Moving into a new commercial space can be a substantial financial investment. Hunting for the perfect property may be stressful, especially if you are working within a small frame of time. However, you can keep a few factors in mind to make the process easier and ensure that you choose the right commercial office space for your business goals. Here are five questions to ask yourself to simplify the process:
Having a concrete idea of how much you will be expanding your operation is essential before buying commercial office space. Cramming into a too-small space can harm employee morale and hinder business operations. A crowded office can leave a wrong impression on potential clients. So, moving to a larger area to fit your current needs may be necessary. However, it is also vital to consider how your business may grow in the future. You don’t want to get stuck in a lease for an office that you will grow out of in two years.
Thanks to the Kennedy Space Center, the Orlando Melbourne International Airport Hi-Tech area, and the thriving technology industry in Brevard County, FL, the Space Coast boasts a vibrant economy full of new business owners and an expanding job market. Therefore, when considering a commercial office building, it is wise to take note of the surrounding area’s market. For example, if you are an engineering company and want to expand to a new city, your ability to connect with companies face to face in the technology industry may strengthen future business partnerships.
When looking for commercial office space, it is wise to know the history of the building. Does it comply with the city’s zoning laws? When was it constructed? Has it undergone any repairs or renovations? The Americans with Disabilities Act (ADA) was passed in 1990. It requires that a commercial building meets specific standards to include people with handicaps. Older buildings might not be up to code and some seek grandfather clauses to avoid updates. Property repairs could be costly on your part. Inquire as to why the current owners are selling the property. This could give you insight into any issues the building has. Did the former owners conduct routine maintenance? If not, you may run into a lot of hidden costs.
It is best to consider retail properties that fully meet your parking needs. Whether the space has a large parking lot or a nearby parking garage, this can be a crucial factor in the happiness of future customers. Additionally, ease of parking will contribute to the satisfaction of your employees. An accessible business may be the difference between someone’s willingness to give the new name in town a try rather than driving on by.
While reviewing the lease terms, consider the following question. Is this going to be a permanent expansion into the area? If the office space is going to be temporary, it might be better to sign a shorter lease, even if it limits your options and raises the cost a bit. On the other hand, if this is a long-term move, then a longer lease or a purchase is appropriate. The terms of any lease can be complex which is why it’s best to review them with your broker to ensure you understand every aspect.
Finding the right commercial property can be a confusing process. That is why you need a commercial real estate broker you can trust. The Ullian Realty Corporation offers professional services in every phase of Commercial, Industrial, Investment, and Real Estate Brokerage and Development, including Sales, Leasing, and Consulting for the Brevard County Space Coast market area.
With 60 years of combined experience, we will help you choose the best commercial space for your needs. Visit our website to browse available real estate properties and contact us to take the first steps toward finding the right commercial space.
© 2023 The Ullian Realty Corporation. All Rights Reserved.