June 01, 2021
Here are the four key aspects to consider when looking for the right commercial property for your business.
As the property mantra of “location, location, location” says, the location of the commercial property is extremely important to your business’ success.
There are many things that need to be considered when selecting a location, which includes the demographics, foot traffic and competition.
You can monitor the traffic and footfalls of a certain location at different times of the day and different times of the week in order to determine whether the traffic meets your needs.
Another way of finding an ideal location is to ask real estate agents or negotiators who are familiar with the area for some help.
Many of them will be able to offer some insights on the area. They even can tell you why the previous tenants of the property you are interested in moved out.
Accessibility and parking
Whether you are running an industrial business or a F&B retail outlet, accessibility and parking are two important factors that you should put into considerations.
Put yourself into the shoes of your potential customers and see if it is easy for them to get in and out of your location. Pay more attention to the parking space nearby too if you are running a business that needs ample parking lots for customers, such as a dine-in restaurant.
For industrial businesses, it is best to have easy access to major highways in the vicinity in order to ensure smooth logistics for your business.
Make sure the rules and regulations set by the local authority allows you to conduct the business you intended to do.
You need to be familiar with the zoning laws and building codes for your business to understand the legal obligations and restrictions that affect you, which may include the compliance requirements of building, fire, and health and safety regulations, operating license/business permit, and even a planning permission.
Built-up and physical condition
After you shortlist a few properties that are situated in a good location, you need to conduct site visits to check out their built-up and physical condition.
Different businesses have different requirements in their business space. If you are running a logistics company, you will require much storage space. But for a typical retail shop, you may need a larger seating capacity to serve your customers.
Meanwhile, you also need to have a thorough inspection on the property’s electrical and mechanical system to see if they are in good working condition.
Setting up a business can be extremely challenging, especially when looking for an ideal location and property. While you can take all matters into your own hands, you can appoint a professional real estate agent or negotiator to assist you in the process.
Property agents who have expertise on the commercial property market will be able to offer you a list of suitable premises with detailed specifications. All you need to do is to fully brief the agent your needs and maintain regular contact to make sure that they find you the most suitable premises.