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Choosing the right space to lease for your business

Choosing the right space to lease for your business

By Ryan Ellem on Dec 18 2017


There are many variables and factors to consider when looking for a premise to lease for your business operation.

Location is often the most crucial factor as it has a significant bearing on how cost-effectively you can service clients; attract and retain staff; and position your operations for future growth.

The specifications of a premise are also important for operational efficiencies; workflow; and staff happiness.

LJ Hooker Commercial has highlighted a few points below to remember when choosing the right commercial property to lease for your business:

Industrial

Where do you need to be?
To optimise efficiencies for your operations, you will need to be lcoated close to road, rail or port infrastructure. It's also important to position yourself with easy access to clients or future market opportunities.

Have an idea of the amount of space you need
If you want to consolidate your small-scale operation, there's no need to source premises with extensive surplus space. You also don't want to be paying for a property that is too big for your needs. However, if growth is a key part of your strategy, finding a warehouse or light industrial strata unit which can support expansion at a later date is a wise idea - it will avoid the distruption of having to find a new site down the track that better suits your needs.

Facilities
Not all premises can be retro-fitted for specific needs. For instance, even if existing loading docks could be re-configured for B-Double access, is the hardstand area capable of safe turning distances? An experienced leasing agent will determine from the outstet your business needs and identify the properties which can currently, or through renovations, fulfil your operational needs.

Office

Location
Is it close to public transport? Will it be easy for you and your employees to get to? Is there ample parking if staff are expected to drive? And if you intend on hosting clients, how accessible and convenient is it? For instance, while a suite in a suburban business park may be more affordable than city or fringe office space, will CBD-based clients be put off visiting you becuase of the unproductive time spent in traffic?

Space
How much space will you need? Depending on the size of your business, you may need an office suite or an entire level. A suggestion on how to estimate the size of the space you'll need is to allow 10-sqm per person for an open-plan layout or 15sqm per person for larger desk set ups.

Amenities
Along with ensuring you and your staff can arrive at work easily, you should take into account the amenities available. Supermarkets, gyms and other goods and services within walking distance of the office will make the lives of you and your employees a lot easier.

Retail

Surrounding demographic catchment
Understanding the composition of the residents in the area surrounding the retail premises is vital. You need to know that the products or services which you will sell from your retail premise cater for the population of the area surrounding.

Population Growth
Leasing retail premises in areas that are about to see growth in population means your business is usre to thirve on the extra foot traffic that will come with it. It's also important to research demographic data; if there are new schools opening up in a greenfield area, takeaway food outlets and convenience stores with strong exposure can capitalise on passing parent traffic.

Does it meet your needs?
Not only do you want to make sure the premises you're leasing will be the right size and shape for your envisioned fit out, but you'll also want to make sure it has any other amenities you and your staff will need, such as bathrooms, a kitchen and storage space.

Surrounding redevelopment
Both public and private regeneration of streetscapes and other retail facilities has a flow-on effect for neighbouring businesses. Areas which are attractive for visitors to shop, or where they can visit an array of service providers in proximity to one another, helps attract business. Be mindful of the nature of neighbouring businesses; if you sell mobility aids for the ederly, there'll be little benefit in signing on to a retail strip filled with surf shops or amusement arcades.

In addition to location and amenities, striking the right lease conditionis is also important.

Your term agreement needs to complement your business plan and growth objectives.

LJ Hooker Commercial's leasing specialists provide expert guidance in proeprty decisions which support the business objectives of their clients.

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