To establish and grow a business, you need a great location. After all, the ingredients for entrepreneurial success include a healthy stream of foot traffic and accessibility.
Continue reading to learn more about how you can find the perfect commercial space for your business venture.
Identify the kind of commercial space you need
Different types of commercial real estate properties offer unique solutions to your business and budget needs. Furthermore, they all have different pros and cons. For instance, real estate in an industrial park provides greater space at a lower price per square foot than the typical space in an office park.
Retail locations are often at a premium, so it would be good to walk through the neighborhood to see if it is a fit for your specific niche. A commercial realtor would be able to assist you in canvassing the saturation or need for your product in the area.
Work with a commercial real estate specialist
Commercial real estate covers a lot of different property types. Moreover, leases and lease terms for commercial spaces require proper handling. When you work with an expert commercial real estate agent, you will be able to navigate the market better and find the ideal business location.
If possible, find a specialist. Some agents focus on retail spaces, while others specialize in industrial spaces. He or she will have a good idea of the traffic patterns, both foot and auto, as well as the rental’s proximity to public transportation.
Your agent will also have a better understanding of lease agreements for that specific type of commercial real estate and what you need to grow your business.
Do your research
As a business owner and potential commercial real estate investor or tenant, it would be wise to get acquainted with the intricacies of commercial real estate and the leasing process. It would help if you know the difference between a lease and a sublease. Knowledge of insurance coverage required for commercial real estate would also prove to be beneficial.
Familiarize yourself with commercial leasing terms to help prevent the pitfalls of getting into a commercial lease agreement uninitiated. A sharp commercial broker can help you avoid being burdened with the heavy weighted advantage towards the landlord that is often found in the average commercial lease. There is a world of difference between a triple net lease (NNN lease) and a double net lease.
And remember, don’t hesitate to ask your agent questions.
Conduct a technical feasibility study
In order to make your business grow, you need to make sure the commercial space can provide its technical needs. Aside from accessibility, check the utilities available such as electricity, Internet connectivity, telecommunications, even water and sewage.
Write up a technical feasibility study so you can choose a commercial space and plan accordingly.
Find the best space for your business in Vancouver
You need the perfect location for a successful business. Contact TeamW Realty | Lucy and Izabela today to start your foray into Vancouver’s commercial real estate market.