10 Factors to Look for in a Commercial Real Estate Space

73 / 100
Commercial Real Estate

Choosing the right office for your business is one of the biggest initial decisions an entrepreneur has to take. There are a number of factors that one has to keep into consideration if one doesn’t want to mess it up. Simply because the office and location of the office can make or break the business. But one also can’t change the office every other day if one space doesn’t work out. The following ten factors are what every entrepreneur should be looking for in a commercial real estate space before buying it:

1. Location:

The right location is the best solution. Whether you are looking for an office building or space for your café, the location matters. Your office should be located in an area that is easily accessible to your employees. If they come to the office every day after travelling for a long time, they would be tired already and won’t be productive throughout the day. Your office should also be easily accessible for your clients. If you pick a remote location, you cannot expect your clients to make the journey to reach you.

2. Good Construction:

Has the building been constructed according to the construction rules? Is it an easier building to navigate through? Does it divide space among rooms nicely? Does it have an emergency exit way in an event of a fire or a natural disaster? These are some of the questions which should have positive answers before you can pick a space for your business.

3. Quality of the Building:

If a building is available at a very cheap rate, chances are it was made with low-quality material. When you pick a space for your business, you plan on being there for a while. But if the building is not constructed with high-quality materials, your stay there will be nightmarish. You don’t want to select a space that you have to get fixed every other week.

4. Parking:

Sometimes the most common things get ignored by people when selecting a commercial space. One of these things is parking. Whether you are looking for a restaurant space for lease or a building where you can shift your office, you will need parking, for your employees and your customers/clients. Without a good parking space, you will fail to attract or sustain customers.

5. Security:

You definitely don’t want to move your business to an insecure location. So, before selecting a space, it is better to make sure the area is secure. What are the security measures in place for the surrounding buildings and how has they served the spaces in the past? Answering these questions can help you select a space for your business.

6. Demographics:

Your business’s success relies heavily on the people who live near your office. You can’t start a clothing shop for working women in an area where most women are housewives. You need to do a little research before selecting a space so you can be sure you are moving to the right area. Your business will be able to succeed only if you choose the right demographics.

7. Size:

You might find a nicely built building but if it isn’t the right size for you, you don’t have to get it. An office space needs to fit in all your current employees and still have space for any future expansion of your business. You also need recreational space in the office and a meeting room to cater to your clients.

8. Price:

You can’t just rush in and buy a place if you can’t afford it after three months. Visit clopton capital to get details about commercial bridge loans. You need to consider, not only your current finances but also what your profits will be in a few months. Once you have taken every financial thing into account only then you can decide on a space fit for your business.

9. Internet Connectivity:

Your business can’t survive without the internet in this modern age, which is why you need to check that the area you are moving to has no Internet connectivity problem.

10. Renovation Costs:

Whether you need to do renovation straight away or after a few months, you need to know beforehand how much they will cost you. A good space won’t require frequent renovations and as a result, you will save money.

Office space is not something you choose every six months. It gives you and your employees a sense of home away from home, but only if you select the right space. So, make sure your decision is in the best interest of your business, employees, and clients.