How can businesses find commercial space that meets their specific needs?

Just like you hire a lawyer when you have a legal issue and you hire an accountant when you have a financial matter, for real estate you need a professional advisor. Lawyers and accountants only represent one side of a transaction, but most real estate advisors represent both sides..... NOT Savills, we only represent one side.... the tenant

Now more than ever, will there be a need for third party financing and have you created a marketing deck and proforma and are you prepared to speak to lenders? And are you aware of the money down needed and the cost of money and will this still make you profitable?

Utilize space management experts to help design your space and maximize your utility to include your circulation requirements. As previously stated, think about current and future business operations, growth pattern, brand, etc. The use of a POR (program of requirements) a formal document that can be developed by an A/E firm will define your must-haves, nice to haves. If you have beer money but champagne test, the POR is vital.

The need for the space is the primary question the brand needs to answer, to do its own due diligence before starting to look for spaces(buying/rental). Forecasting the space requirements based on future business expansion along with staff strength and costs associated has to be thoroughly checked before deciding on the expansion plan.

When seeking commercial space for your business, define essential criteria like size, location, and amenities. Set a budget covering rent, utilities, and renovations. Research the market and consider hiring a real estate agent for access to more options and expertise. Use online platforms like LoopNet for listings and network for leads. Visit sites to check their fit and growth potential. Prioritize choosing a landlord known for fairness and a reliable property management company. Ensure compliance with zoning and safety laws. Negotiate lease or purchase terms carefully and conduct thorough due diligence. Opt for a flexible space to accommodate future expansion, aligning with your business’s evolving needs.

To Jonathan‘s point, now more than ever it is extremely important to evaluate the financial strength of any prospective landlord. Due to the recent reduction in property values in certain sectors, many property owners are in violation of loan covenants and may not have access to capital for tenant improvements, and the ongoing operations of the building. Before entering into a lease on a commercial space, it is imperative to understand the prospective landlords financial situation.

Don’t forget to do a background check on your landlord and their businesses. You’d be surprised how many fraudsters are out there.

Along with the above, an agent or broker that has access to amazing data like Placer or Alpha Maps are game changers in taking out the guess work on traffic counts that are directly correlated to sales of the trade area of interest.

Once the decission to expand has been taken, the next step is to decide how much space, the costs you can bear, area choice, and through whom to get the space are some of the important research factors to be considered.

Leasing from a reputable and fair landlord is vital when relocating your business, as a bad landlord can lead to problems like unexpected costs and legal issues. Start by researching the landlord's reputation through tenant feedback and online reviews. Inspect the property for signs of neglect and ensure repairs are made prior to moving in. It's important to clarify how maintenance requests are handled. If uncertain, seek advice from a real estate attorney or a commercial broker. Above all, trust your instincts; if a landlord or property feels wrong, it's better to continue your search. A positive landlord-tenant relationship is key to a stable and successful business operation.

Even when you have found what is deemed the "perfect space" - keep touring! If nothing else, visiting a few additional options will re-affirm the suitability of the option you feel works best. My clients are often surprised when they tell me we've found the perfect office/industrial space, and I suggest the next step is to see a few more! But it works to provide useful context, every time.

One intangible most don't ask is how is the landlord to work with? Local? How many other assets do they own? Who manages the property? Possibly even set up a time to meet the PM and LL in person or over Zoom to get a feel before signing your lease because you want a partner in the game.

Either finding the space on your own if you have the bandwidth or to better utilize the services of professionals to find the space based on the specific requirements you choose. You save a lot of time and man hours incase you choose to utilise the services of professionals since they do all the ground work and provide with solutions based on specific needs. Visiting the spaces, will enable to decide the kind of option suitable. Visiting different options opens up ideas for you and helps to finalize on the one unit that will be the best fit.

A typical commercial lease is 40-50 pages and there is not a word there by mistake - it is all there to protect the landlord and shift cost and risk to the tenant. The landlord has a very expensive legal team and professional real estate brokers representing them. Calculate the rent/SQFT x Years term and consider if you'd want professional representation if you were involved in a lawsuit of that size. If yes, it would probably be smart to have professional real estate representation before entering into a lease of that size.

It's important for tenants to consider the total cost of occupying a space. In properties with shared common areas, tenants may be responsible for a share of common area maintenance costs. Understanding the scope of CAM charges and how they are calculated is essential for budget planning.

Stop fixating on the rent. Yes, it's a big consideration - but you also want to get rid of heavy-handed, expensive clauses in the Landlord's favour, such as Restoration, Relocation, Early Termination Penalties and CPI-tethered base rents. Saving 50 cents is NOT as important as having a lease that's properly structured with flexibility, options, and a guarantee you'll actually stay put.

The treasure hunters don't want to ask for help, and most deals the tenant doesn't have to pay for the advice when it comes to an agent or broker since they are paid by the landlord. Ask for help, it's ok. It may save you thousands of dollars in the end and law suits too or help you decide NOT to do the deal and maybe you aren't really ready to dive in just yet.

Never shy from getting a good price for the unit. This is typically what i advise my clients, to have a number for the lease and when on on the negotiating table, always put your mind forward, by asking questions and negotiating on the final price, as you never would know otherwise if the owner was actually ready to give it for even lesser value.Always talk it out when negotiating.

Some of the first timers always forget about the Certificate of Insurance and all the soft costs that, if done correctly, with architects, designers, GC's deposits, exterior sign design and installation, etc. And the other headache is the city and their process with permitting and getting open.

Take help of local leasing persons, A person working in local market will be able to suggest corporates commercial spaces as per the requirement.

Be a good tenant! I often remind my clients that landlords don't have rules over which tenants' calls they must return first, which order they address maintenance issues in, and who gets a favourable seat at the renewal negotiation table. If you are that high-touch, always-angry, demanding tenant - don't be surprised when you're the 4:45pm callback, the last to get the maintenance crew on-site after the storm, or your lease isn't renewed as they want to get rid of the hassles you cause. Leasing is a partnership between the tenant and landlord - treat them as you would any other partner in your business.