How to Make Sure Your Industrial Property is a Good Fit
When you’re leasing an industrial property, you’re going to be there for a while. Although terms vary, commercial leases tend to last between three to five years.
You’ll also want to make sure your commercial real estate meets your needs while you’re there. To help make sure you find what you’re looking for when you’re looking at industrial property options, we’ve put together a short list of things to think about when you’re leasing an industrial property!
1. Determine Your Budget
Knowing how much you have to spend is an obvious place to start when you’re looking for an industrial property. That’s because it’s so vitally important.
There are no hard and fast rules as to how much you should spend when you’re leasing industrial property. Financial advisors recommend anywhere between 2% and 20% of your gross income.
That’s obviously a wide range.
The right amount of rent will depend on a few variables. For starters, is your business established or are you just starting out? This will play a big part in how much income your business brings in, which will impact how much you’re able to spend on your lease.
2. Estimate Size Requirements
The next step in evaluating commercial real estate for lease is to think about how much room you need. Then think about how much room you’re going to need over the span of your lease.
After all, you need to leave yourself room to grow.
You’ll also need to think about your business model. Are you going to have a showroom for your customers? Or is your setup more similar to a warehouse?
This answer will also determine additional considerations. If you have more of a showroom format, for instance, you don’t necessarily need to have your entire inventory on the floor at one time. You might be able to keep some in back stock or an additional storage facility if you need to.
This is less than ideal, however. There’s no need to pay more rent than you need to. It’s in your best interest to calculate how much space you’re going to need ahead of time. When in doubt, err on the side of caution as it’s better to have slightly too much space than not enough.
3. Understand Industrial Zoning Requirements
The third and final thing to consider when choosing commercial real estate for an industrial property is how it’s zoned. Zoning laws can be quite complex, so it’s important to know the legalities in your particular area.
Tampa Bay’s zoning laws lay out all the legalities around modifying your commercial real estate, for instance. It also specifies how much noise you’re able to make, which is important if you’re going to be doing any kind of manufacturing or using any kind of heavy machinery.
It even details rules around public art. If you’re going to be leasing commercial space in or around Tampa Bay, it’s imperative you go over the zoning laws when you’re leasing industrial property.
These three steps will get you thinking along the lines of finding the right space to really help your business thrive!
Looking For An Industrial Property In Tampa Bay?
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If you’re looking for an industrial property in or around Tampa, Florida, get in touch with us today!< Back to Blog