For companies that are in the process of relocating their business, many important details need to be considered. When looking for a new location, there are essential details beyond location that should be considered. Industrial buildings that are in a good location can have deficiencies that can be costly to repair. Each building under consideration should be analyzed for its:
• Location
• Square Footage
• Cost of Build-Out
• Ease of Accessibility
• Proper Use
• Amenities
Location-While location for business is a significant consideration for relocating. There are times when a property can have important deterrents that can make it an unwise property location. Examining the totality of any site makes smart business sense.
Square Footage-If a suitable location is found that has ample square footage, it is essential to examine whether the square footage available is conducive to the use needed. In some buildings, locations of structural beams, hallways, bathrooms, and existing rooms can mean that the square footage will not meet the needs of the business.
Cost of Build-Out-While most buildings can be remodeled to suit a new tenant, the cost of doing so may be prohibitive. In some circumstances, the landlord will agree to pay for the buildout and divide the cost over the lease term. This is quite a common practice in industrial leases.
When it comes to cost estimates, relocating companies should check local businesses that sell electrical equipment for lighting and computer tech needs. Businesses that are looking to remodel should get several cost estimates of what the buildout expenses will be. Doing this will help ensure non-overpayment for improvements. It will also help verify that the buildout plans are feasible for the space intended.
Ease of Accessibility-When looking at building accessibility for industrial space, it is important to examine not only the location of the building but whether it offers good visibility and access from major roadways. Additionally, it is vitally important to analyze whether the square footage within the building is easily accessible.
There are times when the site location is prime, but the location within the building or complex is difficult to access. The unit location of a business can play a significant role in how well customers, suppliers, and employees can access it.
Proper Use-When it comes to proper usage, there are many occasions that a property can be situated in the right location and have the right space needs, but it does not have proper zoning for the intended building use. Zoning use allowance should be verified before the lease is signed and build-out work begins. Failure to verify that a property can be used as intended by a tenant can be a costly mistake. Checking with the local town or city zoning office can usually answer usage concerns to ensure compliance.
Amenities-When it comes to amenities, it’s important to evaluate those that should be a priority. In some cases, certain amenities can be added during the build-out process that is not present in the space. On other occasions, businesses may need to look for a different site that offers the amenity that is needed or forfeit the amenity.