Looking For A Commercial Property To Lease? - Here's Your Checklist

Published: 14th March 2011
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You would like to start your business? You have planned on the type of your business which you want. You'd 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 industry that you've selected, it is best to ensure that everything is ready. Finances: check. Suppliers: check. Manpower: check. Place 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 more effective to rent a commercial property for your company rather than to buy, that will entail greater cost and may take longer to find. In order to get the most benefit from renting a commercial property, take into account the hints below:

Size

The size of business space that you would like to rent must be proportional to the size of business that you would like to start. You must consider the number of individuals that needs to be accommodated in your business. Always consider not just the present, but the potential development, that will also mean additional requirement for space. Remember that some commercial properties offer conditions for expansion if required.

Budget

Usually, a smaller office will definitely cost less than a bigger one. A commercial space in a city will surely have a higher rent compared to a space in an urban area. Will there be deposits or extra costs? Having these in your mind, you will surely need to examine your budget before you sign that leasing contract.

Location

The position of the commercial space must be suitable for the business that you have in mind. You should take into consideration the clientele that you're going to cater for. The proximity to the clients or your market should specify your choice of office address. Safety, accessibility and convenience are the three most important things that must be taken into consideration in selecting your commercial space.

Contract

Most, if not all leasing contracts of business or commercial spaces are usually longer in comparison with residential ones. Ensure that the right terms are mentioned and well-defined on the contracts between you and the exact property owner. Most contracts are subjected and opened for review at a certain time, during which the changes on the agreements may be mentioned and amended according to the parties' discussions.

Parking

At this point in time, cars are considered an absolute necessity. Ensure that your commercial space may have a safe and large car parking area to support all your clients and staff.

Amenities

Is the air conditioning system good enough? Will you need to improve the lighting or internal decoration to suit your business? Will you be renting a completely furnished commercial space or do you need to bring in equipment and furnishings? These are queries that may help you decide if a location is good for your business.

Security

Are the fire escapes, fire sprinklers and fire alarms working properly? In the case of emergencies, will the evacuation routes lead your people to safety? It's very important that you ensure to check for the safety compliance records of the commercial property, not just for your own safety, but for your customers and staff also.

Now, have you completed your check list? Those already mentioned are just some fundamental things that you have to think of before signing and agree on that leasing contract. Choosing a commercial space may sound simple, but surprisingly, the success and growth of your business, could depend on your selection of commercial space. Happy Renting!


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