Numerous things have to be taken into consideration when undertaking a commercial real estate venture. Needed space, location, decisions to lease or purchase property, moving issues, building plans and regulations, consultants, involved fees. All these things must be considered before one delves into the commercial development project.
When deciding on how much space will be required, several things must be taken into consideration. What will be my cost? How convenient is the location to my targeted customer? How about transportation? What about utility availability? One must decide what will be best for the business.
If plans are to lease, it must be noted that your lease will play an important part in the lease negotiation. Although a standard five year lease is usually used by the leasing broker, a commercial lease of 3 years minimum and 10 years is also commonly used. When deciding on how long your lease should be, make sure you think about your business flexibility and the rental rate.
At the end of the lease, it is very likely that the owner of the property has already committed to another customer, so moving issues come into play. Preparatory measures must be executed prior to the move in order for things to go smoothly. This should be initiated at least 2 months before the planned move, starting with negotiations for the move, standard items that will be needed (mailing labels, presentation paper, bank, checks and deposit slips, business cards, etc.), whether or not you will keep the same logo and design for your business, telecommunication services, security systems and so on.
Other things to be considered are, confirmation of telecommunication installation, ordering appropriate packing supplies, scheduling packing and moving, making sure that the freight elevator at both locations are reserved, choosing the moving company (make sure your choice of moving company provides insurance certificate) and make certain you notify your insurance company about the move.
One month before the move, reconfirm your move in and move out dates. Make sure that the moving company has already provided their moving certificate and provide them with your employee’s names for security purposes. The day before the move, walk through the new location to make sure that nothing has been left undone., make your final confirmation calls, be certain you have the keys for the new location, and this is very important, make sure your insurance is in affect.
This article has touched on many of the things involved in the procurement of a new location for your business but even more is involved. The closing of the lease and the arrangements such as, regulations and rules of the building at your new location, noise levels, usage of freight elevators, architectural design services for planning space and the like.
By John Hester