An important part of running any business is having a space in which you can conduct that business. However, finding that space can be easier said than done. The fact is that where once you may have considered buying a space, renting is starting to look like a better and better option for most small businesses and retailers. There are plenty of reasons why, which we’ll get into below. But just because you’re renting rather than buying doesn’t mean that all of your considerations and needs have to change. There are many things you’ll want to think about when renting — whether you’re looking for a big business space for rent or a small retail space for rent. So, without any further wait, let’s dive into them.
Renting Versus Buying: Why Rent?
Maybe you’re not set on what you want to do yet; perhaps you’re still considering buying over leasing. If that’s the case, let’s discuss why renting is perhaps a better alternative for most small business owners. Renting can be intimidating at first, and maybe isn’t how you first envisioned starting your small business. However, renting can save you a lot of money. Renting isn’t just usually cheaper outright; it’s a lot less risky than investing in a space for the long term. While buying sounds like good idea at first, it can be a bit shortsighted or idealistic. There is always the possibility of your business being sold or failing, as much as the latter is hard to think about. If you think realistically, you’ll understand that choosing a business space for rent rather than buying outright gives you an extra measure of security. It’s also an advantage if your business is successful and experiences rapid growth. Should you need to move to a larger space, you’ll still have to handle the sale of the small space you’re moving out of. All-around, finding a commercial property for rent is a better option. What should you look for in a business space for rent?
A Business Space For Rent: Knowing Your Obligations
Before you sign a lease or even consider looking seriously at a commercial space for lease, you need to know what you’re getting yourself into. You should ask questions early on about what is provided by your landlord — such as furnishings or equipment — and what you’ll need to take care of. Commercial real estate, like residential rentals, may involve maintenance fees and upkeep for shared facilities. Some leases require the tenant to responsible for all upkeep and repairs, while others specify that the tenant is responsible for things like plumbing and air conditioning. There is definitely a variation in commercial properties, and as such you shouldn’t feel obligated to sign the first lease you’re offered. Simply be prepared for your responsibilities as a tenant, and don’t agree to responsibilities that you are not prepared to fulfill.
Commercial Space For Rent: Know What You’re Looking For
There are several different things to consider when looking for a commercial space for rent. Location is an important thing to think about, especially if you already have employees. Take into account their potential commutes. You need to understand your demographics, scope out your competition, consider state laws and taxes, and assess your supply chain. An important thing to take into consideration as well is the safety of the space. This includes the environment the space is within — employees need to feel safe alone in the building, and walking from their vehicles to the building. You also want to think about branding — don’t choose a building that isn’t consistent with the image that you want to project. If the building isn’t already in the state that you want it to be, that doesn’t mean that it can’t be. You can always get the building to the place that it needs to be through renovation and remodeling.
You can have the space that you need — and you can find that through rentals, with the right amount of effort.