A total of $18.09 and $35 per square foot. That’s how much you’re going to pay on average for retail and office space in the United States. That’s a lot of money, so you can’t afford to pick the wrong commercial space for your company.
If you’re choosing commercial space for your business, there are a few essential things you need first to consider. Keep reading to learn four factors that you need to consider when looking at options for commercial space.
1. Location
You might be able to get away with a remote business location in some cases. If you don’t rely on customers heading to your storefront, it doesn’t matter if you’re not in a central location. In most cases, this won’t be the case.
You need to find a commercial space location that’s central to where your customers are. People need to be able to easily head to your shop. You don’t want people to travel upwards of an hour to get to your business.
Getting a commercial space in the wrong location can seriously impact your company’s growth.
2. Lease Terms
The last thing you want when renting a commercial space is to get stuck with a bad lease. Even if a location looks great, a bad lease can ruin your chances of creating a successful business.
If you’re going for a long-term lease, have a lawyer look over the lease terms and conditions. They can dig into the details and tell you if there are any red flags.
Short-term leases from companies like a film studio rental aren’t as big of a deal. You’re going to use the space for a short time, so you can head to a better location pretty quickly if a location doesn’t work out.
3. Parking
If you plan to have a lot of foot traffic in your business, parking is one of the most important things to consider. Many commercial spaces don’t have a lot of parking available. If you’re in the city, you might get stuck with nothing but street parking.
Make sure the location you choose has plenty of parking available. Don’t only get what you need at the moment, either. Make sure there is enough space for additional customers and employees as you expand your business and have more people in your commercial area at once.
4. Pricing
While getting a space in a great location and reasonable terms are excellent, it isn’t everything. If the area you buy costs too much money, you won’t have much room to grow your business.
Make sure comparing space costs is part of your process for choosing commercial space. Try to get the most value for money so you have money left over to advertise and grow your company.
Now You Know What to Look for When Choosing Commercial Space
Choosing a property for business is a choice that’s hard to take back. You’re making a big investment and spending a lot of time on the process, so you can’t afford to make the wrong choice. Keep the factors above in mind when choosing commercial space, so you make the right decision the first time around.
Once you get your new commercial space set up, you can start pushing your business forward. Head back to the blog to find more tips that will help.
