Thursday, July 9, 2015

Tips for Picking the Best Commercial Property

If you're planning to open a business, location is of primary importance, but you may not have the time to search for weeks or months on end.  When looking for the right place to locate your business there are a lot of questions you need to ask yourself about the commercial property you're considering.  You also need to think about whether the local economy is strong enough to support your business.  Tactics that work in other states may or may not work here in New Jersey.  New Jersey has a high population density and is actually the 23rd biggest economy in the world.  This means a lot more businesses can be supported here than elsewhere.

Let's examine what to look for as you decide on a commercial property for your business.
1) Be Prepared: When you tour a commercial property for lease in NJ, bring a camera, a tape measure and any other equipment you consider necessary for evaluating it.  You want to ensure everything is as the property was advertised, and you should measure to make sure the furniture and equipment you're going to need will fit properly.

2) Check for Problems: While you're inside, try each outlet and make sure all the lights work.  Are the sinks and the toilet working?  Look for other issues, such as roof leaks or plumbing issues, and make sure the floors are in good condition.

3) Outward Appearance: Visit the property during the day and at night to get a feeling for how it will look to customers.  While there at night, take note of how well lit it is.  Make sure the front of the store is appealing and inviting to customers if appearances matter for your business, and if it’s going to be open after dark.  A shabby store will deter lots of potential customers.

4) Evaluate Improvement Costs: If you think this is the commercial property for your business, are there any upgrades you want to make right away?  If so, how much will they cost in total?  Factor in these costs to your rent or purchase price so you can compare with other properties that may not need as many renovations.

5) Security Measures: Does the property have tight-fitting, strong doors with good locks and solid frames?  Is the property in a low-crime area?  Again, lighting is a big consideration for security as well as appearance.   Not only do you not want your store to be burglarized, but if you're opening early or closing late then you don't want to put employees or yourself at risk.

6) Convenient Access: Does the property have convenient parking and easily accessible sidewalks for you and customers?  People are more likely to visit your business if they don't have to go out of their way to find parking, or if they can easily walk to it. Another consideration:  is the property ADA-compliant, and does it need to be if it’s not already? Make sure you know the regulations and are prepared for any extra costs associated with necessary renovations.

Keep these tips in mind as you search commercial properties for lease or purchase, and you’re sure to find a space that works for your business and your vision for the future.



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