Whether you’re in the process of purchasing a commercial property or are considering acquiring a physical location for your business, there are a few things you should be aware of. Here’s how to ensure you’re best prepared for the business adventure that awaits.
Q: How much space do I need for my business’s commercial property?
A: The general rule for commercial real estate space is leasing about 250 square feet per employee. However, the type of business you conduct and the services you offer greatly contribute to this number. If your business requires a waiting room or reception area, you will need to adjust your space requirements to suit accommodate both guests and employees. If you only have a few employees who will be occupying this space and visitors are not a concern, you may be able to get away with less space than the average.
Q: Is it better to buy or lease a commercial property for my business?
A: Your broker is your best resource for deciding between buying and leasing commercial real estate. Some factors to consider are your business’s ability to borrow, which aspects of the business you primarily want to invest in, the freedom you desire in controlling operating facilities and costs, and how much capital you need for business operations.
Q: How long should my lease be?
A: Determining your lease length depends on the current and future needs and plans for your company. Do you expect these needs to change? If so, when? Will your investment in renovations or building improvements be high? Are leasing costs predicted to increase significantly? Your broker can easily get you the information you need and help you choose lease terms that best suit your business.
Q: What information does my real estate broker need from me?
A: It is vital for your broker to know:
- your motivation for leasing a commercial space
- your business’s needs for their physical location
- your budget
- your current or desired customer base demographics
Q: Can I tour commercial spaces without a broker?
A: A common mistake business owners make is to visit commercial properties without having first established a partnership with a real estate broker. In many cases, all an agent has to do is show you the property in order for them to be entitled to a portion of the leasing commission. This can cause a commission dispute if you do hire a broker to represent you when entering into a lease for this property.
Interested in Commercial Real Estate in Seaford, DE?
Tomarchio Enterprises is here to help! We provide a wide variety of commercial leasing services in Delaware, Maryland, and Pennsylvania, and are committed to helping business owners find the perfect commercial spaces for their companies to grow and thrive in. Whether you’re looking for a highly customizable space where you can design the property to fit your exact needs or in need of an immediately-available turnkey property to quickly get your business off the ground, contact our professionals today!