You are a business person OR tenant looking to obtain commercial property to house your operation. Perhaps your company is growing and needs its own office space, industrial, or retail space. Or your company may be relocating, down- or up-sizing. Whatever your reasons, there are leasing and purchasing options to consider. Rent, Buy, Lease-to-Own?
One of the first things you should do when inquiring about a lease is to research the area. Take some time to stop by the area during business hours to observe traffic volume, people, and overall surroundings to get a feel of what the working environment will be like. Moreover, be sure to research the rates of nearby spaces like yours so you don't end up overpaying. Consult with a qualified real estate agent if you have concerns or questions about the property. You want a space that is the right fit for your clients and your employees.
Finding tenants to let your property to can be a time-consuming task. You have to advertise the space for rent, and then interview the applicants that call about the space, and then you need to show the property to the interested parties, and then you have to do background checks on the applicants before you enter into a lease agreement with them. The rental property management companies take care of all of those logistics for you.
Renting or buying
These are some of the factors that may influence your lease/buy decision:
1. Leasing generally won't require the cash outlay that an outright purchase will but there most likely will be rent escalation and certain lease risks should the owner default, declare bankruptcy, sell the property, or die.
2. Purchasing a commercial property usually requires a significant capital outlay for both the purchase and any related financial incidentals.
Building a major decision like this takes time, wide research, and sensible counsel. Consider the settlement of assembling a team to help you through the process.
• Finance agent - helps you evaluate financial options.
• Marketable agent - helps you identify what you can afford and properties that suit your budget.
• Further considerations -You and your due diligence team will also need to assess or identify:
• The property's location-Its physical condition (including environmental or liability issues)
• Allowable uses-Interior and exterior limitations related to zoning laws or building code
• Parking and access
• Development potential

After the search and negotiation are done, you finally get to take action and move to your new office space! This can be a stressful time if done incorrectly, but you can lessen the pressure on yourself and your company if you are prepared and follow the above guidelines. To make your move as seamless as possible, it is important to develop a strategy months in advance. Many variables come into play with a move such as IT and telecoms relocation, change of address for deliveries, office furniture, and more.
The more knowledge you assemble, the better the chances are that you will make a well-informed decision that will benefit you and your business and commercial property for some time to come.