Renting commercial real estate for a business could be daunting. It is far more tedious than renting a home. This is because there are so many factors to consider. When buying or renting a home, you only have to consider your family. But for a commercial space, you have to think about your clients, your employees, proximity to raw materials, proximity to storage units and other factors.

But there is no need to worry, in this article, you’ll be provided with tips that will help you find the right commercial real estate that you can lease for your business.  

1. Have a shortlist:

Before starting your hunt for real estate for your business, have a shortlist of possible buildings and locations. This will help you narrow down your search and save you a lot of time. After you have gone through the buildings and locations on your shortlist, you can modify the list and add new locations to the list.

2. Have a budget:

It is important to have a budget. Commercial real estate can be quite expensive. And of course, it is easy to get dazzled by some nice skyscrapers and fork out more money than your organization can afford. Before searching for an office location, sit down and create a budget. Estimate how much your company can comfortably afford to pay without making losses. Remember that there might be some other expenses like relocation costs, agent fees, attorney fees, legal fees etc. Take note of all these and factor them into your budget. Also, ensure that your budget is as flexible as possible. Nothing is too sure.

3. Keep your employees involved:

The happiness of your employees is imperative to the success of a business organization. If your employees are not happy with the new location, their morale will go down, and their productivity and creativity will reduce. Consider a location that your employees will love. Look for a location with a good transportation network and a place that won’t be too far from their homes. Create surveys and distribute them in the office. Also, have meetings with your employees and be open to suggestions. Ask them for suggestions on possible locations and buildings that will be fine. Don’t make the search process a one-man thing. You can even take some employees along with you when you go to inspect properties.

4. Select a good location:

Like you might have heard a lot of times, “location is key.” The location of the commercial real estate you decide to lease is important. You don’t want to have a location that is inaccessible to your clients. Look at your current and potential clients and estimate how well the new location will bring in new business. Also, as the previous tip mentioned, the location must be favorable to your employees. The new location must be accessible to your distribution network, it must be close to your storage unit if you have any, and it must be in a good place that will leave a positive impression on anyone that visits it.     

5. Hire a broker:

It is imperative that you hire a broker when you are looking for commercial real estate. A broker is an agent that works in your best interest and gets you the best deal possible. You might want to avoid paying extra money for the services of a broker, but the money you will save will be worth it. The broker is well aware of current market conditions and will help you manage negotiations.  

6. Hire a lawyer:

Before leasing office space, it is important that you hire a lawyer. A lawyer will go over the fine print and ensure there is no hidden term and condition that will handicap you later. No matter how much you think you know, commercial real estate agreements have a lot of legal loopholes than what you know. A lawyer will look for hidden charges and explain all subleasing clauses, co-tenancy clauses, exclusivity clauses, renovation clauses, rent increases, operating expenses, renewal terms, casualty expenses etc.

Conclusion

If you are just starting your business or you need to expand your business later, there will be need for you to find commercial real estate. With the tips explained in this article, you won’t have problems finding a good piece of real estate for your business organization.