CEOs, entrepreneurs, and business owners need to know how to navigate the commercial real estate market. Where you house your business is critical to its success, yet many business owners hesitate to be proactive when it comes to learning the market. By taking the time to research and plan out your next purchase, lease, or sale, you can help your business grow in a smart way.
Finding the best deals on office space is critical to a growing brand. Let’s take a look at a few tips on how you can find the office space that’s right for you and navigate your next commercial real estate deal.
Moving with the Market
Spotting a good deal requires having a reasonably broad knowledge of the current market. Take the time to look around and get a feel for what’s out there, and be clear about your own unique needs as a business. Ask yourself the following questions in order to determine whether a particular piece of real estate is right for you:
- Does this location provide sufficient space for my business to grow?
- Could I envision being here for the long term, or would the first growth spurt require a bigger location?
- Are all of the service providers I depend on, including ISPs, delivery networks, and municipal resources, available in this area?
- Would this location inspire my employees, or will working here be a drag?
- Is the price per square foot fair compared to similar listings?
Knowing What You’re After
Investing in commercial real estate is one of the most important factors of increasing the value of your business. Precisely understanding the needs of your business is an even more important factor than knowing what the market has to offer. This is because being in touch with the unique needs of your growing brand leads to discovering the best opportunities for upscaling. To get a better grasp on what the unique office space needs of your business are, consider the following questions:
- What is the type of expansion that I envision for my brand? What kind of property am I looking for?
- What is the best use of this new property for my business? Am I looking to build equity, lease it out, or use it myself?
- What area would be best suited for my new office — where do I want my brand to be located?
- Do I have the resources available for moving into a new office space?
- What’s my risk tolerance?
- What is the experience I’m looking to provide for customers and visitors?
If you have a grasp on the considerations we’ve looked at, you’ll be well-equipped to navigate the waters of commercial real estate. The physical presence of a piece of commercial property gives space for your business to thrive.
About the Author:
John Heimbigner is the Regional Director of OfficeSpace.com where he is the head of sales and Broker Relations. John been with the company for over 20 years. Prior to OfficeSpace.com, he was a Commercial Real Estate Broker with the Norman Company in Seattle, WA. Whether you’re looking to buy, sell, or lease, OfficeSpace.com is the best place to start for finding commercial real estate opportunities.