Can My Business Afford Industrial Rental Space?
Your business is growing, which is great, but now, your company is looking to expand into an industrial rental space. There are some things that you must consider before deciding on an industrial rental space, with the main consideration being, “Can my business afford this added expense?” It is critical that your company evaluates your business’s needs and expenses before deciding on a rental space.
Assess Your Business’s Needs
By calculating your business’s needs, you will have a better understanding of how large of an industrial space you will need and therefore how much you will need to spend on a rental space. One part of your business that you should think about is the number of employees that you have and the possible number of employees you might add in the future. Another thing to consider is the type, size, and the number of equipment that you have. After doing these couple of steps, you should have a general idea of the amount of space you will need.
Calculate Your Business’s Expenses
The most important part that your business needs to do before deciding on a new industrial rental space, is to calculate all of your expenses such as current and future employee salaries, new equipment, taxes, etc. Once you take the time to go over your expenses, you will be able to confidently come up with a budget for your new space. It is especially important that you do not spend more than your means. Your business is growing and you have to be careful that you do not jeopardize your growth.
How to Choose an Industrial Rental Space
Now that you know the amount of money that your business can spend on a rental space, it is time to pick one, but how do you do that? The first thing you can do is to look at a space with sufficient parking. It may not seem like one of the main aspects you consider at first, but if you do not have enough parking, employees may have a hard time, and clients and guests may not be able to access you. Another aspect that you should consider is the location of the space. It is critical that your industrial rental space is located in close proximity or within the area you serve.
Do Your Research
You now know your budget, your company’s needs, and other aspects that you want in a rental space. Next, it is time to tour rental spaces that are available, and the best way to find available places is to do your research. Start by going online and searching for rental properties that fit your criteria. If you spot a property that interests you or are having a difficult time finding one, contact a commercial real estate agent for help.
Evaluate Your Industrial Rental Contract
Industrial rental contracts vary from rental space to rental space. There are three types of rental contracts, each covering different aspects. Some landlords will include maintenance of the building and grounds, for example, whereas another landlord does not. It is important that you evaluate your rental contract, see what is included and what is not, and then determine what your responsibilities are. Your responsibilities, for example, could be in the form of financial, overall upkeep, and parking.
Need Help Before You Begin?
Do you need help before you begin searching for rental spaces? Our team at Schwarz Properties is here to help you through this journey. We know how stressful it can be to find the right rental property with an ideal rental contract. Schwarz Properties has an experienced team of people who can understand your needs and can help you with any questions or concerns that you might have. Give us a call at 336-625-6076!
