Things to Consider When Looking at a Commercial Space For Lease
The birth of every company is eventually followed by an expansion to accommodate its success and growth. Every single evolution that a company goes through is often preceded by a general evaluation of what’s best for the business. It customarily boils down to deciding between buying property or looking for a commercial space for lease.
If you find that the most profitable approach for your expansion is leasing an office space, then here are a few points for consideration when in the market for commercial real estate.
Location
One of the most fundamental attributes to consider, and rightly so, is location. The influence location can have on a property’s relevance and success can spell the difference between putting your business on the map or letting it fade into obscurity.
Ultimately, one can assess whether the commercial space for lease is accessible to its market and, more importantly, to its employees. Leasing a beautiful office on the outskirts of the metro might do more harm than just putting your business out of sight. The location could ultimately hinder the internal operations of your company. With the daunting ordeal of wading through traffic, an inaccessible office could unintentionally exhaust your employees to inefficiency or even drive them to resignation.
There’s also the aspect of security that one should consider. Being located in a high-traffic business district surrounded by buildings manned with security and surveillance offers a fair amount of protection. That comfort can be inviting to both employees and prospective clients alike. Leasing a commercial space in an underdeveloped neighborhood can also pose a liability for your company; one that can only be avoided by having to invest in further utilities for security.
When buying property, location influences the long-term profitability of the investment. However, when leasing property, one will have to mindfully treat the expense as an investment by evaluating what other opportunities are made available to the company. Is being located in a certain area relevant to your brand’s overall aesthetic and vision? When leasing property, the ideal location can undeniably aid and lift your brand, making it a worthy investment down the line.
Network
Apart from location, it’s also relevant to look at the network surrounding the commercial space for lease. Is your location granting you access to potential partners and key players in your industry? Leasing commercial property means being able to situate yourself around potential partners and clients. A business that supplies raw materials will greatly benefit from being around industry titans that consume those goods. Likewise, a marketing agency situated around various luxury brands can utilize the network to further their business. Evaluating the network of companies surrounding a commercial space for lease can turn a new office into a profitable move for your business.
Duration
Leasing an office space opens up a multitude of possibilities for any company. Unlike owning property, a lease allows a certain amount of flexibility when it comes to longevity of use. Before securing a commercial space for lease, it’s vital to determine the company’s long-term plans for the space, as well as the property’s availability for long-term occupancy. Some properties have lower rates for clients looking for longer lease agreements. Others, however, might still include clauses allowing a periodic increase in rent regardless of the duration.
The needs of your business at present may be vastly different than what your company requires when your lease agreement expires. If you’re looking to position yourself in an office space for the long term, it’s vital to determine if that property can accommodate your company’s growth down the line. Does the landlord own another commercial space for lease adjacent to your office or is the space at full capacity? Once a company identifies their own plans down the line, then they can look into aligning with the plans of their property manager or landlord.
Landlord
Being a tenant in a commercial space for lease means having a contract or lease agreement with a landlord or property manager. It’s a necessary relationship that one will need to maintain throughout the duration of the contract.
As with any business deal, it’s imperative to research the party who owns the commercial space for lease. Dealing with a privately owned commercial space can be as enjoyable as having a fully customizable experience or as strenuous as having to chase down an inattentive landlord. Inquiring with existing tenants is one way to help you determine whether a property is being managed to your company’s standards.
There’s also the option of looking for a commercial space for lease from established real estate developers. Dealing with reputable firms can guarantee that both dealings and facilities will be maintained to a certain standard.
With unparalleled services complementing its sophisticated architecture, Rockwell Workspaces offers a diversity of office spaces in the metro. From 1 Proscenium and 8 Rockwell in Makati to the Rockwell Business Centers in Ortigas and Sheridan, Rockwell Workspaces offers spaces for lease that blend convenience and security
With a reputation for creating world-class facilities within sophisticated pocket communities, Rockwell Workspaces can foster the growth of your company’s next chapter.
For more information on available office spaces for lease, inquire here.
