You might be a small business owner looking to expand out of your garage and into some real office space, or you might be the owner of a larger company looking for a new location. Either way, there are a few things you need to consider before you purchase that premier piece of commercial real estate.
It seems too good to be true; you found the ideal space to run your business in at a killer price. Be careful if this happens– That piece of property you deemed as a steal may not be the best place to attract customers. When you are looking for commercial real estate, check out what other owners of surrounding locations think about the area, and how well their businesses are doing before you invest.
That cool modern loft you found overlooking the city is awesome, but will it work for your business? If you are running a local coffee shop, you don’t want to be stuck in a building that doesn’t have a kitchen, counters, or other features that are extremely necessary for your type of business. Likewise with office space, you don’t want to end up with an old restaurant to run your accounting firm, so choose wisely when it comes to types of commercial real estate property.
Buying a piece of commercial real estate is no small business, and you want to make sure the building will adequately fit your needs when it comes to space. If you are considering purchasing a piece of commercial property, don’t skimp on the size of the place if you think it will become overly cramped as your business grows.
Buying commercial property will likely take more time than buying a house, but the payoff of having that new space is worth it!