Making a commercial real estate purchase or signing a lease for a space are big investments in your company. While it’s easy to focus on the cost of the transaction, there are other things that you have to think about when you’re trying to decide if this is best for the business.
If you have a short list of properties that you’re considering, looking closely at these three points might make the decision a bit easier:
#1: Location and surrounding area
The location of the property is important because you need to have a traffic flow that can support the business. The surrounding area will ideally include a suitable workforce that can help to keep your company moving forward. While some employees may travel from farther distances, it’s unlikely that many will opt to do so.
#2: Layout and fit for your business
The layout of the building, parking and surrounding land all play a role in how suitable it is for your company. It might be possible to have a leased property built or remodeled to your specifications but be sure that you have this in the contract if you’re renting.
#3: Zoning and quality of construction
Zoning of the parcel is important because it directly impacts whether your company can operate out of the intended space. The quality of construction is important because even if the building is in a good location, it might not be able to withstand the normal wear and tear of your business if it’s not built well.
Making sure the contract you have in place for your commercial real estate is in your best interests is important. Having someone on your side who can look over things for you and ensure that you have it all covered can help to reduce the stress of the situation.