Evaluating and selecting a commercial property for your business or organization is no small feat, and it can have an enormous impact on the trajectory of your organization going forward. Even so, there is no one-size-fits-all approach to finding the right property.
Instead, the process is highly dependent on your needs, priorities, and budget. But you don’t have to brave this potentially overwhelming decision alone. Today we’re diving into some of our best advice when it comes to choosing the perfect commercial property for your organization.
The first thing to consider is the location(s) you may want to move to. You should choose a location that is easily accessible to your target customers or clients, and that is in a safe and reputable area.
Accessibility doesn’t just refer to the availability of parking and proximity to other similar businesses that your customers may frequent. You’ll want to ensure that any property you’re considering as a move for your business has adequate accessibility for any customers who may have disabilities or other difficulties with getting into or out of your building.
Additionally, consider the reputation of the area you may purchase or lease a property. Whether or not you intend for them to, your customers, staff, and vendors will take the surrounding area into consideration when they think of your business or organization- so choose your location wisely.
Equally as importantly, you’ll need to ensure that the property you select for your move is big enough to accommodate your business operations and any projected future growth. It is imperative that growth is taken into account, because a purchase or lease is a long-term investment, and reselling or breaking a lease could result in major financial loss should you realize that you’ve outgrown the space too quickly. w
You should also consider the layout of the property, its current condition, and any necessary renovations or updates. Potential renovations will also play a part in the affordability of the space, and you’ll need to take those into consideration when calculating the costs of each potential property you look at.
Likely at the very top of mind when any business is deciding to make a move, price is often a major deciding factor in where a business chooses to purchase or lease property.
You should consider the cost of the property, but don’t neglect the other associated costs including property taxes, utilities, and any renovations or updates needed to make the space workable for your business.
You should also consider the potential return on investment (ROI) for the property, as well as any potential tax benefits. These may not reduce the sticker price of renting or purchasing a property upfront, but they will be benefits that will be helpful down the road.
Consider a Commercial Real Estate Broker
Choosing the right commercial property for your business is an important decision that can significantly impact your business’s success, and it’s important to carefully consider all the factors involved.
For many business owners, the process of selecting a commercial property is a necessary one, but maybe not one that they have expertise in. That’s where working with a professional real estate broker can not only level up the entire process but can take the pressure off of the business owner while all the details are handled expertly – Identifying properties, negotiating contracts, securing financing, etc. They’ll ensure your needs are met and that you understand the entire process.
No matter what you’re looking for, consider working alongside commercial real estate experts – like our team at Coldwell Banker Commercial Elite – to find your business’s next home.