Top 5 things to consider before renting a commercial space
It takes a lot of time and patience to find the perfect commercial space for your business. Your chosen space would become a crucial part of your brand. If you are looking for a commercial space for rent, you must tread carefully through careful research and strategic planning. Here is an effective guide for you to smartly navigate the commercial real estate market.
- Know your budget: Like any other project, knowing what you can afford will save you a lot of time and hassle. While evaluating the rent payable for space, make sure to include the down payment as well. Defining your budget before looking for a commercial space for rent will help you stay focused on your needs and prevent you from renting something that you cannot afford.
- Know the amount of space you need: Map out the different workspaces and other areas that your business would need to determine the ideal square footage. Such calculations will help you target those properties which are perfect and within your budget.
- Pick the right location: Pick a location that is easy for your customers to access. Remember, a cheaper space is not a better option if your customers can’t have easy access to your store.
4.Consider the extra costs: Before you finalize a commercial space for rent, understand the matters included in the rent. It so often happens that the actual quoted rent is exclusive of expenses like additional repairs, installation of electricity, etc. Be clear as to whether the landlord is responsible for the above things and if he or she is, make sure they are taken care of in due time.
- Know your rights: Know that almost all aspects of a lease can be negotiated. Don’t hesitate to seek expert help you do not understand a lease term fully. And never underestimate yourself in the process of bargaining.