There are plenty of things to consider when looking for a new commercial property, rather than just value for money and location, which are the most obvious two.
Businesses that don’t consider every option could end up suffering, whereas businesses that have a great checklist of what they want from a property could end up gaining more revenue than ever.
Here are 5 of the most important factors to consider when looking for commercial property:
Location and Local Amenities
There are many different reasons why location is first on this list, as it is probably the most important. It will benefit your employees, your revenue and the day-to-day running of the business.
If you are buying commercial property to run a shop, then it is important to consider whether you’d get custom in that specific location. There is no point opening a bar in a non-residential area with a lack of transport links as most people would prefer to visit their local pub to have an after-work drink.
Gareth Morgan, MD of Liberty Marketing has said, “the location can really help with staff morale. I chose a place that would be near plenty of pubs so that the staff could go for a pub lunch or after-work drink.”
Transport links are important too, to ensure that the staff can actually get to work if they cannot drive or they are having problems with their car.
Start-up companies that are hiring graduates and those fresh out of college should really consider bus and train links, as they may not have their own car just yet.
On-site facilities can be extremely important, especially if you know you’re going to have clients in and out of the office – you of course want to have everything and more to accommodate them.
Commercial property that has meeting rooms can be beneficial, but if you know you’re not going to need them, this could be extra expenditure that you won’t need and it may be better to opt for somewhere with less space.
B Easy access to strong WiFi signal is also an important factor these days – most MDs/CEOs will check on how good the internet is in the area before investing in the property.
There are some also facilities that could add to the price of a property but could save you money over time. For example, underfloor heating could add up to 10% to a property but if you’re going to be there for a long while, you can definitely save that plus more on energy bills.
Leasing or Buying
You should think thoroughly whether buying your commercial property is the best option, or whether leasing suits you more. Furthermore, if you’re a new business, then leasing a place on a short-term basis would mean that it would be easier to restructure your lease later than if it was a longer lease.
However, for large companies that have been running for years and are continuing to grow, then it would be worth considering buying the property as it could prove to be cost-effective – especially if you plan on staying in that location for a long time.
Think about how many people will be working in the office, and then think about the parking outside. Is there enough space for everyone in the office to park without having a first come first serve battle each morning?
It isn’t just your staff that you need to think about, clients will be put off if they can’t park anywhere, especially if they can’t parallel park as well as others.