When your business is ready to move into a commercial space, it’s an exciting time, but it can also be a stressful one because there’s so much to consider before choosing the right place to lay your hat.
Different businesses need very different things, and there is no one-size-fits-all approach to choosing the perfect space, but there are some helpful steps you can follow to find the best place for your needs.
Evaluating Your Business Needs
The right commercial space looks different for every business. For example, a technology company may need a space that can house a lot of workers and desks or large technical equipment, whereas a heavy-duty mechanic business would need larger access points, warehouse space and room for oversized machinery.
That’s why evaluating your business needs and getting really clear on what is vital for you in a commercial space is so important.
Make a list of the things your business couldn’t succeed without and use this as your base of non-negotiables when you begin to actually look at spaces for your business to call home.
Budgetary Considerations
Not everyone loves to talk about money, but when it comes to business, you have to. Knowing exactly what you can afford to spend without overextending your pocketbook is necessary. There’s nothing worse than finding and falling in love with a commercial space only to find out that it’s out of your price range.
Getting honest and real about the nitty-gritty of your finances and what you want to spend is important.
Creating a budget that incorporates more than just rent or mortgage payments is also necessary. When you have a commercial space, you’re also dealing with larger square footage, which can come with higher utility bills, maintenance costs and taxes.
Building out a realistic budget for these expenses and determining the top end you can spend while still leaving room for emergencies and reinvestment can help you find a space where your business can grow, not just survive.
Location Analysis
Location can also play a large role in price, so finding a space that offers the room and amenities you need while still being in an area that can properly serve your customers is a key balance to strike.
If being in the heart of the city is key, then you’ll have to be prepared for smaller square footage and higher prices. If your business needs a larger footprint or significant yard space, you’ll most likely need to look at locations further away from downtown cores.
Infrastructure and Amenities
The infrastructure and amenities your business needs to succeed are also important to consider.
If you need massive floor plans, space for large machinery and access for large vehicles, then your space is going to need very different amenities and a different location than a company that needs technology access, space for foot traffic or office use.
Legal and Compliance Factors
Finding a space that looks perfect for your business is one thing, but making sure you can legally operate there is another. Before committing to a commercial property, it’s important to understand its zoning and whether your intended business use is permitted.
Depending on your operations, you may also need to consider permits, building codes, accessibility requirements or other regulations that could affect how you use or modify the space. Checking these requirements before signing a lease or purchasing a property can help you avoid discovering costly limitations later.
Find the Right Space for Your Business
A property might check all your boxes on paper, but its physical condition can have a major impact on whether it’s actually the right fit for your business.
Consider the condition and age of major building components, along with any repairs, upgrades or modifications you may need before moving in. For industrial spaces, that can also mean looking closely at features such as loading access, ceiling height, electrical capacity, heating and the condition of warehouse or yard space.
Understanding what you’re working with before committing can help you account for potential costs and determine whether the property will support your business both now and as it grows.
Looking into what you really need
At CMS Real Estate, we take the time to understand your business objectives, operational requirements and challenges so we can help identify industrial and commercial properties that align with your needs. Our local market knowledge can help you compare your options and make informed decisions throughout the process.
Whether you’re a growing business looking for more space or searching for a property that better supports your operations, you don’t have to sift through countless listings alone. Tell us what you’re looking for, and our team can help narrow the search to properties that meet your requirements.