Calling all business owners: office and commercial space for rent maybe harder to come by in 2015. In fact, due to the economic upswing, commercial real estate agents say there were market gains in the third quarter 2014. This means that the right space for your business could be harder to come by and more expensive. As the market gets more competitive, what should you keep in mind while seeking that perfect business location?
Location
When you look for an apartment, you can afford to be just a little ways away from where all the action is happening. However, if you invest in business space for rent that is slightly removed from the “main drag,” you run the risk of failure. Walk-in traffic and visibility are important for many businesses. If you make the decision to sacrifice location for cost savings, be sure to invest in marketing to keep people coming in.
Amenities
Does the location you chose include parking? Do they maintain the kitchen or if the refrigerator goes out, is that your responsibility? Commercial space for lease offers a wide variety of amenities. It’s important to sit with your contract and budget out items that are not included.
Neighbors
Are the business nearby going to impede your business? Are you going to impede theirs? For example, if you are setting up a night club next to a day care, you might have some issues. When seeking retail space for lease, try a space that is surrounded by business who have the same customers as you but are not the businesses you will necessarily compete with.
Finding the right commercial space for lease could make or break your business. If you choose the wrong place and are forced to move, you run the risk of losing a big part of your customer base.