The Top 5 Questions To Ask Yourself When Considering A New Commercial Property
Choosing the right commercial property for your business is a decision that should not be taken lightly or quickly. There are a number of factors to consider when making this decision, and taking the time to do your research upfront will pay off in the long run. To help you out, we’ve compiled a list of the top 5 questions you should ask yourself when considering a new commercial property.
1. What is my budget?
Commercial properties can vary greatly in price, so it’s important to have a solid understanding of your budget before beginning your search. Consider all your expenses, such as rent, furniture, signage, commercial liability insurance, and more. Keep in mind that there may be additional costs associated with commercial properties, such as repairs or renovations, so factor these into your budget as well.
2 How much space do I need?
Are you a boutique retailer, a two-person office operation, or a large manufacturer of goods? Depending on what your business is, it is essential that you discuss your needs with the property manager or owner. Make sure the commercial property you are considering has enough room for your business to grow or downsize as needed.
3. What type of location do I need?
Is your business a destination spot or somewhere people just stop in while they are out and about? If you rely on foot traffic, then being located near other businesses in a shopping center or downtown area is ideal. On the other hand, if customers come to you, a more industrial location outside the city might be better suited for your commercial needs. Of course, you’ll also want to ensure the surrounding businesses complement your business.
4. How accessible do I want my commercial property to be?
How important is it for customers or employees to easily access your commercial location? Do you need parking for employees or customers? If accessibility is critical, then being located near public transportation or major highways is a must. On the other hand, if you are not as concerned with accessibility, then you might be able to find a commercial property that is more affordable but still in a good location.
5. What are the commercial zoning regulations?
Before signing a lease or making any final decisions on a commercial property, be sure to check with the city or county to see what the zoning regulations are for that specific location. You don’t want to end up in a spot that doesn’t allow for the type of business operation you have planned.
Asking yourself these 5 questions will help you narrow your search when considering a new commercial property that is right for your business. If you have any questions or need help finding a commercial property in the Tampa Bay area, contact HSW Associates, Inc. We have over 30 years of experience in commercial and residential real estate and can help your business grow by finding the perfect location.
With over 170 residential, retail, office, and industrial properties, we have something for everyone. From one-person offices, to medium-sized retail spaces, to 16,000 square feet warehouses, our commercial real estate portfolio is vast, and our professionals are ready to help you get started.< Back to Blog