How to Determine if You are in the Right Commercial Space for Your Business

As the new year is well underway you may have been considering if your current commercial space works for your business and if a new one might be better. Maybe you are thinking of expanding or even cutting expenses as your lease comes to an end. Here are some things to consider when deciding if your space is currently working for you or you should look into something that may suit your business better.

Size

"If you are in a building with lots of extra space that is not being utilized and have no immediate plans of growing into it, you are spending extra money that may be better used elsewhere." Kris Swierz Lynnwood Real Estate

On the other hand if your building does not have enough space it can be hard for you and your employees to comfortably function and get things done.

Location

"If you like your current office setup but it is just in the wrong area of town to continue to keep your business successful, you will need to find a new place in the part of town you need to be. Unfortunately you can’t just relocate your current building. This may take some time if you are hoping to move to a very desired part of town so start planning for this type of move early." - Joe Hayden Louisville Realtors®

More: Valuable Tips to Know When Purchasing Land for Commercial Use

Amenities

Many office spaces today are offering amenities as added benefits of leasing with them. You can find properties offering things like on-site dining, to close proximity to public transit, to reliable security, and even health and fitness centers or outdoor courtyards and rooftop spaces.

"If you feel your office could use a little life brought back to it searching for something with fun perks, or the possibility of adding in or offering perks if you want to own the building, is a great idea." Erika Rogers St. George Realtor®

More: The Different Types of Commercial Real Estate

Cost

"Leasing costs are probably the biggest expense your business pays out. If you are wanting to save money in this area it may be time to ask your realtor to help you negotiate a better rate, find a building with lower rates, or look into taking the plunge of owning your own space. These are all great things to discuss with your experienced real estate agent, and trusted accountant or financial adviser. Cutting costs and looking for ways to more efficiently do business are always important." Peter Westbrook - Cash For Your Home

Cost of Operations

What will your business need when it comes to operational costs and overhead? Will you need security, power, water, and what type of lighting will you need? This may determine the type of building or facility you choose. Consider daily operations. Walk through a day and see what you’ll need to operate efficiently. Make sure the operational costs are negotiated and approved before you sign any lease or sales contract.

Back-Up Systems

Similar to the cost of operation is the back up system of operation. What happens if the power goes out? Will it affect the way business is done? Will there be a back up system in place to make up for the loss? What about back up of the labor itself? Will this be a concern? – Bruce Simon, West Bloomfield Home Specialist

Looking for a commercial space in Minot or surrounding areas? We have an experienced team of commercial real estate agents knowledgeable in all things about the area to help you find just the right space. - Minot Commercial Signal Realtors