history of the commercial property that you intend renting will be of relevance as this will decide whether a change of business use is needed before you are allowed to start trading.
It is recommended that you contact your local authorities planning department to confirm your position on the matter.
What is the situation with parking?
It is important that you consider the amount of parking spaces available at your proposed commercial property location, as well as any potential costs to be paid by customers and employees.
If space for parking is squeezed, is there an alternative place where your employees can park so your clients get the most convenient parking spaces?
Validating your clients parking tickets is a good idea, but this will need to be worked around your budget.
If your employees and clients find it difficult to park, they may not stay your employees and clients for as long as you might hope.
This is without doubt, one of the most important aspects when it comes to deciding which commercial property to rent.
Are your customer’s located nearby? It makes sense to choose a property in a location your clients can easily get to you.
Not only should you consider the requirements and needs of your customers, but also any needs that your employees may have.
Your staff won’t appreciate a lengthy drive to work every morning, having to go out of the way to get lunch may also be frustrating for your employees.
The perfect commercial property should be located within 5 minutes of a bank, convenience store, and a post office.
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