While there are certainly times when locating an ideal commercial property to lease will be easy, the majority of business owners quickly discover finding the best property requires a bit of planning and legwork. There are five tips anyone looking for commercial property to lease is encouraged to consider.
Whether it’s Bloomington, Eden Prairie, Plymouth or downtown, Minneapolis area business owners must carefully select from the available locations. Rents differ, traffic flows vary, and the demographics change. That suggests it’s always important to weigh a variety of location-related factors when looking for a new business location.
With public transportation opportunities lacking in some areas, it’s a good idea to carefully explore the availability of qualified workers in an area. In some cases, this may not be a major issue, but businesses needing multiple employees would be wise to factor in the local labor pool when selecting a new location. If you’re concerned about finding the best employees, organizations like the Minneapolis Saint Paul Regional Economic Development Partnership can offer advice.
Total Operating Expenses
Over and above the cost of a lease, there are numerous operating expenses a business owner may face. Some of those expenses are fixed and can’t really be controlled to any great extent. Other operating costs, however, can be monitored to keep expenses to a minimum. Some of those expenses are directly related to location, such as shipping, which means it’s prudent to explore potential locations that will contribute to reducing total monthly expenses. For more ideas, take advantage of sites that spell out ways to combat high business costs.
Understand Your Common Area Responsibilities
Many available properties include common areas. These can be conference rooms, rest areas, and even mechanical areas. How the expenses for these areas are handles will vary from one property to the next. That simply means it’s important that a lease defines the common spaces and how any maintenance expenses will be handled. Local leasing experts from JGM Properties commercial real estate Properties commercial real estate always encourage clients to ask relevant questions and expect complete responses to those inquiries prior to signing a leasing agreement. Rather than risking unforeseen expenses, always take the time to delve into all aspects of common area responsibilities.
Is Buying Better Than Leasing ?
That’s a complex question that should always be discussed with a financial advisor and revisited from time to time. A business’ needs will evolve, which is why occasionally reviewing current and anticipated needs is always recommended. However, the vast majority of business owners will lease a property rather than tying up capital that could better be used elsewhere. Again, there may be specific instances where purchasing a property would offer an advantage, but that’s not generally going to be true.
What’s the Takeaway for Your Business?
Since finding the ideal property for a business will, as a rule, be rather complicated, it’s never a good idea to rush the process. Taking the time to outline your needs and develop both short- and long-term objectives will always be advised.
Rather than risk making costly mistakes, get the legal, financial, and real estate advice you need before entering into any type of lease or purchase agreement. With the proper counsel, it will be far easier to locate a property that will meet your organization’s needs both now and in the future.