7 Tips for Finding a Commercial Property for Rent
Whether you are putting up a new business or relocating to a new office, finding a commercial property for lease can be difficult and time-consuming. But with a little research and patience, you can definitely find the right space for your business. To help you, here are some tips you should consider:
- Decide Whether You Want a Long or Short-Term Lease
The first thing you have to do before even looking for a commercial property to rent is to identify whether you’ll be leasing for a short or long time. If you simply want to try your market in a certain location, then a short-term lease may be best for you. In case your business doesn’t work out, you can easily move to a new place. And if it succeeds, you can always renew your contract.
However, if you believe that the commercial property and its location are perfect for your type of business, then consider a long-term lease. Most landlords would actually prefer if you’ll enter a long-term lease agreement with them because of security and financial reasons.
- Ask for Suggestions or Recommendations
One of the easiest and fastest ways to find a commercial space for your business is by asking your friends or family members for recommendations. If you personally know some leasing agents, you may also ask them for help.
Simply give them an idea about the property you’re looking for, such as how big it should be and where it must be located. They might just know a space that fits your requirements.
- Search the Internet and List Down Your Options
You can find almost everything on the internet. Simply search for “commercial property for lease” in a search engine and you’ll definitely find many listings. You can also add a location to narrow down your options. All you have to do now is to write down the properties that might be perfect for your business.
However, you should be more careful when using the internet, as it is not always reliable. Always dig deeper and make sure you’re looking into legitimate sources.
- Schedule an Appointment to Visit the Place
Once you’ve narrowed down your options to at least three or four, consider setting up an appointment with the landlords or owners so you can visit the properties. This way, you’ll be able to check the space personally and see if it fits your business needs. Make sure as well that the commercial space is strategically located in a place where most of your customers are living.
This would also be the perfect time to ask or clarify anything you want with the landlords. You can discuss the cost and your rights as a tenant.
- Make Sure Your Budget Is Enough
Relocating or opening a new business is expensive. So, make sure that you’ll be able to afford the monthly rent of the commercial property. If you can, try to estimate your incomings and outgoings. This way, you’ll be able to determine if your budget will be enough to cover your monthly rent.
- Ask Your Employees’ Opinions
If you’re relocating your business, don’t forget to ask your current employees if they’re okay with the move. Ask them if the new location is convenient for them or if they feel safe going to the new office. By doing so, you’ll know if you’re going to lose any of them.
However, you may want to ensure that you’ll be keeping your employees. You wouldn’t want to add more stress to yourself looking for new staff or workers.
- Don’t Forget to Review the Contract
Understanding a lease contract can be confusing. So, before signing, consider having it reviewed first by an attorney who specializes in commercial real estate law. This is to ensure that you understand what you’re committing yourself to. Your lawyer will also make sure that whatever is written in the contract is fair for you.
Rent a Commercial Property for Now!
By following the tips listed above, you can surely find a commercial space to lease faster and easier. In case you want to learn more, feel free to reach out to a leasing consultant or agent. You may also speak with a business coach for more advice.