4 Things to Consider When Looking for a Commercial Property

As the country slowly transitions out of lockdown, more businesses are considering returning to formal office spaces. However, finding a commercial property is often easier said than done. With remote working being an accepted reality these days, both small businesses and larger corporations are seeing an increased need to scrutinize contracts to find themselves a good deal.

If you’ve got the funds, there are numerous benefits of hiring a professional real estate broker specializing in tenant representation, such as the Jeff Tabor Group. Here are some important considerations that should come into play when choosing a commercial property for your business:

Location

The strategic value of being based in the right neighborhood or community should never be underestimated. If your business relies on foot traffic, it will be essential to be based in a popular area. Furthermore, you might require secure parking, depending on the nature of your business. If you are looking for property in a particularly popular part of town, it is a good idea to work with a broker who will be able to give you access to places that haven’t yet made it onto the market. 

Costs

The cost of your monthly rental of that space has the potential to make or break your business. Shop around to establish an acceptable rental rate for the area, or have a broker negotiate a deal on your behalf. It will also be important to read the fine print on your lease to determine what costs are included in the price. You’ll need to factor in the price of parking, operating costs, levies, and utility charges.

Investing in Furniture

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Depending on the terms of your rental agreement, your commercial space may be furnished or unfurnished. Therefore, it will be important to spend some time factoring in the type of design elements for your ideal office space as well as the associated costs. You may also decide to deck it out yourself to ensure your staff feels comfortable in their work environment.

The Terms of the Agreement

Depending on the type of commercial space you are renting and the nature of your business, you’ll want to establish who is expected to take care of various areas of the property’s maintenance. For instance, there may be common areas in the property that are shared by all tenants. Furthermore, security, landscaping, and cleaning are usually covered by the landlord or shared between tenants. In most cases, you’ll also find that the tenant will be responsible for internal maintenance within their leased space.

Finding and leasing a commercial property or space is no simple feat. You’ll need to invest a fair amount of time finding the right property in the right location. Subsequently, you’ll also need to analyze the rental agreement and design your workspace so it is conducive to the needs of your business’s staff and clients. By hiring the services of a reputable real estate broker, you can take a significant step towards reducing the stress associated with this process.

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