Purchasing a commercial space is a complex task that’s tough even for professionals to time accurately to maximise the value of their investment, let alone business execs or entrepreneurs who are not exactly experts in real estate ventures. There are plenty of considerations to take into account when shopping around for the perfect commercial space for sale to buy. A top broker in Vancouver advises that to help you get started, focus on the most important consideration—location and other vital issues related to it:
Primarily, your location should be near your target market, employees, as well as your suppliers or vendors. You need to be convenient to your target customers so that they could easily access wherever you are. However, note that depending on our business, it’s also vital to have a space with easy access to main road, rail, or shipping lanes.
For example, if you manufacture goods, you would require an industrial space, or if you have a law firm, you would require office space. Either way, you have to ensure that zoning laws enable you to run your operations on the space you’re looking to purchase.
Once you have identified the general location, think about how the space was used previously, wear and tear, and whether it comes with potential liability or environmental issues, like lead paint or asbestos.
Interior and Exterior Restrictions
Whether due to building codes or zoning laws, there might be specific restrictions to modifications you could do to the space. For example, if the commercial space is in an established historical area, you probably won’t be allowed to change its façade.
Parking and Accessibility
Mainly, you have to make sure that your customers have ample parking space and that it’s compliant with the Accessible Canada Act.
Opportunity for Leasing or Expanding
Businesses usually have plans for expansion, especially if you’re already looking to buy a commercial space. On the other hand, you also need to have a plan in case your planned expansion doesn’t work out. For instance, could you at least lease out a part of the space?
As you can see, there’s no one-size-fits-all approach to buying commercial space, much less, finding the perfect location. Bearing this in mind, consult an experienced commercial real estate broker to help you learn more about your options and the potential risks and benefits of the commercial spaces you’re eyeing.