Commercial real estate is a huge investment that requires you to take it as seriously as possible and plan it thoroughly. From the size of the building to the spaces for your employees to breathe and unwind, it's vital that you consider each of these pieces.
These are the top nine must-haves for your commercial property!
1. Room For You to Grow
Your business shouldn't stagnate. If you want it to succeed, it needs to grow the longer you work on it, and that means setting it up for success by setting up a ten-year plan for it. Within the next ten years, do you think your business is still going to fit within this building? How about the next five?
If you look at the building and think it's already a tight fit for your business as it is, then this isn't a good choice. The last thing you want to do is invest in real estate that can't handle your needs.
2. An Incredible Location
Where is this building? Is it within five miles of a large housing area, or is it far off in the middle of nowhere? Think about who will be driving out to it and how far they'll have to travel.
Although this is important for employees, it's an even bigger deal for customers, who are far less likely to drive a long distance to get to a destination they don't really need to visit. If you want customers to come in, you need to be somewhere that makes your business alluring.
3. Great Internet Connection
The internet is one of the most important parts of modern businesses. This tool connects you to customers, allows you to advertise, and helps you create a community with other small businesses. If the internet in your offices is poor, then you might see all of your operations suffer.
Look into what companies supply internet for that building, and check reviews to make sure they’re a good fit for your business’s needs.
4. Market Data From Past Owners
How have previous companies fared in this building? Did they go under, or did they sell because they outgrew it? Of course, it's vital to remember that things like the 2020 lockdown closed a lot of businesses, and that can skew the data, but if every company that has ever opened in a building has foreclosed or stopped operations, it's vital to look into why before you purchase it.
5. Gorgeous Outdoor Areas
The outdoor areas of your property need to be attractive and protective. Does it have roof deck pavers that can handle any weather that's thrown at it? Are there large cracks in walls that shouldn't have any damage?
Roof deck pavers are a simple install away from making a beautiful outdoor space if there aren't some already. This means employees, customers, and clients can stop and get some fresh air the moment they need a break, and who could want more than that?
6. Finished Interior
How finished is the interior? Are all of the walls intact? Do the rugs or carpets need to be removed? Look at the state of areas like bathrooms, kitchens, floors, and more to consider what needs to be changed. Although these may sound like small cosmetic fixes, when you're updating a commercial property, it's going to cost an incredibly expensive amount.
Weigh the price of the property against how much you’re willing to invest, and consider trying to talk the seller down on price if you’re in a buyers’ market.
7. Employee Comfort Spaces
Are there areas for your employees to stop and catch their breath? Even the best-trained customer service professionals need an occasional moment away to stop and get their minds back online. This means good break rooms, restrooms, and seating spaces away from their desks to use during breaks.
Happy employees turn out better results and work harder, so it’s vital to keep them satisfied.
8. Energy Efficiency
Energy use in a large commercial property will quickly rack up thousands of dollars in no time. When you're trying to save money and cut out high costs, a building that isn't energy efficient could be wasting a lot of money. Look at the HVAC system with a specialist, and talk about what shape it's in and how much any needed repairs might cost.
9. Enough Parking for Everyone
Employees, clients, and customers all deserve a safe and easy place to park. If you forget to set this up, you could be facing a lawsuit if anyone gets hurt or their car gets broken into. Instead, set up a clean and safe parking lot, and consider setting up a security system.
Your Commercial Property Needs to Suit Your Needs
Whether this is your first property purchase or you want to perfect what you buy, it's a good idea to make a list of wants and needs. Follow these tips, and your next property will be a winner!
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