Commercial properties are often considered one of the strongest assets in the commercial real estate world. This is generally due to the current economic conditions.But that doesn’t make it easy to secure office building financing. In fact, the biggest challenge here is that lenders and capital providers want something more stable.
Office buildings have evolved from the simple commercial properties into sophisticated workplaces with LED handrail and as much security as you could want, the modern gadgetry and the smart tech availability has made office buildings the lucrative investment they were always meant to be. If you’re looking for a good commercial property to lease or to sublease, you have to have a checklist before you choose your office space. Buying is a little bit different. Let’s take a look at what you need to watch when you’re buying commercial real estate.
- Figure out what you want. You have to be thorough about this, but you need to inspect inside and out for every commercial building you look at before you zero in on the best choice. Not only will this save you time, but it’s going to save you a lot of energy and once you’ve assessed what your needs are, what your budget is, you can then prioritise your checklist.
- Think about the space that you’ll need. You might be starting out as a business in a garage and then finally moving into your own corporate building. How much space do you need based on the growth you’ve had so far? And what type of growth are you expecting to have? A slightly bigger enterprise might require over 1000 square feet, which means if you’re looking to set up a store, you’re going to need a lot of space.It all depends on your affordability and your requirements here.
- What can you afford? Prices for office buildings are usually calculated based on a cost per square foot basis. These costs can vary depending on the location of the building and its neighborhood and location does play an important part in office buildings. The more central, the more expensive. Sometimes certain locations have their own feel among them, and if you want your company to rub shoulders with some global giants and look more impressive, then you’ll have to look at the prime location of the building.
- Does it have the right ambience? We talked about LED handrails for a good reason earlier on. You need your office space to look impressive. You want people to come up to the front door and know that this is a business that cares about its image and its branding. Getting an interior design firm to help you with the interior and the exterior is a great idea. You need to check out various other factors like car parking spaces and the safety too, but you need to make sure that the building looks good.
- Look at the security situation. Security measures at office buildings are a large part of security and safety measures. Think about access control, the general protection of property and people, and the protection of theft and vandalism. Office building employee questionnaires and the resulting statistics will often show that personal security is a priority and it should be yours too as a business leader.
