How To Lease A Commercial Warehouse Space
By the time you start expanding your business, you would naturally need a larger space for your manufacturing needs or store products. Commercial warehouse space is exactly what you require in such a situation. Multi-use spaces, manufacturing buildings, and warehouses are some of the industrial properties you can consider.These spaces can come handy for the production, storage, and distribution of products or goods. Below are some tips regarding how to search for industrial space. Also, you will get an idea about what you must do to determine your leasing requirements, aside from knowing the fundamentals of industrial, commercial leases.
Determine Your Requirements of Commercial Industrial Spaces
The type of property you are looking for to satisfy your business needs depends on the nature of the business you do. Usually, the industrial property comes under one of the three subsets – manufacturing space, warehouse space, or both. Now, each type has a different purpose for serving. Manufacturing space is what you need to create, build, as well as assemble your products. Different spaces have different construction types and might have special zoning, but that would depend on your manufacturing requirements.
A warehouse is a space that you need for storing and distributing your products. Though not a part of the assembly process, a distribution center happens to be a warehouse you distribute your products. As far as flex space is concerned, it is a combination of manufacturing space and warehouse space. Therefore, you address both your warehouse and manufacturing needs from one place only. You don’t have to look elsewhere.
Find the Perfect Commercial Industrial Property
You can start your search for commercial or warehouse property by surfing through the online property databases at home. You start with choosing the property type that deems suitable for your business. Once you are done with that, you can go through the online databases and compare the properties that fulfill your criteria.
After you get on with your search, you will have to decide on some important factors. For instance, the space you need for the business, the budget for rent per month, location, mode of transport, etc., are factors to consider.
After you are done with identifying your requirements and getting a detailed idea about the market, you can connect with a real estate professional who specializes in commercial properties. You must keep one thing in mind that you wouldn’t need to shell out any commission as that is usually paid by the landlord as far as the commercial lease market is concerned.
Visit the Sites
The next thing you need to do is visit the property in person. Online pictures of a warehouse might seem perfect, but if you don’t drop in at each property and walk through them, you won’t be able to make a proper assessment of whether it has everything that you need to suffice your requirements. You should also put forward the details of everything you need in front of the real estate professional. They might be able to recommend properties that will suit your business or even point out any issue in that case.
For instance, you cannot use hazardous substances that go into the manufacturing process, in certain areas. These are zoning issues that need to be taken into account. Getting a detailed idea about commercial property is a must.
The Basics of Commercial Lease
Commercial leases are not as simple as residential leases. They can be more complex since each one might be perfect for one kind of business. There are two types of commercial leases – net and gross leases. For net leases, the tenant has to shell out a base rent each month. In gross leases, the tenant has to expend a monthly rent that’s on the higher side. It would include taxes, aside from the maintenance, insurance, utilities, and several other costs.
Searching for and deciding to lease warehouse space to suit your business is a major step. Therefore, you must not hurry. Take your time to do thorough research on several properties. You can also discuss with real estate professionals and then review the lease contracts. Don’t forget to consult a lawyer before you sign on the dotted line. They will help you understand the fine print better and ensure you do not make a hasty decision.
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