By Sleepwell Property Management Thursday, February 14, 2019
When your business is growing, relocating to a proper commercial space can be an exciting new chapter that can help propel your business forward. But determining your needs isn’t always a straight forward process. Choosing the right area should depend on a number of factors that can allow your business to scale and thrive. Learn how to determine your needs and find the best property for your company.
Write Down Your Priorities and Necessities
The right commercial space will, of course, vary depending on the type of business you operate. For example, if you own a retail store, the size and location in proximity to local foot traffic will be important. However, if it’s office space that you need, the location may not matter as much as the floor plan, open space, parking and general layout of the building. So first, think about what your priorities and necessities include for your particular business. Write them down starting with the most important factors. A big, modern complex may feel like an attractive option, but when you consider your list of priorities, you may discover it’s really not what you need to keep your employees or customers happy.
Consult With Your Team
Employees are an integral part of any business. So don’t be afraid to consult with your team and get them involved in this process too. This is especially true since your employees are a priority for your business’ success, and finding the right space really means finding the right environment for them to work and be productive in. Getting them involved will also show that you value and care about their opinion.
Determine Your Budget
Your budget will also be a major factor to determine your commercial space needs. Always have a clear understanding of what you can and cannot afford. This will help you narrow down your options and scope.
Do Your Research
Even if you have someone to assist you with the commercial property hunt, you should always do your own research on the areas where you’re considering, especially if you’re unfamiliar with them. Look at factors like the cost and what the rates are like in comparison to other buildings or neighbourhoods. Be sure you understand additional common area maintenance (CAM) charges and if they are applicable to the space you are looking at. Leasehold improvements may be a considerable expense in order for you to create the space you want and need – be sure to ask and negotiate what improvements the landlord will cover and which ones will be your responsibility. Also, find out what rent increases are planned over the course of the lease. Remember, this is a big step for any business, so you want it to be right. Get out and explore the areas, get a feel for them, ask other tenants for their opinion, and make some comparisons.
To help you pinpoint the best space for your business, give us a call at Sleepwell Property Management. Our team is highly experienced in leasing commercial spaces, and we manage properties all across Ottawa and Pembroke.