Choosing the right rental space for your business requires creating a budget, reviewing your needs, and choosing the best location. You’ll conduct most of your business tasks in the space for the next few years, making it a big decision. We have compiled a list of tips to help you choose the best commercial space.

What Is Commercial Real Estate?

Commercial real estate is a property or space designed specifically for business use. Commercial properties may include office space, storage, and visitor parking. Business owners may rent a commercial space for many purposes, including:

• Meeting with
• Storing
• Conducting business
• Selling products or
• Serving food or
• Attracting new customers through foot
• Hosting employees for team

Commercial spaces differ from residential buildings because they’re not designed for daily living tasks. Instead, they’re used to generate income.

5 Tips for Finding the Best Commercial Rental Space for Your Company

Choosing a commercial rental space that fits the needs of your business is essential. Here are a few tips to help you choose the right rental space:

1.   Determine Your Space Needs

Determining how much space you need, including the number of offices or storage spaces, can help you narrow your options. Consider ideal layouts and the number of bathrooms you’d like in your rental space. Decide if you need a lobby or customer entrance space or where employees will take breaks. Creating a quick blueprint of your office space can help you visualize its layout.

Choosing an office that’s too large can lead to you paying more than you need to. An office space that’s too small can make your employees feel cramped and uncomfortable, limiting their productivity. Planning out your business goals can help you determine your office space needs. Consider where the business might be in one, five, and 10 years. You may need something bigger if you plan on adding team members or inventory in the short term.

2.   Create a Budget

Creating a budget before viewing potential commercial spaces can give you a realistic expectation of your ideal rental space. Making a list of must-haves versus nice-to- haves can help you control costs. Consider how long of a lease agreement you’re comfortable signing. Some property owners may be willing to offer a discount for multiyear leases, but this may not be the best option for all businesses.

Don’t forget to account for utilities and furnishings when determining your budget. While furnished office spaces may be an option, these typically come at a higher monthly price.

3.   Carefully Choose the Ideal Neighborhood

You’ll want to choose a rental in a neighborhood that is inviting to your staff and customers. A good culture fit can make your company feel at home. Consider what

restaurants, coffee shops, and retail are near the space, which can affect the customers you get and your staff’s experience when at work.

If you rely heavily on foot traffic, you’ll want to ensure your office space is highly visible from the road or nearby pedestrian areas. If customers or clients don’t visit your office space regularly, you may save a little money each month by choosing a building farther off the road. Considering where your current customers are may also help you choose an ideal location.

4.   Review Contract Terms Before Signing

It’s important to carefully review any contract before signing. Make sure you understand your obligations, including when rent is due and how long the lease agreement lasts. You’ll also want to pay attention to maintenance and repair expectations. Some property owners include maintenance in their rent price, whereas others may expect you to keep up with these tasks.

Additionally, some property owners may allow business owners to renovate the space, like painting or putting up signs. Always check before making any changes to avoid expensive penalties and fees. It may also be a good idea to do a full walk-through of the space before signing a contract.

5.   Check Zoning Laws

It’s also good to check zoning laws before choosing a space. Just because an office space is zoned for commercial use doesn’t mean it’s useable for your industry.

Consider both state and local zoning laws when choosing a new office space. Working with a reputable broker can ensure that you choose a space within your budget that is suitable for your business.

Finding the best commercial space for your company can increase staff productivity and employee satisfaction while giving your business a positive reputation. Location and office space are often directly related to business success. Make sure you’re considering each of these important elements in finding the perfect rental for your business.