When looking for office space, industrial real estate or some other commercial property for lease, it’s helpful to follow some general rules to get the perfect property and the perfect lease agreement. Whether you start your search online or contact a commercial real estate agent for help, there are a few things you need to have in mind when you start your search.
Know What You Need
It is important to know how much space you are currently using in order to understand how many square feet you will need to move into. Your current lease should list the square footage of your space. Ask yourself if you need room for more employees or if you have unused space that would allow you to downsize in your next location. Plan ahead to account for expected growth in the next one to three years. You don’t want to be locked into a long term lease and run out of room in your space.
Take some time to consider what location factors are important to your business. Does your business need retail visibility on a road with a high traffic count? Do you need to be located near your current customer base? Is it important to be located close to where your employees live to reduce their drive time? Would you be willing to sacrifice having a prime location for rent savings?
Consider how urgent your need for new space is. If you have a few months before you need to make a move, you can take some time to find the perfect location. If you are in a rush, realize that you may need to be flexible with some of your preferences in order to find a space that is available right away.
While you are searching, keep in mind that you may need additional time after signing a lease for construction to buildout the space to meet your needs.
Get a Good Understanding of What is Out There
Even though you just spent some time narrowing down the specifics of what you want, you will want to start your search with broad parameters just to know that you aren’t missing out on a better deal. For example, you could find a space for a much lower rate just a block outside of your desired location.
Also, be willing to think outside the box if there are available spaces that are not ideal upon first glance. Consider space that may not currently have the exact layout you need but could be built-out.
There are so many places commercial property is advertised for lease. You can always start with a search engine but eventually you will need to narrow your search down to a Multiple Listing Service. Most areas have both a residential and a commercial MLS, also known as a CMLS. There are also national websites to browse, such as Loopnet.com and OfficeSpace.com. Don’t forget local buy and sell websites such as Craigslist.com.
So now that you know how to search for commercial property – stop. Don’t waste another minute searching. Realize that this is not your core business. You will not save money or be paid a commission for finding your own space. A commercial real estate agent has experience and expertise finding space and will not cost you anything. If you still want to search and send properties to a commercial agent for further investigation, by all means do so. But understand that there is no reason to go it alone. For more reasons why you should use a commercial real estate agent to search for space: https://southlandcommercial.com/using-cre-agent-office-space-rent/
Searching for commercial space can be overwhelming. To start your search on the right note, take a moment to outline what you will need in a new space, considering size, location, and timing. When evaluating the available options, be flexible and willing to look in multiple places. Most importantly, realize that there is free help for your search if you reach out to a commercial real estate agent who will represent you as a tenant.