There are several things to consider when looking for a commercial space for lease. For new business owners, they will need to think about the restrictions and lease conditions of the property, and most importantly, the costs. The cost of leasing commercial space is usually the number one factor that will influence the decision of the business owner, but as we mentioned earlier, several more considerations need to be taken into account.
Here are some of the most important things to think about before you lease commercial space:
Of course, as a businessman, you already know the adage that “location is everything”, right? This will also depend on what kind of business you’re in. For example, are you a retailer looking for space to put up your shop? Perhaps what you need is more of an office space where you conduct business in conference rooms, not behind the counter?
If your business relies heavily on customer traffic, parking and security will be a few of the critical factors you will want to think about. Then again, if you do more business-to-business transactions than retail, you will want good connectivity and accessibility to transportation routes. Always consider the location first before everything else.
A commercial lease contract will typically include a clause which will describe the permitted use of that space. Take a careful look at the contract to make sure that you will be allowed to use the space and engage in all the activities that are necessary for your business operations. Take note: the permitted use clause will include all goods and services that your business will either sell or provide.
You should also consider any additional products or services that you might want to offer in the future. For example, if you’re leasing the space for your car dealership, would the lease allow you to put up a repair shop later on? Bear in mind that “permitted use” also includes industrial land for sale, not just commercial properties.
This is another crucial factor that some business owners tend to forget until it’s too late. When looking at a commercial space for lease, you should consider the other tenants that will be sharing the property with you, especially if you’re leasing space within a precinct or a shopping centre. What you want is a mix of tenants that should complement your own business, not compete against it.
Try to get an ‘exclusivity of trade’ clause included in the contract if you can, which can grant you exclusive rights to sell products or transact the business of a specific category in the commercial property you are planning to lease.
These are just three of several important factors that you need to take into account when searching for a commercial space for lease. You also need to consider the base rent and tenure, operating costs, insurance, utilities, repair and maintenance, and marketing or signage, to name a few.
If you’re in the market for commercial property for lease or industrial space for sale, Rivermakers is an excellent choice. It’s spread across 30 hectares of prime riverside property and is looking to become a premier precinct for forward-thinking business owners. Sounds interesting? Visit their website to know more.