Searching for the right industrial space to lease can be a grueling process, particularly if you don’t know the ins and outs of the market. With so much at stake for your company, it is imperative to choose a space that efficiently meets all of your needs. Forgetting to consider even one factor can lead to costly mistakes down the line. We’ve put together some quick tips to ensure that your hunt goes smoothly from start to finish.
There are several different types of industrial space, so getting clear on which type meets your needs is an imperative first step in the process. Good examples of industrial property include warehouses, manufacturing property, and flex property (which is mixed-use). Within these three categories are other subcategories. Determine your company’s needs by taking a closer look at what your company is doing. Are you storing and distributing merchandise? Are you creating and assembling merchandise? Maybe your company does both.
Unlike other types of real estate, industrial space considers all of the dimensions of a building as usable space rather than just square footage. The height of a building will determine whether or not it will accommodate any machinery that you may be using. Floor loads are also an important consideration. They need to be able to support the weight of aforementioned machinery and other materials you will storing.
Electrical power is yet another key component in finding the right property. If you will be supplying electricity to larger machinery or many machines at once, you will need to make sure that you will not be blowing transformers as you try to run your business. If the landlord is unsure of this, take the time to hire an electrician to gauge the situation.
Once you’ve found the industrial space to be sufficient by your standards, you will need to make sure that it is up to government standards. The property should be zoned for that particular type of business. You should also make sure that the space complies with all federal and state safety standards for that particular industry.
If you’ve found that the interior of the industrial space meets all of your needs, it’s time to head outside. Take notice of the logistics of the exterior. Will there be room for trucks and other machinery to maneuver about the property? Also, make sure that loading areas are accessible and are big enough to suit your needs. Are there areas to park machinery and trucks overnight? Do other nearby businesses share this space?
As always, the location will be a key factor in finding the prime industrial space for your business. Pay attention to whether it is close to public transportation. Proximity to major highways will be an important factor as well, particularly if you are shipping products. Ensure that there is ample parking to accommodate all your employees. Getting familiar with the location will also help you to determine if there are any major competitors nearby.
In industrial real estate, there is no specific protocol as far as leases go. In other words, lease terms tailor towards specific properties, landlords, and leases. Hire an attorney to help you go through the lease and make sure that there aren’t any hidden expenses that you may be missing. Make sure you understand what is required of you as the lessee when it comes to insurance, utilities, building and grounds maintenance, repairs, et cetera. As with any commercial real estate, landlords are eager to have their space filled and time is of the essence. You may be surprised to find that they are willing to make concessions to get you into the space quickly.
Now that you know what kind of industrial space you are looking for, it’s time to work with the best to make this perfect space your new reality. At SVN | Graham, Langlois & Legendre, LLC, our team of dedicated Advisors specializes in commercial real estate sales and leasing. We are one hundred percent committed to you and with you every step of the way to ensure that the leasing process goes smoothly from start to finish. Take a look at our properties today and contact us to get the search started.