In the UK, a lot of businesses prefer to rent commercial property instead of buying it. However, when you start looking for a commercial property for your business, there are a number of things you’ll need to consider.
When deciding on your new business premises, the key consideration you’ll have is the location of it. To make sure you’re getting the best property for your company, you’ll need to look at the rental values, tenant demand, the availability of property and the local property market.
Equally, if you’re opening a business that relies on passing trade, you’ll also want to look into the footfall of the area. Or, if you get a lot of deliveries, you’ll need to make sure the premises you’re looking at has good transport links. Finally, if you’re searching for an office for your company, having a location that’s easy to get to is a must, especially if you have several staff members commuting to the premises.
The Type of Property
The style of business property you go for will depend on your business’s needs. What type of space do you require, and how much of it will you need? Is this requirement going to change in the future?
Consider the machinery you’ll use and how many employees you’ll have working for you, as this will help you determine whether you’ll need to relocate to another premises in the not too distant future.
When you start to create a shortlist of properties you’re interested in, it’s worth speaking to specialist commercial estate agents about the planning permission of the premises. This will allow you to see whether the business you are operating can be run from this particular commercial property.
When viewing commercial properties, there are a number of other things you’ll want to bear in mind, too.
These include any congestion charges that are in place in the area, as well as any parking or delivery restrictions. It’s also advisable to think about how far away your staff, clients and customers are from the premises, and whether the building itself will appeal to your prospective clients.
Some employees will also want to know there are local amenities nearby. If not, you’ll need to make sure the building has facilities that the staff can use during their breaks.
As you’re viewing each property, don’t forget to check its condition, just like you would if you were renting a new home as well as the terms of rental e.g. is insurance included etc. Look for plumbing issues, cracks and damp, alongside any other noticeable defects.