Things To Look Out For When Renting A Commercial Property
You would like to start your own business? You’ve planned on the nature of your business which you want. You would like to start it right at this very moment…
Now that you have decided that it is the perfect time to open and serve in the market that you have chosen, it is best to make sure that everything is all set. Finances: check. Suppliers: check. Manpower: check. Location of business: none yet. Oops! You have missed one important factor when starting the business. Yes, the commercial space.
In the current economic condition that we are in, it is most practical to rent a commercial property for your business rather than to buy, which will entail greater cost and will take more time to find. To get the most benefit from renting a commercial property, think about the tips below:
Size
The size of commercial space that you would like to rent must be proportional to the size of business that you want to start. You should consider the number of individuals that needs to be accommodated in your business. Always take into consideration not only the present, but the potential development, which will also mean extra need for space. Keep in mind that some commercial properties offer provisions for expansion if needed.
Budget
Usually, a smaller office will cost lower than a bigger one. A commercial space in a city will surely have a higher rent compared to a space in a metropolitan area. Will there be deposits or extra costs? Having these in mind, you will surely need to examine your budget before signing that leasing agreement.
Location
The position of the commercial space should be suitable for the business that you’ve in mind. You must always consider the clients that you’re going to cater for. The proximity to the clients or your market should determine your choice of office address. Safety, accessibility and convenience are the three main things that should be taken into account in selecting your commercial space.
Contract
Most, if not all leasing agreements of business or commercial spaces are generally longer when compared to residential ones. Make sure that the appropriate terms are mentioned and well defined on the contracts between you and the exact property owner. Most contracts are subjected and opened for evaluation at a specific time, during which the modifications on the agreements may be discussed and amended according to the parties’ discussions.
Parking
At this point in time, cars are taken into consideration an absolute necessity. Ensure that your commercial space will have a safe and large car parking area to support all your staff and clients.
Amenities
Is the air conditioning system good enough? Will you need to change the lighting or internal decoration to suit your business? Will you be renting a fully furnished commercial space or do you need to bring in equipment and furnitures? These are queries that may help you decide if a place is perfect for your business.
Security
Are the fire escapes, fire sprinklers and fire alarms working fine? In the case of emergencies, will the evacuation paths lead your people to safety? It is of utmost importance that you make sure to check for the safety compliance records of the commercial property, not only for your own safety, but for your clients and workers as well.
Now, have you completed your checklist? Those mentioned above are just some basic things that you need to think of before you sign and agree on that leasing agreement. Choosing a commercial space may sound simple, but surprisingly, the achievement and development of your business, could depend on your selection of commercial space. Happy Renting!
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