Are you a business owner looking to rent the right space for your business?
Whether you’re expanding your business frontier, trying to make your next best property investment, or looking to have a permanent address for your day-to-day business transactions, you’ll agree that the success of your business often hinges on getting the right space.
Renting the right business space comes with a lot of questions, and in this post, you’ll learn valuable lessons that’ll help you get the right commercial property that best suits your business model. So stick around and keep reading.
Is renting a business space a smart business move?
Yes, it is. There are very few business decisions you can make that will be considered a smart business move.
Opting for a business space for rent is one such decision. It gives your business a professional image and allows you to host business engagements and monitor the affairs of your business from a central location.
Why is renting a business space a smart business move?
In addition to the points highlighted earlier, here are more reasons why renting space for your business may be your next and best smart move:
Small business owners who rent an office space in a shared building can easily connect with professionals like themselves and build profitable relationships, expand their network, and potentially build lasting partnerships.
Renting a business space as against buying a commercial property is also cost saving and payments are flexible allowing business owners to spread the payments over a few months or years.
Privacy – A good business space gives your business the privacy and access to social amenities that allow for its day-to-day operations. It can also create a safe space for prospective clients, and employees, and be an avenue for in-house training meetings.
How do you get a business space for rent?
Getting a business space for rent is a very important part of your business. Your office location can break or make your business.
The location of your business space can also determine the kind of customers you will attract, and as such, it is one of the core parts of your business you must get right.
Here are four simple ways to get a space for rent:
Take a tour around
Once you have decided on the location where you want to set up your business, then you should drive through the area. Most properties have lease or rent signs outside the building, and these signs often carry the company’s website and phone number. You can place a call or visit the website to know the space available and the rates they are letting it out for.
Visit brokerage websites
Brokerage companies have their available buildings listed on their website, and you can find a business space to rent from the comfort of your home.
Leverage Loopnet.com
Loopnet is a free website where you can get business space for rent. It is user-friendly and easy to navigate. It is also less time-consuming as you can compare different properties, by type, size, and rates.
Work with a tenant advisor
Tenant advisors are sometimes called tenant rent brokers, and they mostly have exceptional knowledge about the rental market. They also serve as a guide and help you go through the stress to get the best rental space for your business. Their service also includes negotiating and even doing the property evaluation in a bid to help you make the best choice for your business.
It is worth noting that there are other options to explore when looking for a business space to rent, but these options have proven to be some of the most efficient over the years.
What will you need to secure a good business space for rent?
What you need to secure a good business space for rent differs for every business.
The type and size of your business and your knowledge of the rental market go a long way to determining the kind of space you will get for your business. Generally, you will need:
- A reasonable budget.
- Identify your business needs.
- A decent location.
- Due diligence.
- Commercial property insurance.
- Legal assistance.
What are the relevant questions to ask when securing a business rental space?
You can never be too inquisitive when it comes to renting a business space. Beyond size and location, parking space among others, there are a few more relevant questions you should consider like:
- What rules govern rent increases?
- Can the business space be expanded?
- What are the insurance requirements?
- Who shoulders the maintenance costs?
- Down the line for whatever reason, can you sublease the property?
More Related Questions
What is the easiest way to get a business space for rent?
It depends. The reason is that the easiest way to get a business space can differ for everyone. However, the best way to go about it is by working with a tenant representative.
What business requires you to rent a business space?
A retail business is one. If you run a retail business that requires a lot of space to keep some of your goods, then you need a business space.
If you also have a business with more than 2-3 employees, like preschool and daycare then you should consider getting a business space for rent.
What business can you run without renting a commercial space?
Drop shipping, and there are others. There are many businesses you can run from home without renting a commercial space.
Bookkeeping services, drop shipping, and event management are a few businesses you can run without renting a commercial space.
Conclusion
There is no set-in-stone advice on getting a business space for rent, however, if you must get a business space for rent, then I’m sure this post has done justice in guiding you to make the right choice.
One important thing about renting a business space is that you need to have adept knowledge of the rental market. But to make it easier you can work with a knowledgeable rent broker to get value for your money. We hope you found this helpful. Thanks for reading.
