5 things to consider when searching for commercial property
Whether you are finding a commercial property for the first time or the hundredth, there are a number of key decisions that need to be made. We’ve listed five of the most important things that need to be considered when finding new premises for your business:
1) Location – It doesn’t matter if you are looking for office space, industrial units, retail, leisure or land, location is absolutely paramount. Retail space needs to attract walk-in traffic, while office and industrial space needs to be in a relevant location to suppliers, customers and similar businesses. Choosing the wrong location could leave you tied down to an area that isn’t suited to your business.
2) Cost – As with residential property, deciding on a budget, as well as whether to lease or buy, is a decision that all occupiers face. Think with your head instead of your heart and ensure you choose a property that your business can afford going forward.
3) Facilities – Depending on the nature of your business, it’s vital that your commercial property has the facilities to support your requirements. From opening a restaurant, to running a trade counter or starting an IT business, the features of a property need to be up to scratch and relevant to your company.
4) Dilapidation – What state is the property currently in? A property that requires work may be available slightly cheaper, but consider the costs of the refurbishment that needs to be undertaken. Choosing a property in a good condition is likely to be a little more costly, but ultimately less stressful and time consuming.
5) Growth – If you are considering expansion in the future, then the property you are looking for needs to reflect this. Consider whether the properties you are looking at will be able to support any staff or equipment additions in the future. It is equally important not to overcompensate with space, so try to strike the right balance.
NovaLoca utilises expert search technology, helping you to find the property that matches your exact requirements. You can search by size, location and property type, meaning you can zero in on results that are relevant to you.