Many small businesses grow to the point that they need to rent a bigger space. A larger space is essential for business operations and owners need to be clear about their individual needs. Write down a few, definite objectives that can make the commercial property hunting process easier. Choosing the right space, will help your business grow and succeed. Bad locations can end up wasting time and money, causing you to move shortly after.
If you are considering a new space for your business, keep reading and let the commercial property experts at SSS Commercial Real Estate share our 4 things to consider before leasing:
1. Match the space to your budget: You should have a good idea of how much space you can afford. When renting a commercial space, you may also need to consider any service charges or other fees. Plus, even a perfect property may need to be modified to your requirements, so you should allocate proper budget for improvements and alterations. Be sure to consider just how much the commercial property is going to cost your business.
2. Match the space with the type of your business: Look at the requirements of your business and, in many cases, you may need to compromise some of the items on your wish list. Each business has a unique list of essential and non-essential requirements. If you choose the right commercial property, minimal investment is needed to adjust and upgrade what’s already in the property.
3. Match the space with the size of your business: When determining the size of the commercial space, you should consider whether it can accommodate your employees, customers, equipment and inventory. Provide real estate agents with estimate of your space requirements. Depending on your business requirements, estimation of required business space may range from 100 to 250 square foot per person.
4. Match the space with your growth projections: In many cases, you need to rent a commercial property because your first office space was no longer big enough. There is also the possibility that your business will eventually outgrow the newly rented space. It is always better to stick with the conservative side of growth projections avoid choosing a commercial area that is either too small or too large for your actual business growth.
For more information on Alaskan commercial real estate, contact SSS Commercial Real Estate today.
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