4 Things to Know When Renting Commercial Space
Balnar Management is well-known in the local area for renting apartments. Don't get us wrong - that is great - but what the average local may not realize is that we also manage several commercial properties in Guelph!
Throughout the Royal City, Balnar Management owns and operates 10 commercial properties with over 314,000 square feet, stretching across the city.
In addition to renting apartments, we have been renting commercial space for over 40 years. Here's what you need to know when you're looking to rent commercial space for your business:
- Know your needs
Just like with any business plan, knowing the needs of your own company and what is required to operate is the first thing you should know before you rent a commercial property.
Depending on the size of your team, type of business you run, amount of inventory stocked, and various other factors, you need have a plan mapped out of what your space will look like.
For example, how many offices will you need for employees? Can employees share an office? Do you keep stock on location or in a separate warehouse? Are customers visiting your office space? How important is location?
Ask you and your team these questions and come up with a gameplan.
2. Know your future needs
Piggybacking off of #1 on this list, determine a timeline of what your company/business/team will look like in the coming years. If you plan on expanding within X amount of years, can you manage with a smaller space while you grow? Or, is it crucial that you have all the extra space right now?
Having a firm idea of what your business looks like in the future can help both in the short and long-term.
3. What kind of lease are you looking for?
Another point that piggybacks off of the one previous - what type of commercial lease is best for you right now and in the future? Most landlords will offer roughly the same terms, but knowing what is (and isn't) included in your contract can be crucial to the success of your company.
Negotiating certain things such as utilities costs, leasehold improvements, insurance, and other important factors can help you. If you get caught paying for too many different types of expenses that could have potentially been negotiated at the start, it could be the difference that makes or breaks your bank account, especially if you're a newer business.
4. Contract rules (and what your options are)
As you get closer to signing a lease for your new commercial space, it's important to iron out the rules of the contract to see what is and is not permitted.
How flexible is your landlord going to be? Are you able to make whatever leasehold improvement necessary to operate your business the way it is designed to? What are the restrictions?
It's a good idea to know everything you are and are not allowed to do. The last thing you want is to be charged to violating the terms of the agreement of your lease.
Renting commercial space is a great way for businesses, companies, organizations, and teams to operate.
There are many options available out there when it comes to commercial properties, so knowing what your needs are (now and in the future), what type of space you're looking for, and the terms of the contract agreed upon are all things that you need to be prepared to sort out.
Balnar Management currently has 10 commercial properties in Guelph. Check them out and see if we can accommodate you!