For a startup, moving into a commercial space is a big step. However, finding an ideal commercial business space is the most challenging step. Whether you’re starting a retail business or office-based work, choosing the right space requires a lot of forethought.
From understanding hidden costs to navigating complex lease agreements, a commercial real estate property search can feel overwhelming for entrepreneurs.
Before choosing your business location, you should have a clear understanding of everything you need and would like to have in your space.
In this blog, we will share some factors you should consider to select the right commercial business space for your startup.
Factors to Consider When Choosing Commercial Business Space for Rent
Here’s what you need to consider when looking for a commercial space for your small business:
- Location
“Location, location, location” is a real estate mantra that emphasizes that the value and desirability of a property are mainly influenced by its location. It applies to any commercial property.
You might have a preference for your business location, but you should also give careful consideration to your employees, customers, suppliers, and vendors. They should be able to reach your office location easily, otherwise, you’ll have to struggle to hire, receive, or sell.
You should go for a location that isn’t saturated with your competitors. For a small startup business, you should also look for places that have convenient access to transportation. Moreover, the location area should be safe and welcoming.
- Size and Features
When determining which office size your startup business needs, take some time to think about your needs. How many employees will you have? What equipment or furniture will you need? Do you need any demonstration or conference rooms? Do you need extra storage space? Will you be needing a reception area? Ask yourself these questions.
You should go for a little more space than you think will be necessary, giving you a little room to grow.
- Accessibility
When choosing a location for your office, accessibility is a key factor to consider. It should be easy for your clients, employees, and vendors to reach your office location. It should be near public transportation routes, including trains, subways, and bus stations.
Moreover, your office location should have a parking facility to ensure your employees, clients, and vendors aren’t fighting for parking spots.
Also, don’t forget about handicap accessibility. Make sure that the property meets access requirements, including ramps, designated parking, bathrooms, and more.
- Consider Your Budget
Budgeting is a huge factor in the decision-making process. It is a major aspect of choosing a commercial office. You should not only consider the rental or purchase price but also some additional costs, including:
- Property taxes
- Utility bills
- Insurance
- Repairs and maintenance
- Internet bills
- Renovations
- Tech upgrades
- Wage requirements and more.
You should create a comprehensive budget plan that covers all these factors to avoid financial strain in the future.
- Amenities and Features
To keep a work-life balance and mental well-being, there should be some building or area amenities. There is a range of modern amenities in or near your office location that can be useful for your business or employees.
Some of the amenities that your office location should have includes restaurants, cafes, gym or fitness center, tenant lounges, conference rooms, and more. They can enhance the productivity and satisfaction of your employees.
Commercial office buildings like 25 Van Zant St. have various modern amenities, including event spaces, kitchens, parking spaces, etc. 25 Van Zant St. is designed to accommodate a diverse range of commercial and industrial businesses as per your unique needs and preferences.
- Zoning and Regulations
Before committing to any commercial space, verify that it is zoned for your type of business. Every area has zoning laws that dictate how properties can be used. Moreover, make sure the property complies with local zoning laws and regulations to avoid any legal complications.
- Lease Terms and Conditions
When you are leasing a commercial business space, carefully review the lease terms and conditions. You should pay particular attention to the following:
- Lease Duration: Short-term leases provide flexibility, whereas long-term leases offer stability.
- Maintenance Responsibilities: Clarify who is responsible for property repairs and maintenance.
- Rent Increases: Understand how the rent will increase, when it will increase, and how the increase is calculated.
- Market Analysis and Growth Potential
You should conduct a detailed market analysis to determine the commercial real estate trends in the area. You can assess the competition, understand market demand, and analyze rental rates or property prices. A thorough analysis can provide valuable information and insights, helping you make an informed decision.
Additionally, consider the future growth potential of your property area. Is the area experiencing economic growth? Are there any infrastructure projects or planned developments that can increase the property’s value?
You should invest in a property with strong growth potential as it may yield significant returns in the long run.
Choose 25 Van Zant St to Rent Your Business Space
If your needs are a bit complex or you aren’t feeling confident in finding a commercial business space for rent, a commercial real estate broker can help.
Alternatively, in Norwalk, CT, you can always rely on 25 Van Zant St to find your perfect business space. It is located in East Norwalk, CT, right in the heart of a large and vibrant community. From tech startups to industrial companies, we are open to all kinds of businesses.
With its 265,000 sq. ft. space, modern amenities, and a strategic location, it offers customizable spaces to meet the unique needs of every tenant. Whether you’re a startup looking for an office space or an industrial firm that needs a huge space, we have everything you need. Contact us today to book your space!