The commercial property market is constantly changing, and subject to a number of new and innovative trends. An estimated 95% of UK landlords currently believe that flexible office space will soon enter the mainstream, for example, as companies look to reduce their spend and save some much needed cash.
On a fundamental level, however, the premise behind acquiring a commercial property remains largely unchanged. It’s important to retain a deterministic outlook and keep this in mind, as it’s all too easy to become distracted by the latest trend or industry development.
We’ll help to retain your focus with the article below, by offering three simple considerations to keep in mind when buying a piece of commercial real estate.
1. Partner with Expert and Legal Partners
As we’ve already touched on, the real estate sector is dynamic and constantly evolving, with everything from political events to the macroeconomic climate impacting on valuations.
As a result of this, you’ll need to tap into some genuine industry expertise before identifying and purchasing a commercial property.
More specifically, you’ll need to work with companies that can offer both legal and financial assistance, particularly in relation to the precise terms of your lease, health and safety provisions and insurance.
Fortunately, expertise is readily available, though you may need to engage an expert in each speciality i.e. for property law it’s companies such as DWF Law, whom can enable you to invest your capital wisely while also safeguarding the interests of your business and the individuals who represent it.
2. Make Location a Key Watchword
When selecting a commercial property to buy, there are a diverse range of considerations to keep in mind.
The most important of these is location, however, as depending on the nature of your business you must select a structure that is accessible to your customers, employees and potential clients alike.
This means prioritising properties that boast excellent public transport links, as well as those that have been built alongside major road networks. Similarly, you need to liaise with key stakeholders to understand any concerns of queries that they have, and strive to purchase a property that takes these into consideration.
Otherwise, you run the risk of creating an untenable commute that impacts on productivity or ultimately forces your staff members to seek out alternative employment.
3. Don’t Lose Sight of your Budget
Last, but by no means least, we come to the budget that you have for a commercial property. This will ultimately dictate and underline your search, so you must set a clearly-defined budget range wherever possible.
You should keep this in mind at all times, and not become distracted by other factors such as location or design. After all, there’s little point in identifying the perfect property if you cannot afford to meet your monthly lease requirement.
You should also aim to invest in property at the lower end of your budget range, as this creates a form of financial contingency that will safeguard your investment in the future.
This may free up additional capital for further investment in the business, across strategic disciplines such as sales, marketing and customer service.