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 23^rd 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.

The Improved Economy & Your Business

Over the last few years, especially since the recession back in 2008, the economy has picked up steam with positive gains in many categories. The business climate has improved and consumers are more willing to spend their money on goods, services and entertainment. With that being said, the positive effects have rippled into beneficial outcomes for business owners everywhere. But what does the improving economy mean to your business?

Increased Competition

Since more business owners are seeing better than average sales and CEOs of large companies are expecting a gross domestic product increase of 2.8% this year, according to the Wall Street Journal, the shift in productivity may increase your competition. With numerous startups and mom & pop shops springing into the more stable commercial market, current business owners will need to beef up their marketing tactics to outshine their competitors.

Shrinking Square Footage

With the improved consumer traffic hitting the doors of business owners like a tidal wave, an increase in staffing will likely be needed to accommodate consumer demand which, in turn, lowers the unemployment rate. That being said, business owners may need to expand to larger spaces to handle new customer demand and to enhance day-to-day operations. But this expansion may make the commercial real estate market a battleground between business owners seeking larger spaces in popular areas.

Commercial Real Estate

To accommodate growing companies with bigger and better retail and work spaces, some businesses may opt to lease spaces rather than buy. This can put them into a larger space much faster than a mortgage which will allow them to capitalize on the rising consumer demand. Mortgaging a property costs more money upfront with hefty down payments and the length it takes to finalize all the paperwork is time consuming. A commercial property for lease in NJ saves business owners valuable time and gives them the option of growing into another space if they continue to expand.

If your business has seen positive changes due to the improved economy, it may be time to think about reevaluating your business plan. Take notice of customer traffic, sales, operational costs and the number of employees you need to fulfill growth. Once you've determined that you need to expand beyond your current workspace, it'll be time to find a new commercial property!

Making The 18-Hour Adjustment

Have you adjusted your business hours to accommodate the increasingly popular 18-hour lifestyle? As urbanization sweeps through almost every city across the country, including smaller towns and communities, consumers are looking for businesses with extended hours to fit their lifestyles. This calls for companies in all industries to reevaluate their business plans to survive. The old business hour standard of nine-to-five is fading away to make room for these new 18-hour cities, but what are they?

Major metropolitan cities have already established a 24/7 business schedule and you can get just about anything at any time of day or night when you live in such a city. An 18-hour city is becoming increasingly popular in smaller cities and towns across the country, and it is affecting commercial real estate and businesses.

It's already a fact that commercial property location is extremely important because it can determine whether or not your business will thrive. Is your business located on a commercial property that can successfully adjust to the 18-hour business time? Is it in an area with a booming residential market? Are apartment and townhouse complexes being built? If your business is already implanted in such a community, you are primed to take advantage of the influx of traffic.

If your business is not well located for traffic outside the nine-to-five hours, it may be a great time to start looking at commercial properties for lease in NJ that are surrounded by major roadways and densely populated suburbs, in order to jump on the opportunity to serve more customers and increase your revenue. Find the right property and adjust your business plan to operate on an 18-hour schedule. As a general rule of thumb, make sure you choose a commercial property that is attractive and well-lit, so customers feel comfortable utilizing your services during both day and nighttime hours.

The 18-hour city lifestyle is already booming in markets around the country and if you’re in a business where extended hours make sense, prepare now.  Begin searching for commercial properties for lease in NJ that will make the transition easy on your business.