After a long search, most business owners will eventually find the perfect business spot. Naturally, visiting the location is very important and, as with a residential purchase, buyers should visit a commercial spot numerous times before buying or renting it. Aside from gut instinct, keep these tips in mind before jumping the gun and signing a Commercial Real Estate lease.
Even though it was difficult to find the right commercial space, take your time during each visit. You and any employees should finally feel comfortable there.
Four eyes see more than two
Take someone with you! Four eyes see more than two. And if the second pair of eyes ideally belongs to a reputable craftsman or a close friend, so much the better. When going through the property for the first time, potential buyers should check whether they feel comfortable in the space.
Also, the size and number of rooms should meet the requirements of your staff. Remember that empty spaces seem bigger. Make sure to get a copy of the floor plan. To avoid unpleasant surprises, it is important to clarify with the landlord or broker, how much space is included in the lease.
Whether you open a practice, an office or a shop, the crucial question is: are the rooms suitable for your business idea? Depending on the industry, people should pay particular attention to technical requirements such as Internet connection, electricity, light, heat insulation or sound insulation. Find out how flexible the landlord is (if renting).
During the visit, potential buyers should also consider whether the location of their business premises is attractive to potential customers and employees. Is there a multi-lane main road or a schoolyard nearby? Loud background noise could be disturbing during business hours.
Furthermore, is there enough parking available for the staff and customers? Depending on the industry, you may need a roll-down ramp or elevator. If necessary, check the property’s storage or delivery options.
How does traffic look in the area? Businesses with a high amount of traffic usually do better. How easy is it for suppliers to get to you? What about the equipment that comes with the commercial property? Do you have everything you need or can missing items be installed? Answering these questions may help decide if a property is right.