Renting a new business space is not as easy as renting a residential space because, while there are several resources to help you identify potential areas you can rent, there aren’t as many resources with listings for commercial spaces. Further, the few that exist do not work as well and may not be up-to-date. However, it does not mean that it is impossible to find the right commercial space for your business. Commercial real estate is thriving and with the right planning, you can find the right space that you can use to get the right space in the long-term, whether for rent or lease. We have compiled a list of tips to help find business buildings for rent whether they are retail, industrial, or office space. Read below for tips that will help you get around the commercial real estate market.
Turn to the Internet
While we may have highlighted above that many internet databases with listings for commercial property are not up to date, the internet is often a good place to start when it comes to commercial real estate.
But what is the benefit of using the internet to start your search?
The internet can help you know what is available in the market before you hire a commercial real estate agent. Additionally, it will give you an idea of the rent or lease prices you should expect as you move forward with your search. You can utilize resources such as Craiglist and Loopnet to get you going. While they may not be the most accurate, they can provide sufficient information on what you should know about property for rent or lease and what will be available in the market for you.
You can refine your search using filters and search for commercial rental properties by looking for listings based on type of space such as Industrial space, location, per square foot, rent or lease range, and many other descriptions on most of these platforms.
However, apart from the benefits mentioned above, there are other advantages of using the internet in your journey to finding the right commercial space. As you peruse through these properties, you will often likely come across real estate brokers in your area of choice and within your rent range, giving you the right people to assist you in your journey to finding the right office space for your business.
However, it is worth noting that the landlords and real estate agents in these sites are out to negotiate for the best deal for themselves and may not have your interests as the clients in their best interest at heart and are only out to benefit themselves. You should have the right people such as attorneys on your side to help you throughout the negotiation for whatever building you choose.
Look out for Business Owners in your Neighborhood
The importance of networking cannot be underestimated, even in the real estate sector. Try as much as you can to link up and with business owners in the area where you want new commercial or retail space, and you will have greater chances at getting the best deals when it’s available or soon becoming available.
Small business owners and entrepreneurs are resourceful especially in neighborhoods because they have formed close bonds like family. This means that they talk to each other and talk about the spaces in a building/site that are becoming available soon among other things. They have an idea of what it is like to be a tenant in the neighborhood and can even tell you who the good landlords are. This is crucial information because you do not want to have a poor relationship with your new landlord and yet, the quality of your relationship with the landlord is the first step to your success and challenges as you set up businesses in an area.
Join neighborhoods and associations such as merchant associations, chamber of commerce, and many others as soon as you are sure that this is where you want to be and set camp and where you can find the friendliest costs and landlord. Chances are that someone will point you in the right direction if you let them know that you are searching for commercial space to rent in time on the pages and boards.
Driving may be an everyday activity that helps you get where you need to be, but when it comes to looking for space for your small business or a bigger one, then driving around can make a difference and do wonders. You should drive around the areas where you would like to open and make sure you scrutinize the location. Driving and walking around will help you see the places where there are “for lease” signs and contact information. However, there are more benefits to walking and driving around the location of interest because it gives a peek into the business environment. It is especially important to be keen on this one if you are looking for retail space.
With a keen eye, check around for places that have no cars in their parks at peak time or where the windows are boarded up. You may discover a thriving business hub by just walking and driving around and at friendly costs. If you need retail space, be sure to check on the foot traffic in the area as more people in the building or area points to a good retail space that may serve your business as a tenant. Ensure you keep a record of the properties that catch your interest in the industrial base you will visit and utilize them when you get back to the office.
Hire a Real Estate Brokerage
This is probably the best way you can find rental space in Austin, Texas, and all other places in the United States. There are real estate brokerages that are dedicated to selling and leasing properties including retail, office, and industrial real estate.
With the right commercial real estate broker and attorney on your side, you will have all the aid you need throughout the leasing process. A professional real estate broker will advise potential tenants. Unlike residential real estate, commercial real estate has no database, brokers have a good idea of what is in the market or what is to come and the costs in every popular city. They will work with you to get the space and negotiate the terms of the deal, which puts your interest first. They also have a role to play in negotiating built-out allowances, rent abatement, and rental rates.
If you do not feel like these are sufficient reasons to hire an agent, then we will give you one other reason-you do not pay them. Instead, the property owner will pay the real estate agent just like in a residential real estate setting. Every benefit comes to you if you decide to hire an agent because they save you money during the negotiation and don’t cost you a dime.
Consider Small Business Spaces
Unlike in the past, there are many opportunities for a small business today. Landlords are not just taking up big businesses but are also giving a chance for smaller tenants to bring into smaller spaces per square foot. If you are a small business owner, do not shy away from searching for office space in larger areas as there are some designated just for that.
The 21st century is a time to thrive and as you start on your business, we can only hope for the best. However, along with the good wishes, you must be able to show some action. As you strive to set up your business in any city, ensure that you are getting the best deal for the commercial space/site you will use. Strike a lucrative deal by exploring the options you have with the tips we have provided above. No matter where you are, these tips will come in handy to help you get the best space for the best leases/rent price.