5 top tips for finding the right commercial property

The location of your business premises will determine its attraction, suitability and ease of access to everyone from customers to suppliers, distribution hubs and locally available labour.

The suitability of the commercial property you buy or rent is likely to make a major and lasting impact on the way your business is run and the financial success it enjoys.

Finding the right location, a suitable type and the appropriate size of commercial premises are key to your business operations. That leaves just one major question – how to find it.

Here are five tips on finding the commercial property likely to be right for your own business:

1. Location, location, location

It is not just with residential property that the cliché applies, it is just as fundamental when it comes to choosing your commercial property. That is why it pays to seek out local knowledge from a property specialist.

Shoreditch estate agents, for example, should be able to tell you how choosing an office in Hoxton, Hackney, Bethnal Green or Canary Wharf will affect your revenue.

Peach Properties, an independent estate and lettings agent in Shoreditch, says the location of your business premises will determine its attraction, suitability and ease of access to everyone from customers to suppliers, distribution hubs and locally available labour.

2. Technology

Physical location may be key, but it is not necessarily everything. It is also important to make the best possible use of the technology that connects you and your business with its markets at home and abroad – in the blink of an eye;

Thanks to the technology, this may be done more cheaply and effectively than you might imagine. Through a virtual landline in the United States, for instance, you are able to appear for all the world as though you have a presence in New York, Washington DC or Chicago despite your only premises remaining in the heart of London’s East End.

Not only that, telecommunications specialist Telephone Number Solutions says calls to virtual landlines can be routed to any physical number you choose, from your office landline to a mobile on the other side of the world.

3. Buy or rent

The nature of your business and the investment capital available to it may be factors determining whether you rent or buy commercial premises.

If you are buying, there may be opportunities for longer-term capital gains, the ability to let unused parts of the premises and the freedom to modify or adapt the building’s structure to suit your particular needs and requirements.

Renting, of course, requires no capital investment and the freedom to up stakes and move as your business grows or diversifies – within the broad parameters of the length of lease you may have agreed;

4. Price

The decision whether to rent or to buy might also revolve around the question of the market price – in a time of rising property values you might want to buy, when conditions appear less buoyant you may prefer to rent;

To get a clear picture of the state of the market in the particular location you choose for your business, the help, guidance and advice of an independent, local estate agent may prove critical.

5. Commercial property tax

Whether you are buying or renting, you might also want to consider the tax implications. Some of these are summarised in a clear and reader friendly way by Tax Donut, which considers the likely liabilities of enterprises for the payment of business rates, stamp duty and VAT.

Finding suitable premises for your business is likely to prove critical – getting it right, therefore, is something to which you may want to give top priority.

 

 

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