7 Things to Look for When Looking for Space for Your Business

Retail space in rochester hills

If you are looking to start a business or relocate then you will want to know of any commercial space for rent, no doubt. Finding commercial space for rent could be anything from a small retail space for rent to needing a large building for offices or some other large business space for rent. Whether you are looking for a small area or large, here are some tips for finding commercial space for lease.

  1. Rent
    Finding commercial space for rent is not very different from finding residential space. In both cases you need to set a budget and stick to it. Figure out how much you can afford to pay in rent, realistically. Keep in mind that you may be responsible for utilities, real estate taxes, insurance, parking and other fees such as maintenance or cleaning. You should also keep in mind that you will likely have to pay a security deposit up front.

  2. Location
    It has to be said- location, location, location. It may be a cliche but it’s so important. Where your business is located will determine what time of employees and customers you will get, as well as suppliers. There are some suppliers that may not deliver or mail to the area where you are; you’ll have to make sure your suppliers are compatible with the location you are looking into. Keep in mind the employee’s need to commute and if they will be willing to do so if necessary.If so, you may want to consider reimbursing for gas or train and bus fares.

  3. Features
    Once you have determined that you like where the commercial space for rent is located and that you can afford the rent, take a closer look at the physical features of the place. You need it to be big enough to fit everything that you want in but small enough to not feel empty. Especially if you are relocating your business, the size of the building is very crucial. Also make sure that you have all the features that you want or need in the long run.

  4. Lease
    The lease will depend on you, your credit, your business, the owner and many more factors. Before signing any dotted lines, make sure that the lease is in your favor. If you are starting a new business, you don’t want to stuck in a long term lease in case the business doesn’t work out. Shorter rental agreements or even month to month contracts are a better idea in that case.
  5. Surrounding Businesses
    Check out the businesses that are near the location you are considering. They should compliment your business. For example, if you are looking to open a daycare, then setting up shop next to a bar is probably not idea. However, a health care professional may appreciate being near a hospital or lab.

  6. Miscellaneous
    This could include anything from parking to security and other kinds of business needs. You should probably figure out what it is that you will require before hand, especially when it comes to things like parking because those measures will need to already be in place immediately. Security is something that you could implement if you are not happy with what is already provided.

  7. Potential
    Don’t limit yourself. Make sure that the space you are considering has the potential for expansion or growth within the next few years. You never know how your business is going to take off. If you don’t have room to grow then you definitely won’t. However, a new space could be just what you need in order to take off like a rocket.

You’ll want to ensure that whatever space you are looking at is adequately prepared to receive your business pretty much right off the bat. The reason being is this; the longer a building sits, the less people are interested in it. If you get up and running right away when you move in, then you will spark interest in the people that pass by every day. Don’t put up your sign until shortly before you are ready to open up shop, however. Anticipation is great but people get bored quickly. Use your commercial property for rent to your benefit and make sure that you attract positive attention.

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