Commercial real estate is in high demand by businesses, factories and workshops. Most properties do not have business rights and there cannot be any form of trade from a private residence unless special permission is requested.
These venues are the places where business deals are completed and products are manufactured and the building must cater for the needs of the inhabitants.
Commercial property has been purchased by big companies and intelligent private buyers who have seen the rental potential. These factories, office blocks and warehouses are much more expensive than houses as they are bigger and have different shop fittings.
These fittings and architectural differences make provision for big trucks coming through the doors, large equipment and many people walking through the space. Before inspecting all the places for rent, speak to the rental agent about the specifics of the property and the type of business it caters for. A large factory will not benefit a person who wants to fix cars with their partner.
When inspecting potential commercial real estate venues, consider the area, other businesses and the environment of the business. The area should be accessible to all employees and there should be minimal noise and traffic, unless it is a large facility.
The environment will obviously be noisier than your home neighborhood as there will be machinery that drones in the background and more workers who will all take their breaks at the same time. If it is a shopping complex or wholesaler, there will also be more visitors to the site. There are more people and this requires more parking, computers, power and space.
The roof is generally higher than a house and there are bigger rooms to house machines and more people. Every factory or warehouse should have small kitchen and ablution facilities, but there is no need for a swimming pool or bath. The interior will be different, depending on the type of the business and the needs of the employees and customers.
Renovating the property or making changes to the business structure has to be approved by the owner, council and other owners in the area. It is costly to change a structure, but if a business is growing it is sometimes more convenient to increase space than to move the entire business. When choosing a property to run your business, take into account space for expansion and structural renovation possibilities.
The same mantra exists in property everywhere and location is key. Choose a place to run your business that is close to transport lines and retail outlets. It will always increase running costs if employees, suppliers and customers must travel to visit the business or buy products.
The property market has changed over the years and it is important to read about the market trends and prices of commercial real estate before committing to spending money. Monthly expenses on rental or a mortgage will be the main expenses of most businesses and it is useful to be accountable and get the most from your money.
Slavens Commercial offers a wide selection of commercial real estate Toronto to find the commercial property that suits your businesses’ needs.