In today's new economy many business owners find it advantageous to own verses leasing a commercial real estate property. But buyer beware, it can get tricky. The following ten tips should help:
1. What You Want To Use The Property For - For example manufacturing, warehouse distribution, storage, service, and repair, whatever...
2. Determine What Size You Need - Have an upper and lower size range; consider future expansion needs.
3. What Kind Of Features Do You Need - Ceiling Height, Docks, configuration, power, column spacing, offices?
4. Budget - How Much Can You Pay? How much will you save?
5. Wage Rate in the Area - Certain areas have higher pay scales - and this may be important to your bottom line.
6. Financial Incentives - Are there incentives available in the area you are looking in. For example, tax bonds.
7. Financing - Is it available and what are the terms? How much cash do you need? Pre-approval needed?
8. Logistics - Where Should You Locate? Near Rail, Expressway, Near Staff?
9. Expenses - What Are The Expenses Associated With Ownership -- taxes, maintenance, insurance
10. Create Leverage In Negotiation - always negotiate on more then one property at a time; don't become attached.
11. Determine Timeline - When do you need to close? Do you have to sell or sublease?
12. Hire A Commercial Real Estate Broker - ALWAYS! It costs you nothing and can save you money and time.
Hopefully these ten tips will help you as you find the perfect location for your business.
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