Why Choose UsChoosing a Location for Your New Office, Retail, Warehouse, Medical, or Tech Space. Before you begin looking for an office, tech, medical, warehouse, retail space for lease, establish a price range and do not allow yourself to go above it no matter how much you desire the amenities and offerings or how much another party pressures you to select a more expensive space. Going above your budget will destroy your profit margins and potentially the success of your business.
Evaluating your daily needs for having a business office space will greatly assist in the often daunting process of choosing an ideal location. Selecting the appropriate office to rent and ideal location of a commercial office, warehouse, retail, tech, or medical space requires great consideration for your end goal.
The ideal location of office space to rent differs greatly from those of warehouse and retail locations. The general purpose of an office is primarily to provide a comfortable and safe work environment for employees and to conduct business in a professional setting. Choosing a location for a commercial office space should be more about your employees and business needs rather than your consumer. As previously mentioned:
“A happy employee is a productive employee. A productive employee makes for a healthy bottom line.”
If your employees and business are primarily based in highly specific geographic region, you should seek out office space in the same area. If you are in a larger city, this becomes less important as your employees, business partners, vendors, and others could live in any number of suburbs or outlying towns.
A few elements are critical for all employees. You should ensure you will be able to meet all state or national human resources requirements such as to provide ample restroom facilities, enough floor space per person to meet fire safety regulations, and to provide designated break areas as required by law. It will be important to also consider parking, proximity to public transportation, and areas for alternative modes of transportation such as scooters and bicycles.
More employees are becoming environmentally involved. If you choose locations conducive to this growing way of thinking, you will not only increase employee satisfaction, you will make your company more attractive than the competition in the eyes of today’s top talent and consumers alike.
Some people must drive regardless of your office location for a number of reasons. You should choose a location with adequate parking spaces not only for your employees, but for any businesses in the same building as your office. Be certain enough parking exists for everyone in all offices.
Find a location that will have a minimal commute for most people regardless of where they live in a town or city. This will enhance the quality of life of your employees by allowing them to spend more time at home and less time on the road. This will also appeal to top talent.
Common misconceptions when leasing commercial real estate
Leasing Tip #1: I have secured the perfect location, so I should ask for the longest lease possible.
People have short attention spans today and trends change faster than ever. You must be able to adapt to such shifts to survive; therefore, you should try to negotiate a shorter lease rather than a longer lease with the option to extend the lease at a reasonable increase in rent if you choose to stay.
Leasing Tip #2: You will grow into your space.
Often times, profit margins are far more fickle in retail than in other industries. It is important to evaluate your 5-year plan and to create a 5-year financial projection to determine your exact needs. You should consider product or service expansion and client growth to determine the exact space you need now and the space you need in 5 years. If you have empty space in a retail location, you are most likely losing money. Choose the proper-sized location for your existing needs and consider ways to expand the space for the future.
Leasing Tip #3: Selecting the right space will automatically make me money.
Even if you have selected a great space, you will still be required to make an effort in marketing to attract customers. If no one is aware of your location or organization, they cannot visit to make purchases. Marketing is an essential part of any successful business.
As long as you consider your needs for an office, retail, warehouse medical, or tech space and its location, the best approach to negotiations, and the general tips and misconceptions of the retail real estate industry, you will be certain to find the optimal retail location for the needs of your company.