Looking for a workplace commercial property? Here’s what you should know

Looking for a workplace commercial property? Here’s what you should know

In March 28, 2018
workplace-commercial-property

If you’re thinking of buying or renting a commercial property, there are a lot of nitty-gritties to know about and keep in mind. We’ve put together dos and don’ts and a basic guide that will help you evaluate your situation and property requirements. If you’ve already decided whether to purchase or lease a property, your job is half done. But, there’s the other half that is important, too.

Risks related to location:

The location that you choose for your business plays an important role in the overall business performance and image, too. A property in the most happening commercial area of the city will surely bring returns, but again, today’s hot commercial district, might turn into a dull neighborhood a few years down the road. Hence, it is advisable to seek expert help in deciding the location.

Do not miss out on added costs: Buying or renting a property, never ignore the added expenses and costs. Regular repairs, unexpected repairs, maintenance expenses and other hidden or not-so-hidden costs can create a major imbalance in your balance sheets. Hence, consult an accountant and a property consultant on these numbers at the beginning.

Connectivity and transportation:

Believe it or not, in today’s time-constraint world, and need for convenience attitudes, businesses may lose out on lucrative business opportunities and expert employers just because of bad connectivity or transportation issues such as: no public transport connections, expensive transport options and lack of infrastructure in the location. Consider the future developments and the convenience of all the participants involved in your business.

Physical condition of the building: It is important to assess the physical condition of the property. Measure the wear and tear, damaged spots that need repairs, potential liability issues, environmental surroundings, basic factors such as paint, electrics and more. And trust us when we say this is not an easy task. It is the job of an expert contractor.

Uses and limitations of the space:

Different businesses have different requirements, and different spaces have their own dos, don’ts and limitations. Make sure the zoning allows you to carry on your desired activities. For example, some zoning laws and building codes might not allow you to have a pantry within your office space. These are factors that should be kept in mind when deciding the property that is to be purchased or leased.

Limitations of exterior and interior:

Each building and location comes with its own rules related to exterior and interior alterations and possibilities. A number of green buildings might not allow your office to have multiple air conditioners, or you may not be able to change the glass of your windows. If the building is too old, you may not be allowed to make changes in the interiors where repairs are involved. These are factors that are the expertise of architects and engineers. Consult a good team of experts when making a commercial property decision.

Access and parking facilities:

Is there provision for access and parking for everyone? Do all your employees get parking space? What about the visitors? And how easy or difficult is the access to the building? A building of your choice may be part of the most happening business district, but it is going to take a person several U-turns and directions for a newcomer to reach your office, you’d rather look for a spot that is easily reachable.

Mortgage and broker related matters:

Mortgage and lender brokers can help you sort through the many options for financing and accounting matters. Commercial properties bring with them a long list of compliances, certificates, permissions and mortgage rules and regulations. This is one area that you do not want to go wrong at. You want a clean report and hence taking the help of an expert is advisable.

Recreational facilities in the neighborhood:

All work and no play make Jack a dull boy. Yes, your business space is for work, but today’s millennial employees do consider other factors such as food, restaurants, coffee shops and recreational activity areas around an office when making professional decisions. It is a matter of convenience and you must consider these factors as important. A little bit of research and scouting around the chosen location will help you a great deal.

Opportunity for expansion or leasing:

The future is unpredictable. Your business might want to expand or move locations a few months or years down the road. Is your chosen property going to be easy to lease out or return to the owner? Are there hidden limitations in your contract? If the property is owned by you, will it fetch you good returns if you resell it? This is the expertise of your real estate consultant, who, with market knowledge, will be able to guide you in the right direction.

Due diligence:

Once you have decided to lease or purchase and finalized a property, things are going to get serious and real. You must follow the processes of due diligence. This is the process where you double and triple check if all the information provided to you by the seller or owner of the property is true. Contracts, reports, restrictions, rules, added expenses, expenses of the transaction, legal matters, and other such aspects relating to the property must be thoroughly checked by an expert.

Looking for the right commercial property is more than just selecting a good, spacious and vibrant location. It is more about involving the right people – advisors, accountants, engineers, architects, investors, appraisers, environmental analysts, legal experts, litigation and insurance experts or agencies, and more experts working in the real estate consultancy. A consultancy firm that offers all these services to their clients is like hitting a jackpot. It eases your stress and worry and you’re assured of quality and professional services.