Considerations for sourcing a new business premises
Sourcing a new workspace is an important and strategic business decision that can be both time and cost consuming. Working with an experienced commercial property acquisition professional or team can give you the best chance of meeting your current and future business needs by helping to source the right commercial premises that will meet your brief and budget within the time frame required.
Understanding your business and its commercial property needs
The first stage in the commercial property acquisitions process is to develop an in-depth understanding of your business and its space requirements.
Think about the following points:
- What is your business?
- How do you want to develop your business over the next 12 months, five years and beyond?
- What size property do you need?
- What rooms and spaces do you need for machinery, retail space, offices, etc.?
- Will you need scope to expand?
- What location would be ideal?
- Are there any businesses that would complement yours if they were your neighbours, i.e. who might attract a similar customer base without being direct competitors?
- What can you afford to pay? Does this realistically reflect the market value?
- Are you looking to buy or to rent?
- What terms would your lease ideally include?
The answers to these questions will go a long way towards defining the criteria for your property search. It is worth establishing from the outset which features of the commercial property are desirable and which are non-negotiable. This will help streamline the short listing process for both you and your surveyor.
Go it alone or work with an agency?
Depending on where you are moving from and to, your budget and the timeframe of your move, it can often be more economical to instruct a commercial agent to act on your behalf during the acquisitions process. A good agent will have their finger on the pulse of the local, regional and national commercial market and will be best placed to secure favourable terms on your behalf for either the purchase price or rental and lease terms.
When choosing a commercial agent to act on your behalf be sure to do your research to ensure that they are active and experienced in commercial property acquisitions and disposals in your desired location.
You can get in touch with David Pearce or Rob Hutchins in Kempton Carr Croft’s commercial agency team on 01628 771221 or firstname.lastname@example.org for expert advice and guidance on finding new business space in the Thames Valley.