Choosing a location is one of the biggest decisions your business has to make. If you’re searching for industrial properties, it seems like they’re on almost every corner—so how can you find the right property for your company?
The right space is essential for all of your business needs, including shipping, packing, storage, hosting events, or providing workspace for your staff.
If you’re starting a new business, expanding, or relocating, there’s plenty to think about when looking for office space. To learn more, keep reading to find the top considerations when searching for industrial space for your business.
Consider Your Square Footage Needs
How much space does your business need? One of your first considerations when looking for industrial real estate should be size.
Think about the square footage of your current location to help you plan—ideally, would your business benefit from having more or less space? However, another big consideration is future company growth.
If your business has big expansion plans for the next few years, you won’t want to move warehouse space again. So, you might want to rent a larger space now that you can grow into.
When thinking about size, you’ll also want to think about storage and warehouse space, parking, and facilities like office space, kitchens, and meeting rooms, depending on your needs.
View Plenty of Properties
The best way to get a feel for what you like is to work out what you don’t like. Just as if you were buying a house, you want to see as many industrial properties for sale as possible.
To give you some starting point for your search, learn more here. There are a huge amount of industrial properties both for sale and lease, so companies have a wealth of choice.
Viewing multiple properties will also help you work out what sort of properties are within your budget, helping you see how far your money can go.
Location Is Key
One of the most important considerations for your new industrial property is the location. The perfect location will vary for each business, but know that if you’re looking for office space, you’ll tend to pay more the closest you are to the city center.
However, location can also be determined based on the needs of your customers—where are they located and which area would be most convenient for them?
If you’re doing plenty of shipping or transport, look for a location near a major highway or intersection as that can save plenty of time.
Work Out Your Maximum Budget
How much do you want to spend each month on rent? Or, if you’re planning to purchase a space, what’s your maximum budget?
Rents and sale prices can vary wildly, so budget how much you can afford to spend.
When signing a lease, one thing to keep in mind is that industrial leases can often be much longer than residential ones.
Your new landlord might want you to sign a multi-year lease. Make sure you’re ok with this before committing.
Renters do have some negotiating power, so if you’re being asked to sign a long lease, see if you can negotiate a slightly lower rent. The landlord will appreciate the security of a long contract, so they might be willing to accept a lower rent in exchange for not having their building vacant.
Does the Building Need Any Improvements?
Not every rental or purchase building is in perfect condition, so take the time to do a thorough inspection of the building before committing.
For example, in warehouse space, health and safety should be one of your biggest considerations. Will this building meet guidelines when it comes to fire safety, emergency exits, and hazard reduction?
If an industrial space needs extensive repairs, keep in mind that this can add considerable expense to your rental costs.
Ask Staff for Their Opinions
If you’re having trouble deciding on an industrial space, don’t neglect one of your most important resources—your staff! Your staff are the frontline of your business, so ask them what they’d like to see in their new workspace.
They’re sure to come up with new ideas and suggestions that you hadn’t thought of, which can help you narrow down industrial rentals.
Before starting the relocation process, you might want to create a survey that staff can use to give feedback.
Check the Building’s Zoning
If you’ve found a business space that looks too good to be true, don’t sign a lease until you check the building’s zoning.
For example, if you want to conduct a certain kind of business in a location, but it’s not zoned, then your company could be operating illegally. Never take the risk, as it could cost your business huge amounts in fines and penalties.
When purchasing a building, you’ll want to also check on the building’s history and hire a building inspector to ensure it’s safe and structurally sound.
Find the Right Industrial Properties With These Tips
If your business is in the market for industrial properties, use the tips above to start your search. When starting out, it’s helpful to create a list of your must-haves in a new property, along with things you’d like but aren’t mandatory.
This will help you narrow down the search and you’ll find the right property sooner.
Start researching industrial properties in your area today. Then, you’re sure to find just what you need for your warehouse, business, and storage needs.
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