Perhaps decades ago, it was more common for business owners to buy their office spaces outright versus renting them. But that’s not really commonplace anymore. Part of this, of course, is due to the changes in the real estate market. But in many ways, business owners now see that whether they’re looking for an office space, a retail business space, or a warehouse space, renting is much simpler than buying. Yes, it’s true that there are restrictions associated with renting in terms of what you can and can’t do to a building. But buying is quite a risk, especially for small business owners. Say, for example, that the worst case scenario happens and you have to close your business — what do you with the space that you bought? It won’t be an easy sell, most likely. Or what if the best case scenario happens and your business expands to the point that you have to move? Either way, you’re left with a space that is rendered useless. As such, looking for an office space for lease — or any commercial space for lease — is a better option than buying in most cases. But there are still some things you should consider when looking for that space. Below, we’ll look into some of the things you should keep in mind when on the hunt for a commercial space for rent.
1. Location
Did you know that 89% of American investors are interested in putting their money into real estate? On the bright side, this means that there is a large number of spaces on the market currently. However, figuring out where you want to rent can be overwhelming. Every business owner will have a general idea of where they want to be, but the devil is in the details. For example, you need to keep employees in mind. Even if you’re renting a warehouse, you want to be close enough for your employees and potential employees to be able to commute to work from a reasonable distance. This is even more important when it comes to looking for an office space for lease. Office workers are not going to want to drive an extremely long distance for work. An office space for lease should also be in a more suburban area, ideally in a place as safe as possible. You want your employees to feel safe walking to their cars at night. When it comes to retail spaces, of course, you want to ensure that your space is noticeable to potential customers.
2. Terms
Working with a landlord with a commercial space is different from renting a home. Your landlord may expect you to be more responsible for things like cleaning and maintenance; however, as they do own the space, there should be responsibilities on their end as well. In this case, you should feel like both parties are able to consult with a real estate agent. After all, 49% of people interested in real estate investments indicated that they would like to be able to consult with a real estate agent on terms, and 47% indicated that they wanted payment advice from real estate agents. Both the landlord and the tenant should seek advice not only from real estate agent, but potentially lawyers as well. There is more of a commitment expected in many cases when you’re, say, looking for an office space for lease versus a house for lease. Don’t take it lightly.
3. Accessibility
Here, we aren’t just talking about making the space accessible in terms of commute. It’s important that businesses make their spaces accessible for disabled employees. This isn’t just a matter of creating a good rapport with employees — many states have laws in place to protect the rights of disabled employees, and this most definitely applies to their ability to work in a safe and accessible environment. If a space isn’t fully equipped in this respect, you should either pass on it or figure out how to make the necessary changes.
